Junex Announces Exploration Operations on its Macasty Shale Oil Play on Anticosti Island

QUEBEC CITY, QUEBEC--(Marketwire - April 25, 2012) - Junex (TSX VENTURE:JNX) is pleased to announce its intention to conduct a large 2D seismic program on Anticosti Island this summer in order to select future drilling locations to evaluate the oil potential of the Macasty Shale on it's solely-held, 233,275 acre-sized acreage block. This phase of operations is subject to the timely issuance of required government authorizations and the availability of equipment and personnel. The subsequent drilling phases are envisaged to include a first phase of multiple vertical wells to confirm the potential in 2013, followed by a second phase of horizontal drilling and completion thereafter.

The five permits forming this acreage block, dominantly situated in the Deep Macasty Fairway, were previously evaluated for Junex by Netherland, Sewell & Associates, Inc., ("NSAI"), a firm of worldwide petroleum consultants based in Texas. In its report, NSAI placed their Best Estimate of the undiscovered shale oil initially-in-place ("OIIP") volume for the Macasty Shale on Junex's acreage at 12.2 billion barrels. A summary table of the total undiscovered Shale OIIP, originally published by Junex in a press release on September 28, 2011, follows:

Total Undiscovered Shale OIIP
(Millions of Barrels)
Low Estimate (P90)	Best Estimate (P50)	High Estimate (P10)
10,210	12,228	14,390

The Macasty is the stratigraphic equivalent of the Utica Shale in the St. Lawrence Lowlands and the oil-rich Utica/Point Pleasant Shale in Ohio. Being thicker in the Deep Macasty Fairway than elsewhere on Anticosti Island, Junex's mapping interprets that the Macasty Shale averages approximately 80 metres in thickness over its acreage. In terms of thermal maturation levels, the organic-rich Macasty Shale on Junex's acreage is interpreted to be within the Oil Window of thermal maturity, with the top of the Macasty Shale ranging from approximately 800 metres to 2,200 metres in depth on average.

It is Junex's opinion that the greater formation depth of the Macasty Shale on Junex's acreage in the Deep Macasty Fairway, as compared to the remainder of the island, should translate into greater formation pressure (or reservoir energy) that could yield an increased production potential in the event that the exploration program continues to yield positive results.

Mr. Jean-Yves Lavoie, P. Eng., Junex's Chief Executive Officer, commented, "As we announced previously, our focus for the next few years is the exploration of our portfolio of oil properties, of which our Anticosti acreage is an important part. The results from the airborne gravity survey we conducted last year, in combination with NSAI's Best Estimate of 12.2 billion barrels of undiscovered Macasty Shale oil initially-in-place, and subsequent technical analysis has stimulated us to proceed to this next phase of evaluating the potential on our well-positioned acreage. Once specific drilling locations have been identified from this new seismic data, we intend to proceed to the drilling phase."

About the NSAI Report

Details about the NSAI Report were previously announced by Junex in a press release on September 28, 2011 and it is recommended that the reader consult this press release for further information. The resource estimates in the report must be treated as scoping level estimates and used with caution. Undiscovered petroleum initially-in-place (OIIP) (equivalent to undiscovered resources) is that quantity of petroleum that is estimated, as of a given date, to be contained in accumulations yet to be discovered. The undiscovered shale OIIP volumes shown in the report were estimated from data available, as of September 1, 2011, but the data were insufficient in quality or quantity for these volumes to be classed as discovered. There is no certainty that any portion of the in-place volumes will be discovered.

The OIIP in the Report was determined from a range of possible values for multiple parameters. These parameters were limited to the critical driving factors for both statistical and practical reasons.

The probabilistic analysis performed by NSAI created cumulative probability distribution curves that defined a range of potential outcomes. As described in the Canadian Oil and Gas Evaluation Handbook (COGEH), the resulting probability distribution curves represent the low estimate, best estimate, and high estimate, which correspond to the P90, P50, and P10 probability estimates of hydrocarbon volumes, respectively. The probability that the quantities of oil actually in place will equal or exceed the estimated amounts is 90 percent for the low estimate, 50 percent for the best estimate, and 10 percent for the high estimate.

About Junex

Junex is a junior oil and gas exploration company that holds exploration rights on approximately 5.2 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 St. Lawrence Lowlands and holds a significant land-package on the Anticosti Island where an independent report has provided their Best Estimate of the undiscovered shale oil initially-in-place ("OIIP") volume for the Macasty Shale on all five of Junex's permits on Anticosti Island at 12.2 billion barrels. In parallel to its exploration efforts in Quebec and expansion of its exploration activities elsewhere, Junex's goal is to achieve positive cash flows from its natural brine and drilling services operations.

Forward-Looking Statements and Disclaimer

Certain statements in this press release may be forward-looking. Forward-looking statements are based on the best estimates available to Junex at the time and involve known and unknown risks, uncertainties and other factors that may cause Junex's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. A description of the risks affecting Junex's business and activities appears under the heading "Risks and Uncertainties" on pages 8 to 11 of Junex's 2010 annual management's discussion and analysis, which is available on SEDAR at www.sedar.com. No assurance can be given that any events anticipated by the forward-looking information in this press release will transpire or occur, or if any of them do so, what benefits that Junex will derive therefrom. In particular, no assurance can be given as to the future financial performance of Junex. Junex disclaims any intention or obligation to update or revise any forward-looking statements in order to account for any new information or any other event. The reader is warned against undue reliance on these forward-looking statements.