Canuc Edges Closer To Yr Lows; To Drill Second Well on Walker Buckler Ranch

By
A A A
Share |

Canuc Resources Corporation (CDA.V) has edged lower and closer to a year low 5.5 cents as it reported that the company continues to expand its activities in Texas.

A 15% working interest (12% net revenue) was recently acquired in a 14,574 acres lease located in Shackleford County, north-central Texas. The land package, known as the Walker Buckler Ranch, was extensively drilled 60 + years ago targeting shallow, oil bearing formations. A recent seismic survey over the area has indicated the presence of hydrocarbons at depths greater than 3,000 feet. The first hole completed on this lease in September was drilled to a depth of 4,552 feet and intersected 2 potential horizons know as the Caddo limestone and the Marble Falls conglomerate. Following completion of the well, open flow testing showed the well to be capable of producing 500,000 cubic feet of natural gas per day however in order to preserve reservoir pressure, production commenced in October at a rate of 250,000 cubic feet per day.

A second well on this lease will be started in the next two weeks. It is approximately a five mile step out to the north from the first well and is in an area which is more oil prone. The Walker Buckler Ranch is a substantial land package which, based on the industry standard spacing of wells every 40 acres, allows for the drilling of a considerable number of additional wells. As with the company's other projects in Texas, natural gas transmission lines are present on the property.

With the addition of the Walker Buckler lease, Canuc is now participating at various levels in 16,074 acres of leased land in north-central Texas.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks:

MT Newswires

MT Newswires

More from MT Newswires:

Related Videos

Stocks

Referenced

Most Active by Volume

72,157,294
  • $61.36 ▼ 2.65%
56,535,455
  • $34.92 ▼ 3.78%
49,608,479
  • $4.42 ▼ 3.07%
49,328,445
  • $25.91 ▼ 3.18%
48,932,529
  • $16.37 ▲ 0.49%
38,182,422
  • $3.17 ▼ 1.55%
33,297,581
  • $73.86 ▲ 1.37%
32,790,375
  • $47.43 ▼ 1.02%
As of 4/23/2014, 04:07 PM