TSX Venture Exchange
Symbol: CDA
Shares Outstanding: 63,200,998
TORONTO, Aug. 13, 2013 /CNW/ - Canuc Resources Corporation
("Canuc" or the "Company") (TSXV:CDA) is pleased to
report a fourth successful well in the Thompson lease (800 acre combined lease
package) with the completion of the Thompson "B" well in
Stephens County, Texas. This well
was spudded approximately 2,000 feet due east of the Thompson "A"
well which was completed in March
2013. The well was drilled to a depth of 4,172 feet to
intersect the Iona Hickey conglomerate, the productive horizon on
all wells on the Thompson
lease.
Prior to completion of Thompson "B", the
Thompson "A" well that was drilled in March
2013 had been the most successful well drilled in the
Thompson lease to date. Drilled to
a depth of 4,183 feet, the well intersected the Iona Hickey
conglomerate and, without additional stimulation, commenced
production soon after completion. In April
2013, its first full month of production, the Thompson "A"
averaged over 900 McF of natural gas per day plus condensates.
All 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 Cummings
conglomerate.
Canuc has a 20% working interest (16% net
revenue interest) in the Thompson
lease.
Canuc plans to drill an additional 2 wells by
the end of the year. In September, a shallow oil target will
be drilled on the Walker Buckler lease (14,782 acre combined lease
package) in Shackleford County, Texas. The Walker Buckler lease was formerly
held by Enron Oil & Gas Corp. ("Enron"), and was
released from insolvency auction in 2011. Enron completed seismic
analysis and identified multiple oil horizons and targets on the
property. These were never drilled by Enron, and in 2010 Marjac Oil
& Gas of Stephens County,
Texas secured an option on the lease and Canuc purchased a
16% participation in this option.
"We are very pleased with the results from
Texas, especially on the
Thompson lease where we continue
to intersect what appears to be a substantial reserve of natural
gas. We are also of the opinion that with our current production
along with additional wells planned over the next few months, we
will be financially self sustaining and will not have to
resort to additional equity financing during an extremely difficult
time for Junior resource companies," states Gary Lohman, President and CEO of Canuc.
Canuc would also like to announce the
appointment of James Macintosh as
Chief Financial Officer ("CFO"). Mr. Macintosh has
over 26 years experience in the mining industry and as a mining
analyst. For the past 20 years he has held various executive
and directorial positions with numerous public and private
companies in North America.
Mr. Macintosh spent ten years as the President and COO of Innovium
Media Properties Corp., an early stage investor. Mr.
Macintosh sits on the Board of Directors and Chairs the Audit
Committees of Carlisle Goldfields Limited (TSX:CGJ), GTA Resources
and Mining Inc. (TSXV:GTA) Parkside Resources Corporation
(TSXV:PKS) and Asia Now Resources Corp. (TSXV:NOW).
Mr. Macintosh replaces Chris Chadder as CFO, whose agreement with the
Company expired on July 31,
2013. The Board of Directors wishes to thank Mr.
Chadder for his contribution to the Company and wishes him well in
his future endeavours.
About Canuc
Canuc is a junior natural resource company with
its principal exploration properties located in Ecuador. Canuc is also active in the oil and
gas sector in Texas and will be
expanding these activities throughout 2013.
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.
SOURCE Canuc Resources Corporation
