Canuc Resources Corporation Reports on MidTex Project
14 September 2011 - 3:00PM
PR Newswire (Canada)
TORONTO, Sept. 14, 2011 /CNW/ -- TSX Venture Exchange Symbol: CDA
Shares Outstanding: 59,735,798 TORONTO, Sept. 14, 2011 /CNW/ -
Canuc Resources Corporation ("Canuc" or the "Company") (TSXV:CDA)
is pleased to report that it has completed a second gas well on its
320 acre lease in Stephens County Texas, USA. The Company purchased
the first well (see press release dated May 20, 2011) which
targeted 3 horizons, the Lauderdale sand the Upper Big Saline and
the Strawn Sand. All three horizons were intersected where expected
and the well is presently producing approximately 30 Mcf of gas per
day from the Upper Big Saline. A considerable amount of water is
currently flowing down the well from the overlying Lauderdale sand
zone. This excess water inhibits gas flow from the producing zone
to the surface. Two alternatives are currently being assessed to
address this issue: adding a larger pump to increase production, or
alternatively, installing a bridge plug above the Big Saline
horizon to reduce water inflow and testing the Strawn sand horizon
which is a known oil and gas producer in this area. The Company
completed a second well, located about 2,000 feet south and east of
the first in August 2011. The well targeted and was completed in
the Lower Big Saline horizon. The well is currently producing about
70 Mcf per day. Some of the sand that was injected into the
formation during hydraulic fracturing ("fracking") moved back to
the well bore and interfered with pumping. The well was flushed and
the pump is in the process of being replaced, which should increase
production substantially. It is important to note that the natural
gas produced from both of these wells also contain condensates
which enhances the value of the natural gas and is sold at a
premium price. The MidTex activities are secondary to the
development of our assets in Nova Scotia and Southeastern Ecuador.
However, we believe that the development of this project at a
moderate cost and risk in the short term will provide steady
ongoing monthly cash flow in order to fund exploration, development
and overheads of our primary exploration projects. About Canuc
Canuc is a Canadian based exploration Company focused on
identifying and developing mineral projects in the Americas. The
Company has been methodically assessing and acquiring assets in
Nova Scotia, Canada and Texas, USA to complement its Ecuadorian
mineral assets. Management considers that these projects
currently offer a particularly favourable environment for mineral
exploration and development. The Company intends to continue
to acquire quality precious metal projects in the Americas.
Management of the Company has a proven record of discovery,
resource expansion, permitting and developing projects through to
production. 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. To view this news
release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/September2011/14/c3066.html
p /p table valign="top" border="0" tr td Gary Lohman, President
& CEObr/ 416-867-1300br/ a
href="mailto:glohman@canucresources.ca"glohman@canucresources.ca/a
/td td br/ br/ /td td br/ br/ /td td br/ br/ /td td br/ br/ /td td
br/ br/ /td td br/ br/ /td td br/ br/ /td td br/ br/ /td td br/ br/
/td td br/ br/ /td td br/ br/ /td td br/ br/ /td td br/ br/ /td td
br/ br/ /td td Chris Berlet, Directorbr/ 416-867-1300br/ a
href="mailto:info@canucresources.ca"info@canucresources.ca/a /td td
br/ /td /tr /table p /p
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