Thompson Lease, Stephens County, Texas Commences Production
30 Januar 2012 - 8:12PM
PR Newswire (Canada)
TSX Venture Exchange Symbol: CDA Shares Outstanding: 62,535,798
TORONTO, Jan. 31, 2012 /CNW/ - Canuc Resources Corporation ("Canuc"
or the "Company") is pleased to announce that production has
commenced from the first well of the Company's new Thompson Lease
interest located in Stephens County Texas. On January 23(rd), 2012
connection was made to a gas pipeline and metering has begun at an
initial flow rate of 468 McF per day. In August of 2011, Canuc
acquired a 20% working interest in the 600 acre Thompson Lease
located approximately two miles south of the Company's existing
wells on the Coody Morales lease. On September 9, 2011, the first
well on the Thompson Lease was completed to a depth of 4120 feet
and successfully intersected the Iona Hickey Formation; a formation
with a prolific production history in this area due to its high
porosity and good permeability. Initial testing of the well
resulted in a flow rate of 900 McF per day under strong pressure
indicating the potential for a substantial, producible reserve.
When reserve pressure has been stabilized, the well will be tested
for the presence of condensates which would result in a premium
paid per unit over the regular posted price for natural gas. This
600 acre lease can accommodate at least an additional five wells
with the same productive capacity making this an important
source of future revenue for the company. Marjac Oil
Company Inc., the operator of this well and our primary consultant
in Texas, is currently reviewing the geology of this new field
with the intention of drilling a second well in the early spring
"It is anticipated that with the addition of the Thompson lease,
the Stephen's County energy assets will serve the Company well in
minimizing shareholder dilution while permitting ongoing
development of the Company's gold assets" said Gary Lohman, P.Geo,
President & CEO of Canuc Resources Corporation. About
Canuc Canuc is a Canadian based exploration Company focused on
identifying and developing mineral projects in the Americas. The
Company has been carefully 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 track record in discovery, resource
expansion, permitting and development of 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. Canuc Resources Corporation CONTACT: Gary Lohman,
President & CEO Chris Chadder, CFO416-867-1300
416-867-1300glohman@canucresources.ca cchadder@canucresources.ca
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