Junex inc.

Junex inc.

March 02, 2010 08:03 ET

Junex Announces Its Exploration Program for Utica Shales on the Lyster Property Located at Approximatly 15 Km From the St-Edouard No. 1A Well

QUEBEC CITY, QUEBEC--(Marketwire - March 2, 2010) - Junex (TSX VENTURE:JNX) is pleased to announces the drilling of two wells to evaluate the gas potential of the Utica Shale on its Lyster property (108,360 acres) located about 15 km from the St-Édouard No. 1A well.

Strategically located in terms of geology, this property, held 100% by Junex, is covered by more than 200 line-kilometers of seismic data. Two older stratigraphic wells drilled near the property allow for the forecasting of a thickness of about 1,000 meters for the Utica Shale on the property. Furthermore, its proximity to the St-Flavien gas field and the St-Édouard No. 1A well (IP of 12 mmcf/d according to Questerre Press Release issued on February 23, 2010) places this property in the top ranking of Junex's priorities for 2010.

The two wells planned to be drilled in 2010 have as a primary objective the coring and evaluation of the Utica in this overthrust zone. The secondary objective is the evaluation of the Trenton-Black-River (TBR) whose top is forecast at depths of about 1,800 meters. The first well will spud after spring break-up.

"We have completed similar work on the Nicolet property during 2009. The Netherland, Sewell and Associates results were convincing about this subject (see Junex's Press Release from February 9, 2010). The Lyster property has an areal extent three and a half times larger and the thickness of the Utica could be greater. The axis extending from Nicolet-Bécancour-Gentilly to St-Édouard-Lyster is situated in a favourable geologic environment and the results seen thus far in this area are compelling. Also, infrastructure already exists in this area (pipelines at Bécancour, gas storage and compressors at St-Flavien, etc…), which lead us to believe that the first gas production in the Lowlands may start in this area", emphasized Mr. Jean-Yves lavoie', Junex's President and CEO.

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 2009, Junex has a working capital of approximatly 22.5 million dollars. Junex also owns approximately 7.9% of the issued and outstanding shares of Petrolia (TSXV : PEA) and 1.0% of the issued and outstanding shares of Gastem (TSXV : 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
    Mr. Dave Pepin
    Vice President - Corporate Affairs