Junex inc.

Junex inc.

March 29, 2006 23:59 ET

Haldimand No. 1 well produces 156 barrels of oil in preliminary 70-hour test

MONTREAL, March 29, 2006 - Junex (JNX : TSXV), Pétrolia
(PEA : TSXV) and Gastem (GMR : TSXV) are pleased to announce that they have
successfully completed preliminary zone testing on the Haldimand No. 1 well.

The best performing zone occurs between 950.5 metres and 1,090 metres in
Devonian sandstones. Production testing on this hydrocarbon saturated zone
over a thickness of almost 140 metres lasted 70 hours during which a total of
156 barrels of oil (47 degrees API) was produced from a 23.5 metres perforated
interval. Zone porosity is estimated to be between 2% and 10% and formation
pressure at 1,073 metres was measured to be 11,385 KPa.

"The results of these preliminary tests encourage us to install a pump
jack in order to more fully test the zone over a prolonged period to determine
the stabilized production capacity of the well. It is significant that
preliminaty testing of the Haldimand No. 1 well has confirmed the presence of
three reservoir zones in a relatively shallow well. Two of these reservoir
zones contain salt water and one contains light oil. This is a profoundly
important event in oil exploration in Quebec's Gaspe Peninsula. While previous
exploration efforts have established the presence of Ordovician-age source
rocks (where oil it believed to have been generated) and the existence of
stratigraphic and structural traps for oil storage and preservation, this
Haldimand No. 1 discovery is the first instance where such a well developed
reservoir has been found and established to have commercial potential."
commented a spokesperson for the project partners.

The Haldimand well was drilled to a total depth of 1,434 metres and
encountered oil and natural gas throughout the entire length of the well. Four
selected zones were tested. The first two were open-hole tested and diagnosed
has having negative economics. The third and fourth zones were tested after
cementing and perforation. The third zone, located between 1,142 and
1,174.5 metres, produced salt water. The fourth zone produced 156 barrels of
oil, after having been perforated and cleaned with acid before the flow test.

Junex and Petrolia each hold a 45% interest in the project and Gastem
holds a 10% interest. Junex is the operator of the project.

About Junex

Junex holds exploration rights on more than 4 million acres of land
located in the Appalachian basin in the province of Quebec. Recent major
discoveries in the United States and Eastern Canada have stimulated
exploration in Quebec, which is located in a favourable geological setting for
oil and gas discovery. Junex's strategy is to reduce exploration risks by
entering into partnerships with other exploration companies. In parallel to
its exploration efforts, Junex goal is to achieve positive cash flows from its
natural brine and drillings services operations. Junex also holds a 12%
interest in Petrolia (PEA : TSVX) and a 8% interest in Gastem (GMR : TSXV).

About Pétrolia

Petrolia is an oil and gas exploration and development company with large
property holdings in Quebec's Gaspe Peninsula. Petrolia holds direct and
indirect interest in 70% of the exploration permits issued for the Gaspe
Peninsula. Petrolia is the operator for exploration on its own hydrocarbon
permits and intends to drill between 6 and 10 wells during the next year.
Petrolia is listed on the TSX Venture Exchange under the symbol PEA-TSXV. The
company has working capital of $2.0 million and has 26,788,020 shares issued
and outstanding. Petrolia's objective is to maintain its position as the
leading oil and gas explorer in the Gaspe Peninsula. Petrolia own 8% of the
shares of Gastem (GMR: TSXV).

About Gastem

Gastem is publicly-traded oil and gas exploration company (GMR - TSX Vx,
13.4 million shares) listed in January 2004. The company owns properties and
interests in Quebec and Alberta.

The TSX Venture Exchange has neither approved nor disapproved the
information contained herein
%SEDAR: 00015378EF

Contact Information

  • JUNEX :
    Jean-Yves Lavoie, P. Eng.,
    (418) 654-9661

    Isabelle Proulx
    (418) 657-1966

    Dave Pépin,
    (418) 654-9661

    Raymond Savoie
    (514) 875-9034