Canuc to Drill Second Well on Walker Buckler Ranch

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.

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

Copyright 2012 Canada NewsWire

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