Canuc Provides Thompson Gas Lease Update and Management Change
TSX Venture Exchange
Shares Outstanding: 63,200,998
TORONTO, Aug. 13, 2013 /CNW/ - Canuc Resources Corporation ("Canuc" or the "Company") (TSXV:CDA) is pleased to report a fourth successful well in the Thompson lease (800 acre combined lease package) with the completion of the Thompson "B" well in Stephens County, Texas. This well was spudded approximately 2,000 feet due east of the Thompson "A" well which was completed in March 2013. The well was drilled to a depth of 4,172 feet to intersect the Iona Hickey conglomerate, the productive horizon on all wells on the Thompson lease.
Prior to completion of Thompson "B", the Thompson "A" well that was drilled in March 2013 had been the most successful well drilled in the Thompson lease to date. Drilled to a depth of 4,183 feet, the well intersected the Iona Hickey conglomerate and, without additional stimulation, commenced production soon after completion. In April 2013, its first full month of production, the Thompson "A" averaged over 900 McF of natural gas per day plus condensates.
All wells on the Thompson lease are currently producing from the lower zone of the Iona Hickey conglomerate. An upper zone is locally present along with additional hydrocarbon bearing formations including the Caddo limestone and the Cummings conglomerate.
Canuc has a 20% working interest (16% net revenue interest) in the Thompson lease.
Canuc plans to drill an additional 2 wells by the end of the year. In September, a shallow oil target will be drilled on the Walker Buckler lease (14,782 acre combined lease package) in Shackleford County, Texas. The Walker Buckler lease was formerly held by Enron Oil & Gas Corp. ("Enron"), and was released from insolvency auction in 2011. Enron completed seismic analysis and identified multiple oil horizons and targets on the property. These were never drilled by Enron, and in 2010 Marjac Oil & Gas of Stephens County, Texas secured an option on the lease and Canuc purchased a 16% participation in this option.
"We are very pleased with the results from Texas, especially on the Thompson lease where we continue to intersect what appears to be a substantial reserve of natural gas. We are also of the opinion that with our current production along with additional wells planned over the next few months, we will be financially self sustaining and will not have to resort to additional equity financing during an extremely difficult time for Junior resource companies," states Gary Lohman, President and CEO of Canuc.
Canuc would also like to announce the appointment of James Macintosh as Chief Financial Officer ("CFO"). Mr. Macintosh has over 26 years experience in the mining industry and as a mining analyst. For the past 20 years he has held various executive and directorial positions with numerous public and private companies in North America. Mr. Macintosh spent ten years as the President and COO of Innovium Media Properties Corp., an early stage investor. Mr. Macintosh sits on the Board of Directors and Chairs the Audit Committees of Carlisle Goldfields Limited (TSX:CGJ), GTA Resources and Mining Inc. (TSXV:GTA) Parkside Resources Corporation (TSXV:PKS) and Asia Now Resources Corp. (TSXV:NOW).
Mr. Macintosh replaces Chris Chadder as CFO, whose agreement with the Company expired on July 31, 2013. The Board of Directors wishes to thank Mr. Chadder for his contribution to the Company and wishes him well in his future endeavours.
Canuc is a junior natural resource company with its principal exploration properties located in Ecuador. 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