Vantex Resources Ltd.
TSX VENTURE : VTX

Vantex Resources Ltd.

June 15, 2009 08:00 ET

Vantex Acquires One Exploration Permit for Oil and Natural Gas in the Moose River Basin

LA PRAIRIE, QUEBEC--(Marketwire - June 15, 2009) - The management of Vantex resources Ltd (TSX VENTURE:VTX) has obtained one exploration permit for oil and natural gas in the Quebec portion of the Moose River Basin, located in the James Bay Lowlands. The permit covers an area of 25,000 hectares.

The Salomon Lake oil seep, found within the exploration permit, is characterized by a milky white to greenish film on the surface of numerous ponds south of Salomon Lake (Salomon seep- GM 35731). Furthermore, this report mentions the presence of rock units showing favourable characteristics to act as potential reservoirs.

The permit is located within 65 km of a logging road and 225 km from La Sarre, Abitibi. La Sarre is also serviced by railroad.

The Moose River Basin

The Moose River sedimentary basin is located near the James Bay and is almost entirely covered by the James Bay Lowlands. It is mostly located in Northeast Ontario with its eastern edge in Northwestern Quebec. The sedimentary rocks are of Paleozoic age (Middle Ordovician to Late Devonian) and are lying uncomfortably over Precambrian basement. They are in turn uncomfortably covered by Mesozoic sedimentary rocks (Middle Jurassic to Early Cretaceous).

After Hamblin (Hydrocarbon potential of the Paleozoic sucession of Hudson Bay/Janes Bay : Preliminary conceptual synthesis of Background data ; Geological Survey of Canada, Open File 5731, 12 p ; 2008.), the Boas River oil shale formation and the Long Rapids gas shale formation are two units that can be considered as a potential source of hydrocarbons in the basin while many other formations could be considered as potential reservoirs.

After Sanford, B.V. et al. (Hudson Platform - Economic Geology, in, Sedimentary Cover of the Craton in Canada, D.F. Scott and J.D. Aitken (eds.) ; Geological Survey of Canada, no. 5, p. 701-707 ; 1993), the Moose River basin could be part of a larger sedimentary sequence of the Paleozoic marine transgression and could be linked to the Appalachian basin (Northeastern Unites States and Southeast Ontario), the Michigan basin (Michigan) and Williston basin (Western Canada), the latter two having producing reservoirs. Some studies also show that the St-Lawrence lowlands could be the equivalent of the Appalachian Basin.

"We are confident that this area represent an excellent target for oil and gas exploration because the Moose River basin could be stratigraphically equivalent to the producing Michigan and Williston basins and to the Appalachian basin and to its St-Lawrence Lowlands equivalent. The presence of an oil seep, which led to the discovery of many oil fields worldwide, makes the Salomon Lake area an out of the ordinary target. In order to develop this project, we will be looking for a partner knowledgeable in the oil business" said Mr. Guy Morissette, president of the company.

The press release was read an approved by Mr. Gilles Laverdiere, independent consulting geologist and Qualified Person under NI 43-101.

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

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