Canuc Resources Corporation (TSX-V: CDA) is a junior resource company based in Toronto, Canada focused on gold project developments in the America’s. The Company is actively reviewing projects for acquisition while developing cash flow by participating in low risk oil and gas leases in Texas, USA.
In mid 2011, the company acquired MidTex Oil & Gas Corporation , a private Ontario corporation which had assets including a producing gas well and 360 acres of undeveloped acreage on the Coody Morales lease in Stephens County, Texas. Since that time the Company has increased its activities in Texas by participating in the 1,000 acre Thompson lease.
At present, the Company is participating in 9 producing gas wells on two leases in Stephens County. All of these wells are currently producing from a gas horizon and have at least two more zones at higher levels behind pipe. One of these horizons is a known oil producer and will be brought on stream when the present gas zone is depleted. The properties can also support further wells within the existing acreage. Further wells can be drilled and produced to enhance cash flow at a future date when market conditions merit expansion and in-field developments.
The Company is reviewing both private assets and gold companies in the public domain for prospective acquisition, and is using a disciplined project criteria filter process in reviewing suitability.