Business
Canuc Resources Corporation Reports on MidTex Project
TSX Venture Exchange Symbol: CDA Shares Outstanding: 59,735,798 TORONTO, Sept. 14, 2011...
About this update from Canuc Resources Corporation
[{"type":"text","content":"\n\n\n\n\n\nTSX Venture Exchange\nSymbol: CDA\nShares Outstanding: 59,735,798\n\n\nTORONTO, Sept. 14, 2011 /CNW/ - Canuc Resources Corporation (\"Canuc\" or\n the \"Company\") (TSXV:CDA) is pleased to report that it has completed a\n second gas well on its 320 acre lease in Stephens County Texas, USA.\n The Company purchased the first well (see press release dated May 20,\n 2011) which targeted 3 horizons, the Lauderdale sand the Upper Big\n Saline and the Strawn Sand. All three horizons were intersected where\n expected and the well is presently producing approximately 30 Mcf of\n gas per day from the Upper Big Saline. A considerable amount of water\n is currently flowing down the well from the overlying Lauderdale sand\n zone. This excess water inhibits gas flow from the producing zone to\n the surface. Two alternatives are currently being assessed to address\n this issue: adding a larger pump to increase production, or\n alternatively, installing a bridge plug above the Big Saline horizon to\n reduce water inflow and testing the Strawn sand horizon which is a\n known oil and gas producer in this area.\n\n\nThe Company completed a second well, located about 2,000 feet south and\n east of the first in August 2011. The well targeted and was completed\n in the Lower Big Saline horizon. The well is currently producing about\n 70 Mcf per day. Some of the sand that was injected into the formation\n during hydraulic fracturing (\"fracking\") moved back to the well bore\n and interfered with pumping. The well was flushed and the pump is in\n the process of being replaced, which should increase production\n substantially.\n\n\nIt is important to note that the natural gas produced from both of these\n wells also contain condensates which enhances the value of the natural\n gas and is sold at a premium price.\n\n\nThe MidTex activities are secondary to the development of our assets in\n Nova Scotia and Southeastern Ecuador. However, we believe that the\n development of this project at a moderate cost and risk in the short\n term will provide steady ongoing monthly cash flow in order to fund\n exploration, development and overheads of our primary exploration\n projects.\n\n\nAbout Canuc\n\n\nCanuc is a Canadian based exploration Company focused on identifying and\n developing mineral projects in the Americas. The Company has been\n method...