Junex inc.
TSX VENTURE : JNX

Junex inc.

October 22, 2009 20:26 ET

CORRECTION FROM SOURCE: Junex's Partner Finished Drilling of Haldimand No 2 Well

QUEBEC CITY, QUEBEC--(Marketwire - Oct. 22, 2009) - Correction to the release sent out at 11:28 AM ET this morning. The Haldimand Project Operator, Petrolia, has since provided Junex with a modified drillstem test report for DST #1 and the corrected information about gas flow rates and recoveries appears in the fourth paragraph.

Junex also corrects a typographical error in the sixth paragraph where the final gas flow rate should read as "15 mcf/d (419.8 m3/d)" instead of "15 mcf/d (419.8 mcf/d)", and another typographical error in the seventh paragraph where the depths for DST #4 should have read "848.6 to 882.9 meters" instead of "1,099.1 to 1,131.2 meters". These changes do not in any way alter Junex's opinion about the Haldimand No. 2 well or the Haldimand Project. The complete and corrected version follows:

Junex (TSX VENTURE:JNX) announces that the Haldimand Project Operator, Petrolia, has completed the drilling of the Haldimand No. 2 well at a total depth of 1,200 meters. According to the Operator of the project, light oil shows were observed in drill cuttings samples (fluorescence sometimes accompanied by oil shows) over the interval from 746 meters to the total depth of the well.

The Operator has carried out 4 drillstem tests (DST). In Junex's opinion, DST #3, from 909.9 to 944.1 metres, seems to have identified a hydrocarbon-bearing interval that may justify further testing. In view of these results, the project Operator has installed production casing down to the total depth of 1,200 meters. The Operator has indicated that it plans to mobilize a service rig in the near future to proceed with production testing at the well.

Junex has not financially participated in the drilling of the Haldimand No. 2 well but still holds a 35% interest in this project covering an area of 9 km2.

DRILLSTEM TEST RESULTS

DST #1 from 715 to 763 meters recorded an initial gas flow of approximately 1 thousand cubic feet per day (mcf/d) (28.5 m3/d) after 20 minutes, a maximum flow rate of approximately 1.8 mcf/d (50.7 m3/d) after 40 minutes, decreasing to a gas flow rate of approximately 1.4 mcf/d (40.3 m3/d) after 90 minutes. A total of 8 meters of drilling fluid was recovered.

DST #2, carried out from 1,099.1 to 1,131.2 meters, recovered 23.5 meters of drilling mud without any notable presence of hydrocarbons.

During DST #3, from 909.9 to 944.1 meters, an initial gas flow rate of approximately 116 mcf/d (3,288 m3/d) after 5 minutes was recorded and a final gas flow rate of approximately 15 mcf/d (419.8 m3/d) after 60 minutes was observed. A total of 61.2 meters of slightly oil cut drilling mud was recovered. This interval also covered the cored interval from 923 to 932 meters, where an interval of thick sandstone, cut by 2 subvertical fractures, was observed. The project Operator has sent this core to a Calgary laboratory for analysis.

Finally, during DST #4, carried out between the depths of 848.6 to 882.9 meters, an initial gas flow rate of approximately 53 mcf/d (1,493 m3/d) was recorded and a final gas flow rate of approximately 2.4 mcf/d (67.3 m3/d) after 60 minutes was observed. A total of 29 meters of drilling mud was recovered.

About Junex

Junex is a junior oil and gas exploration company that holds exploration rights on more than 6 million acres of land located in the Appalachian basin in the Province of Quebec. The company is in the heart of the Utica Shale gas discovery located in the Ste Lawrence Lowlands. As of December 31 2008, Junex has a working capital of 28 million dollars. Junex also owns approximately 7.9% of the issued and outstanding shares of Petrolia (TSX VENTURE:PEA) and 1.0% of the issued and outstanding shares of Gastem (TSX VENTURE:GMR). In parallel to its exploration efforts, Junex's goal is to achieve positive cash flows from its natural brine and drilling services operations.

Forward looking statements

This news release contains certain forward-looking statements. These statements relate to future events or future economic performance of Junex and carry risks, uncertainties and other factors - both known and unknown - that may appreciably affect their respective results, economic performance or accomplishments when considered in light of the content or implications of statements made by Junex. Actual events or results could be significantly different. Accordingly, investors should not place undue reliance on forward-looking statements. Junex do not intend and undertake no obligation, to update these forward-looking statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Junex
    Mr. Jean-Yves Lavoie
    President
    418-654-9661
    or
    Junex
    Mr. Dave Pepin
    Vice President - Corporate Affairs
    418-654-9661