Canuc Announces Production Testing 15-34 Well
www.canucresources.ca
6939553 v6
FOR IMMEDIATE RELEASE TSX-V: CDA | CNUCF | WKN: A14 ZX4
February 7th, 2019 Shares Outstanding: 62,264,150
ISIN: CA1389093040
Canuc Announces Production Testing 15-34 Well
Canuc Resources Corporation (“Canuc” or the “Company”) (TSX-V: CDA) provides a technical
update for the 15-34 well drilled in Southwest Sa skatchewan, and a development update for the
MidTex Energy Project in West Texas.
The Company has now completed production testing of the primary zone at its 15-34 well at
Knollys in Southwest Saskatchewan. The completi on of this well increases the Company’s total
land ownership to 6.5 sections. The Company also has rights to acquire wo rking interest in an
additional 5.8 contiguous sections, resulting in rights for a combined total of 12.3 sections.
The 15-34 well log was completed in October and it revealed several potential hydrocarbon zones.
Based on log interpretations and mud gas responses received while drilling, it was determined that
the Upper Shaunavon Formation in dicated the best potential for hydrocarbon accumulation. The
Upper Shaunavon is a well-known producer in this area. Hydrocarbon indications are also present
in the underlying Lower Shaunavon Formation.
The well was perforated and frac’d over a four-met er interval and a two-month flow test was
carried out. While this test established excellent fluid recoveries and permeability, insufficient
hydrocarbons were produced to warrant completing this zone. A zone five meters above this frac’d
interval, also in the Upper Shaunavon Formation, is now being perforated for production testing.
The 15-34 well was drilled with the benefit of 3D seismic th at identified numerous Upper
Shaunavon anomalies consistent with the geological interpretation of this interval. The anomaly
mapping also explained the 1-34 well which ha s produced over 125,000 barrels of oil and which
is located some 800 meters to the Southeast of the 15-34 well. Integration of current and past well
results with seismic data will help in selecting future locations for drilling, both in the immediate
area and on the additional six sections of Canuc lands that lie just to the south.
Canuc is also pleased to report that performance of gas wells at the MidTex Energy Project in West
Texas continues to improve. Cashflows in December were at their best le vel in several months.
The improvement was largely due to higher gas output from the Coody Morales well. A minor
work-over on this well in the Fall has resulted in higher gas volumes and decreasing water content,
and we expect these improved results to contin ue. In addition, the Thompson 5 well has recently
been perforated in the Strawn Zone and is currently producing some oil. A frac is planned for this
zone as soon as weather permits, and it is anticipated that this will materially increase oil output
for the Company.
www.canucresources.ca
6939553 v6
“We are continuing to develop th e Company’s cash flow profile from energy assets in safe
jurisdictions, with a view to protecting shareholders from u nnecessary dilution in challenging
market conditions.” Stated Chris Berlet, President and CEO.
This press release has been reviewed and approved by Trevor Hamill P. Geoph (Q.P. for Canuc).
About Canuc
Canuc is a junior resources company holding the Sa n Javier Silver-Gold Project in Sonora State,
Mexico. The Company generates cash flow from natural gas production at its MidTex Energy
Project in Central West Texas, USA where Canuc has an interest in nine producing gas wells and
has rights for further in field de velopments. The Company also owns 6.5 sections, and has rights
to acquire working interest in a further 5.8 co ntiguous sections, of undeveloped prospective oil
acreage in Southwest Saskatchewan, Canada.
For further information please contact Canuc Resources Corporation:
(416) 548 – 9748
Disclaimer and Forward-Looking Statements
This news release contains forward-looking statements with in the meaning of applicable securities laws relating to
the Transaction, including statements regarding the terms and conditions of the Transaction. Readers are cautioned
not to place undue reliance on forwar d-looking statements. Actual results and developments may differ materially
from those contemplated by these statements depending on, among other things, the risk that the parties will not
proceed with the Transaction, that the ultimate terms of the Transaction will differ from those currently contemplated,
and that the Transaction will not be successfully completed for any reason (including the failure to obtain the required
approvals or clearances from regulatory authorities, including the Exchange). If the Transaction is not completed,
and the Company continues as an independent entity, there is the risk that the announcement of the Transaction and
the dedication of substantial resources of the Company to the completion of the Transaction could have an adverse
impact on the Company’ s existing business and strategic relationships, operating results and business generally. When
used in this news release, the words “estimate”. “proj ect”, “anticipate”, “expect”, “intend” “be lieve”, “hope”,
“may” and similar expressions, as well as “will”, “shall” and other indications of future tense, are intended to identify
forward-looking statements. The forward-looking statements are based on current expectations and apply only as of
the date on which they were made. The statements in this ne ws release are made as of the date of this release.
Additional information identifying risks and uncertainties is contained in Canuc's filings with the Canadian securities
regulators, which are available at www.sedar.com.
Completion of the Transaction is subject to Exchange acceptance. There can be no assurance that the Transaction
will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the fili ng statement to be prepared in connection with the
Transaction, any information released or received with respect to the Transaction may not be accurate or complete
and should not be relied upon.