TSX Venture Exchange
Symbol: CDA
Shares Outstanding: 62,535,798
TORONTO, Nov. 15, 2012 /CNW/ - Canuc Resources Corporation
("Canuc" or the "Company") (TSXV:CDA) is pleased to report that the
Company continues to expand its activities in Texas. A 15% working interest (12% net
revenue) was recently acquired in a 14,574 acres lease located in
Shackleford County, north-central Texas. The land package, known as the Walker
Buckler Ranch, was extensively drilled 60 + years ago targeting
shallow, oil bearing formations. A recent seismic survey over the
area has indicated the presence of hydrocarbons at depths greater
than 3,000 feet. The first hole completed on this lease in
September was drilled to a depth of 4,552 feet and intersected 2
potential horizons know as the Caddo limestone and the Marble Falls conglomerate. Following
completion of the well, open flow testing showed the well to be
capable of producing 500,000 cubic feet of natural gas per day
however in order to preserve reservoir pressure, production
commenced in October at a rate of 250,000 cubic feet per day.
A second well on this lease will be started in
the next two weeks. It is approximately a five mile step out to the
north from the first well and is in an area which is more oil
prone. The Walker Buckler Ranch is a substantial land package
which, based on the industry standard spacing of wells every 40
acres, allows for the drilling of a considerable number of
additional wells. As with the Company's other projects in
Texas, natural gas transmission
lines are present on the property.
With the addition of the Walker Buckler lease,
Canuc is now participating at various levels in 16,074 acres of
leased land in north-central Texas. At present, the Company has 4 wells
producing positive cash flow with 2 to 3 additional wells scheduled
to be drilled in the next 3 to 4 months including 1 to 2 additional
wells on the 1,000 acre Thompson
lease located in Stephens County.
The first Thompson well, which
commenced production in January 2012,
continues to produce at approximately 500,000 cubic feet per day
with consistent pressure, suggestive of a substantial reserve. The
Company's intention is to participate in additional wells as more
land leases are acquired in the immediate vicinity.
"The Company's oil and gas business is beginning
to generate a positive cash flow and indications are that with our
significant land package in central - north-central Texas, this will continue to increase as more
development takes place in 2013" said Gary
Lohman, President & CEO of Canuc Resources
Corporation.
About Canuc
Canuc is a junior mining company with its
principal exploration properties located in Ecuador and Nova
Scotia. Canuc's main holding is an approximate 85%
interest in the Nambija Gold deposit located in south-eastern
Ecuador. According to
records obtained from the Central Bank of Ecuador, it is estimated that, to date, nearly
3 million ounces of gold have been produced using the most
primitive of mining and milling recovery processes from the Nambija
area.
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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