TSX Venture Exchange
Symbol: CDA
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.
About Canuc
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.
Forward-Looking Statements
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