This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Canuc Continues To Encounter Success In Texas

TSX Venture Exchange Symbol: CDA 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.

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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,102.38 -272.38 -1.66%
S&P 500 1,921.22 -29.91 -1.53%
NASDAQ 4,683.9190 -49.5780 -1.05%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs