Canuc Provides Thompson Gas Lease Update

About this update from Canuc Resources Corporation

[{"type":"text","content":"Canuc Provides Thompson Gas Lease UpdateToronto, Ontario--(Newsfile Corp. - September 3, 2014) - \n Canuc Resources Corporation (TSXV: CDA) (\"Canuc\" or the \"Company\") is pleased to report a sixth meaningful success in the Thompson Lease (800 acre combined lease package) with the completion of \nthe Thompson \"C\" well in Stephens County, Texas. This well was spudded on the Thompson Lease approximately 1,600 feet due east of the Thompson \"40\" well which was completed in January 2012. The well was drilled to a depth of \n4,159 feet and intersected 4 potential hydrocarbon bearing zones. Production, similar to the Thompson A and B wells is expected to start in approximately 2 weeks. It is envisaged that several further potentially productive wells may ultimately be \ndrilled on the Company's Thompson Lease. \n\nAll five operating wells on the Thompson Lease are currently producing from the lower zone of the Iona Hickey conglomerate. An upper zone is locally present along with additional hydrocarbon bearing formations including the Caddo limestone and the \nCummings conglomerate, which in this area have historically been oil bearing formations. There may be potential to produce oil from these zones following the depletion of the currently productive gas horizons. Depletion of the gas horizons is \nexpected to take several years. \n\nThe Company recently filed its financials and MD&A for the period ended June 30, 2014. Oil and gas revenues were Cdn$178,300 for the quarter ended June 30, 2014, an increase of 68% over the same quarter of 2013. Operating oil and gas income \nfor the same period rose to Cdn$144,000, which is an increase of 66% over the second quarter of 2013. For the first six months of 2014 oil and gas revenues were Cdn$350,300, an increase of 153% over the same six months of 2013. Similarly, \noperating oil and gas income in the first half of 2014 rose to Cdn$220,300, an increase of 122% over the same period in 2013. For the first time in the Company's recent history, it reported positive cash flow from operating activities. \nThis amounted to Cdn$88,000 in the first half of 2014 (first half of 2013 generated negative cash flow from operations of Cdn$113,500). \n\n\"We continue to be pleased with the results from Texas, especially on the Thompson Lease, where there are now 5 wells in production and a 6th well ...

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