Canuc Resources Corporation Reports on the #3 Well for its Midtex Oil & Gas Project.

    




 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                            [e-mail]               [e-mail] 


    

Copyright