Business
Canuc acquires Midtex Oil & Gas
Mar. 4, 2011 (Canada NewsWire Group) -- TSX Venture Exchange Symbol: CDA Shares Outstanding...

About this update from Canuc Resources Corporation
[{"type":"text","content":"\n\n\n Mar. 4, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nTSX Venture Exchange\nSymbol: CDA\nShares Outstanding: 43,504,598\n\n\nTORONTO, March 4 /CNW/ - Canuc Resources Corporation ("Canuc" or the\n "Company") is pleased to announce that it has entered into a binding\n letter of intent for the acquisition of Midtex Oil & Gas Corporation\n ("Midtex"), a private Ontario corporation with oil and gas assets in\n Stephens County Texas. As part of the acquisition, Canuc will also\n acquire certain outstanding working interests in the mineral rights\n that form part of the assets being acquired. The completion of\n transaction is subject to a number of conditions including entering\n into a definitive agreement for the acquisition on or before March 31,\n 2011 and obtaining the approval of the TSX Venture exchange.\n\n\nBased on a third party evaluation by Mr. John McBeath, P.E. from Platt\n Sparks and Associates, Austin, Texas, a special committee reviewed the\n 51-101F2 reserve report prepared by Mr. McBeath and agreed on a\n valuation of $720,000 for the assets of Midtex, including the working\n interests..  To complete the transaction, Canuc has agreed to issue 3.6\n million shares at a deemed price of $ 0.20 a share.\n\n\nMidtex's assets include a producing gas well and undeveloped acreage on\n 320 acres located on the east half of Section 66, Block 4, T & P Ry.\n Co. Survey, Stephens County, Texas; approximately 120 kilometres west\n of D...