Headquartered in Toronto, Canuc Resources Corporation is a junior mining exploration company focusing on exploring and developing its assets in the Americas.
In July 2011, Canuc acquired MidTex Oil and Gas Corporation which owned a producing gas well and a lease on 320 acres in Stephens County Texas. The acquisition of MidTex, although outside of Canuc’s main area of business, was completed for strategic purposes, as a means of providing the company with cash flow in order to continue to develop its primary assets. Since its acquisition, the Midtex assets have expanded to include a 20% working interest (16% net revenue interest) in the 1,000 acre Thompson Lease and more recently, a 15% working interest (12% net revenue ) interest in the 3,000 acre Walker Buckler lease located in Shackleford County Texas.
At present, the Company has gas production from 1 well on the original Midtex lease, 6 wells on the Thompson, and more recently, 2 wells on the Walker Buckler.
All leases benefit from the presence of low pressure gas pipelines which makes the gas immediately saleable without excessive transportation charges. Condensates within the gas also allow Canuc to sell the gas at a premium to market.