TSX Venture Exchange
Symbol: CDA
Shares Outstanding: 63,200,998
TORONTO, March 20, 2013 /CNW/ - Canuc Resources
Corporation ("Canuc" or the "Company") (TSXV:CDA) is pleased to
report that the W-B 533 Unit #1 oil and gas well located on the
Walker Buckler lease in Shackleford County, Texas commenced production on March 11, 2013 at an estimated rate of 25 barrels
of sweet West Texas Intermediate oil per day and 80 McF of natural
gas. As previously mentioned (press release dated February 27, 2013), the W-B 533 Unit #1 well was
completed to a depth of 4,458 feet and intersected 3 oil bearing
horizons within the Caddo limestone, a known hydrocarbon bearing
unit in the area. Historically wells in the Caddo limestone operate
for many years. The Walker Buckler lease is a 14,754 acre land
package that could accommodate 10 - 15 additional wells. Canuc has
a 15% working interest (12% net revenue interest) in the lease.
Drilling has recently commenced on the Thompson
"A" lease which consists of 160 acres in Stephens County, Texas. Canuc has a 20%
working interest (16% net revenue interest) in this lease. This new
well, known as the The Thompson "A" is located 2,000 feet north of
the Thompson 40 #1 and will be
drilled to intersect the gas bearing "Iona Hickey" conglomerate
that was intersected in both the Thompson 40 #1 and Thompson 40 #2 wells. The Caddo limestone is
also present and extensive in the area. The Thompson 40 #2 well logs indicated that the
oil bearing Caddo limestone was encountered at 3,200 feet thus
providing a secondary target for this well. As with the previous
Thompson leases, gas pipelines are
present on the property facilitating transport.
"We continue to be pleased with the results from
our oil and gas project in Texas
and look forward to expanding these activities through 2013," said
Gary Lohman, President and CEO.
At Mill
Village, the results of the fall diamond drill program were
disappointing and with the advent of the ongoing success in
Texas, the Company is presently
re-evaluating its programs in Nova
Scotia.
About Canuc
Canuc is a junior natural resource company with
its principal exploration properties located in Ecuador and Nova
Scotia. 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