Canuc Resources Corporation Reports on the #3 Well for its Midtex Oil & Gas Project.
28 Septembre 2011 - 3:00PM
PR Newswire (Canada)
TSX Venture Exchange Symbol: CDA Shares Outstanding: 59,735,798
TORONTO, Sept. 28, 2011 /CNW/ - Canuc Resources Corporation (Canuc
or the company) is pleased to report that in addition to its wholly
owned 320 acre oil and gas lease in Stephens County Texas known as
the Coody Morales Lease, it recently acquired a 20% working
interest (equivalent to a 16% net revenue interest) in a 600 acre
project called the Thompson Lease that is located a few miles south
of the Coody Morales Lease. This lease along with the Coody
Morales Lease is managed and operated by Marjac Oil & Company
Inc. of Breckenridge Texas, a highly respected operator in the
area. On August 31, 2011 a well was spudded on the Thompson Lease
and was completed on September 9, 2011 at a total depth of 4120
feet. The well intersected the Bend conglomerate as
anticipated. Slightly below the Bend conglomerate at 4020
feet, the well intersected a conglomerate horizon called the
Ionahickey a loosely consolidated Cherty conglomerate gas bearing
structure approximately 10 feet thick. This structure has a
porosity of 26% which for a conglomerate bed is considered very
high. A production test lasting several hours and using a
12/64 inch choke flowed at a calculated rate of 900,000 cubic feet
of gas per day. In order to preserve pressure the well will
be produced using a smaller choke size and should flow at around
400,000 cubic feet of gas per day. There is a low pressure gas line
nearby which makes the gas easy to bring on stream and deliver to
the market. This natural gas also contains some condensates which
will result in a premium paid over the posted price for natural
gas. With this production discovery, management believes that the
Thompson Lease has the potential to become a significant gas
field. Subject to the allowable spacing which we anticipate
will be one well per 80 acres, an additional six wells could be
accommodated on this lease. Along with the above production,
the Company is producing for its own account 150,000 cubic feet of
gas per day on its two wells on the Coody Morales Lease.
Management of Canuc Resources is very pleased with the progress to
date that has been made in Texas. It is anticipated that the
existing wells along with new wells, to be completed over the next
several months, will generate significant cash flow. The importance
of this income stream is that it provides Canuc with greater
flexibility as to timing and market conditions when considering
financing opportunities, while limiting any unnecessary dilution
required to further develop its core exploration properties in Nova
Scotia and Ecuador. About Canuc Canuc is a junior mining
exploration company with its principal properties located in
Ecuador and Nova Scotia. Canuc's main holding is an
approximate 85% interest in the Nambija Gold deposit located in
south-eastern Ecuador. According to records obtained from the
Central Bank of Ecuador, it is estimated that, to date, nearly 3
million ounces of gold have been produced using the most primitive
of mining and milling recovery processes from the Nambija area.
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. Forward-Looking Statements This news release contains
forward-looking statements that include risks and uncertainties.
When used in this news release, the words "estimate", "project",
"anticipate", "expect", "intend", "believe", "hope", "may" and
similar expressions, as well as "will", "shall" and other
indications of future tense, are intended to identify
forward-looking statements. The forward-looking statements are
based on current expectations and apply only as of the date on
which they were made. The factors that could cause actual results
to differ materially from those indicated in such forward-looking
statements include changes in the prevailing price of gold, the
Canadian-United States exchange rate, grade of ore mined and
unforeseen difficulties in mining operations that could affect
revenues and production costs. Other factors such as uncertainties
regarding government regulations could also affect the results.
Other risks may be set out in Annual Reports. Canuc Resources
Corporation CONTACT: Gary Lohman, President & CEO Hubert
Mockler, Executive Vice416-867-1300
Chairmanglohman@canucresources.ca
416-416-867-1300hmockler@canucresources.ca
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