Canuc has acquired a 15% working interest in a 14,574 acres lease located in Shackleford County, north-central Texas.
A seismic survery has showed the presence of hydrocarbons at depths greater than 3,000 feet in the Walker Buckler Ranch, which was drilled more than 60 years ago.
In september, the first well was drilled to a depth of 4,552 feet and intersected 2 potential horizons know as the Caddo limestone and the Marble Falls conglomerate.
Upon the completion of drilling, a open flow testing indicated that the well has a capacity to produce 500,000 cubic feet of natural gas per day.
Canuc Resources Corporation president and CEO Gary Lohman said, "The Company’s oil and gas business is beginning to generate a positive cash flow and indications are that with our significant land package in central – north-central Texas, this will continue to increase as more development takes place in 2013."
A second well on this lease is planned to start on about a five mile away to the north from the first well, which is more oil prone area, the company said.
Along with this lease, the company is now also participating at various levels in 16,074 acres of leased land in north-central Texas.
At the 1000 acre Thompson lease, located in Stephens County, Canuc Resources has 4 producing wells and it also scheduled 2 to 3 additional wells in the next 3 to 4 months in the area.
