TSX Venture Exchange
Shares Outstanding: 64,200,998
TORONTO, Feb. 27, 2013 /CNW/ - Canuc Resources Corporation ("Canuc" or
the "Company") (TSXV:CDA) is pleased to report that the Company
continues to expand its oil and gas activities in Texas. As of February
26, 2013, the Company is participating at various levels in 5 producing
gas wells and 1 oil well under development.
The Thompson lease consists of 1,000 acres in Stephens County, Texas.
Canuc has a 20% working interest (16% net revenue interest) and due to
the success to date, additional drilling will be scheduled once all the
technical data has been reviewed. In January 2013, the second well,
Thompson 40 #2 was completed and as of February 19, 2013, the well
commenced production at 350,000 cubic feet per day. This well was drilled 2,000 feet southeast of the
Thompson 40 #1 well and intersected 2 gas bearing horizons including 10
feet of the prolific "Iona Hickey" conglomerate that is the productive
horizon in the Thompson 40 #1 well. In addition to the gas bearing horizons, the Caddo limestone was
intersected in the well and had a fractured appearance. This zone is
known to be oil bearing in this area and can be put into production
when the reserves in the lower conglomerates are depleted. With
potentially 3 productive horizons, this well could have a life
expectancy of up to 10 years.
The Walker Buckler lease consists of 14,754 acres located in Shackleford
County, approximately 13 miles northeast of Albany, Texas. A seismic
survey completed by the former lease owner, Enron Oil & Gas Company,
over the area indicated the presence of hydrocarbons at depths greater
than 3,000 feet. Two gas transmission lines cross the ranch
facilitating transport. Canuc has a 15% working interest (12% net
revenue interest) in the lease.
To date, 3 wells have been completed with 1 presently producing natural
gas. The W-B #1 well commenced gas production in October 2012 at a rate
of 250,000 cubic feet per day. The gas produced contains condensates
for which we are being paid a premium over regular natural gas.
Recently, on the same lease, the W-B 533 Unit #1 well was completed to
a depth of 4,458 feet intersecting 3 potential oil bearing horizons
within the Caddo limestone zone This zone is 20 feet in width and is
currently being perforated after which the flow rate will be determined
and the well brought on stream. The oil is stored on site in tanks then
transported to a refinery. Depending on flow results, additional wells
will be drilled in the area.
"We are very pleased with the results from our Texas projects and the
potential cash flow this will generate over the coming years.
Additional wells are scheduled throughout 2013 as we continue to expand
both our asset base and cash flow in Texas," said Gary Lohman,
President and CEO.
Canuc is a junior natural resource company with its principal
exploration properties located in Ecuador and Nova Scotia. Canuc is
also active in the Oil and Gas sector in Texas and will be expanding
these activities throughout 2013.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy of this release.
This news release contains forward-looking statements that include risks
and uncertainties. When used in this news release, the words
"estimate", "project", "anticipate", "expect", "intend", "believe",
"hope", "may" and similar expressions, as well as "will", "shall" and
other indications of future tense, are intended to identify
forward-looking statements. The forward-looking statements are based on
current expectations and apply only as of the date on which they were
made. The factors that could cause actual results to differ materially
from those indicated in such forward-looking statements include changes
in the prevailing price of gold, the Canadian-United States exchange
rate, grade of ore mined and unforeseen difficulties in mining
operations that could affect revenues and production costs. Other
factors such as uncertainties regarding government regulations could
also affect the results. Other risks may be set out in Annual Reports.
SOURCE: Canuc Resources Corporation
For further information:
Gary Lohman, President & CEO
Chris Chadder, CFO