Business
Canuc Provides Thompson Gas Lease Update and Management Change
TSX Venture Exchange Symbol: CDA Shares Outstanding: 63,200,998 TORONTO , Aug. 13, ...
About this update from Canuc Resources Corporation
[{"type":"text","content":"\n\n\nTSX Venture Exchange\nSymbol: CDA\nShares Outstanding: 63,200,998\n\n\nTORONTO, Aug. 13, 2013 /CNW/ - Canuc Resources Corporation (\"Canuc\" or the \"Company\") (TSXV:CDA) is pleased to report a fourth successful well in the\n Thompson lease (800 acre combined lease package) with the completion of\n the Thompson \"B\" well in Stephens County, Texas. This well was spudded\n approximately 2,000 feet due east of the Thompson \"A\" well which was\n completed in March 2013.  The well was drilled to a depth of 4,172 feet\n to intersect the Iona Hickey conglomerate, the productive horizon on\n all wells on the Thompson lease.\n\n\nPrior to completion of Thompson \"B\", the Thompson \"A\" well that was\n drilled in March 2013 had been the most successful well drilled in the\n Thompson lease to date. Drilled to a depth of 4,183 feet, the well\n intersected the Iona Hickey conglomerate and, without additional\n stimulation, commenced production soon after completion. In April 2013,\n its first full month of production, the Thompson \"A\" averaged over 900\n McF of natural gas per day plus condensates.\n\n\nAll wells on the Thompson lease are currently producing from the lower\n zone of the Iona Hickey conglomerate. An upper zone is locally present\n along with additional hydrocarbon bearing formations including the\n Caddo limestone and the Cummings conglomerate.\n\n\nCanuc has a 20% working interest (16% net revenue interest) in the\n Thompson lease.\n\n\nCanuc plans to drill an additional 2 wells by the end of the year.  In\n September, a shallow oil target will be drilled on the Walker Buckler\n lease (14,782 acre combined lease package) in Shackleford County,\n Texas. The Walker Buckler lease was formerly held by Enron Oil & Gas\n Corp. (\"Enron\"), and was released from insolvency auction in 2011. Enron completed\n seismic analysis and identified multiple oil horizons and targets on\n the property. These were never drilled by Enron, and in 2010 Marjac Oil\n & Gas of Stephens County, Texas secured an option on the lease and\n Canuc purchased a 16% participation in this option.\n\n\n\"We are very pleased with the results from Texas, especially on the\n Thompson lease where we continue to intersect what appears to be a\n substantial reserve of natural gas. We are also of the opinion that\n with our current produc...