TSX Venture Exchange
Shares Outstanding: 62,535,798
TORONTO, Jan. 31, 2012 /CNW/ - Canuc Resources Corporation ("Canuc" or the "Company") (TSX Venture: CDA) is pleased to announce that production has commenced from the first well of the Company's new Thompson Lease interest located in Stephens County Texas. On January 23rd, 2012 connection was made to a gas pipeline and metering has begun at an initial flow rate of 468 McF per day.
In August of 2011, Canuc acquired a 20% working interest in the 600 acre Thompson Lease located approximately two miles south of the Company's existing wells on the Coody Morales lease. On September 9, 2011, the first well on the Thompson Lease was completed to a depth of 4120 feet and successfully intersected the Iona Hickey Formation; a formation with a prolific production history in this area due to its high porosity and good permeability. Initial testing of the well resulted in a flow rate of 900 McF per day under strong pressure indicating the potential for a substantial, producible reserve. When reserve pressure has been stabilized, the well will be tested for the presence of condensates which would result in a premium paid per unit over the regular posted price for natural gas.
This 600 acre lease can accommodate at least an additional five wells with the same productive capacity making this an important source of future revenue for the company. Marjac Oil Company Inc., the operator of this well and our primary consultant in Texas, is currently reviewing the geology of this new field with the intention of drilling a second well in the early spring
"It is anticipated that with the addition of the Thompson lease, the Stephen's County energy assets will serve the Company well in minimizing shareholder dilution while permitting ongoing development of the Company's gold assets" said Gary Lohman, P.Geo, President & CEO of Canuc Resources Corporation.
Canuc is a Canadian based exploration Company focused on identifying and developing mineral projects in the Americas. The Company has been carefully assessing and acquiring assets in Nova Scotia, Canada and Texas, USA to complement its Ecuadorian mineral assets. Management considers that these projects currently offer a particularly favourable environment for mineral exploration and development. The Company intends to continue to acquire quality precious metal projects in the Americas. Management of the Company has a proven track record in discovery, resource expansion, permitting and development of projects through to production.
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.
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