Canuc to begin second well drilling on Walker Buckler Ranch in Texas

Canuc Resources has announced that it will begin drilling a second well on the Walker Buckler Ranch, located in Shackleford County in north-central Texas, US.

The company acquired a 15% working interest in the 14,574 acre lease, which was drilled comprehensively 60 years ago to discover shallow and oil bearing formations.

Canuc discovered the presence of hydrocarbons at depths greater than 3,000ft through a seismic survey of the area, when it drilled first well in September 2012.

The first hole, drilled to a depth of 4,552ft, had encountered two potential horizons known as the Caddo limestone and the Marble Falls conglomerate, said the company.

In October 2012, the first well started production at a rate of 250,000ft³ per day to preserve reservoir pressure, even though an open flow test at the end of drilling revealed that it can produce double this figure.

Out of 16,074 acres of leased land in north-central Texas, Canuc is now participating with four wells at various levels and plans to drill two to three more wells within a few months.

The projects proposed for future drilling also include one or two wells on the 1,000 acre Thompson lease located in Stephens County.

Canuc is a junior mining company with its principal exploration 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.