Canuc continues to encounter success in Texas
TSX Venture Exchange
Shares Outstanding: 63,200,998
TORONTO, March 20, 2013 /CNW/ - Canuc Resources Corporation ("Canuc" or the "Company") (TSXV:CDA) is pleased to report that the W-B 533 Unit #1 oil and gas well located on the Walker Buckler lease in Shackleford County, Texas commenced production on March 11, 2013 at an estimated rate of 25 barrels of sweet West Texas Intermediate oil per day and 80 McF of natural gas. As previously mentioned (press release dated February 27, 2013), the W-B 533 Unit #1 well was completed to a depth of 4,458 feet and intersected 3 oil bearing horizons within the Caddo limestone, a known hydrocarbon bearing unit in the area. Historically wells in the Caddo limestone operate for many years. The Walker Buckler lease is a 14,754 acre land package that could accommodate 10 - 15 additional wells. Canuc has a 15% working interest (12% net revenue interest) in the lease.
Drilling has recently commenced on the Thompson "A" lease which consists of 160 acres in Stephens County, Texas. Canuc has a 20% working interest (16% net revenue interest) in this lease. This new well, known as the The Thompson "A" is located 2,000 feet north of the Thompson 40 #1 and will be drilled to intersect the gas bearing "Iona Hickey" conglomerate that was intersected in both the Thompson 40 #1 and Thompson 40 #2 wells. The Caddo limestone is also present and extensive in the area. The Thompson 40 #2 well logs indicated that the oil bearing Caddo limestone was encountered at 3,200 feet thus providing a secondary target for this well. As with the previous Thompson leases, gas pipelines are present on the property facilitating transport.
"We continue to be pleased with the results from our oil and gas project in Texas and look forward to expanding these activities through 2013," said Gary Lohman, President and CEO.
At Mill Village, the results of the fall diamond drill program were disappointing and with the advent of the ongoing success in Texas, the Company is presently re-evaluating its programs in Nova Scotia.
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.
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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