Junex Announces an Increase in its Prospective Original Gas-in-Place Volumes and Potentially Recoverable Prospective Gas Resources for its St. Lawrence Lowlands Permits

QUEBEC CITY, QUEBEC--(Marketwire - Feb. 14, 2011) - Junex Inc. (TSX VENTURE:JNX) ("Junex" or the "Company") is pleased to announce that Netherland, Sewell & Associates, Inc., ("NSAI"), an independent petroleum consulting firm based in Texas, has provided their "Best Estimate" of the prospective original gas in place ("OGIP") volumes for the Utica Shale on Junex's Orléans Permits in the St. Lawrence Lowlands at 5.58 Trillion Cubic Feet ("TCF"). When combined with the 48.34 TCF of prospective OGIP volumes for the Utica Shale for most of Junex's permits in the St. Lawrence Lowlands as previously announced by Junex on April 19, 2010, the revised total volumes for most of Junex's Utica Shale permits now stand at 53.92 TCF. 

		Total Undiscovered OGIP (Bcf)
100% Prospective original gas-in-place (OGIP) volumes		Low Estimate		Best Estimate		High Estimate
Orléans Permits (as of 12/31/10)		4,529		5,578		6,902
Lowlands (previously reported, as of 12/31/09)		38,769		48,339		59,928
Total		43,298		53,917		66,830

When combined with Junex's company gross unrisked prospective resources for the remainder of Junex's Utica Shale acreage as announced in a press release on April 19, 2010, the combined company gross unrisked prospective resources ranges from a Low Estimate of 1.42 TCF (effective 4% recovery factor) to a High Estimate of 12.70 TCF (effective 25% recovery factor), with a Best Estimate of 4.26 TCF (effective 10% recovery factor) to Junex's net interest in its Lowlands permits. Company gross unrisked prospective resources means Junex's share of the unrisked prospective resources before any Government royalties.

		Junex's Company Gross* (Bcf)
Potentially Recoverable Unrisked Prospective Gas Resources		Low Estimate		Best Estimate		High Estimate
Orléans Permits		190		570		1,720
Lowlands (as previously reported)		1,234		3,691		10,983
Total		1,424		4,261		12,703

* Net to Junex before Government royalties

The three NSAI evaluations, when combined, evaluated 705,096 gross acres (approximately 66%) of the total of 1,064,696 gross acres held by Junex in the Utica Shale play in the St. Lawrence Lowlands. The unevaluated portions represent areas where NSAI indicated that further evaluation and additional data are required to quantify their gas-in-place volumes and prospective resource estimates. 

Mr. Jean-Yves Lavoie, P. Eng., Junex's President and Chief Executive Officer, commented, "NSAI's recent estimate of the resource potential of the Utica on Junex's Orleans permits confirms what we consider to be a valuable component of our Utica Shale portfolio. To place this into perspective in terms of NSAI's Best Estimate of OGIP, this addition represents an increase of approximately 12% in our Undiscovered OGIP resources volumes. Similarly, in terms of NSAI's Best Estimate of Junex's company gross unrisked prospective resources, this also represents an increase of approximately 16% in the Potentially Recoverable Unrisked Prospective Gas Resources."

Results from the NSAI Report

NSAI, a world renowned independent petroleum consulting firm was commissioned by Junex to complete a resources assessment ("the Report") of the Utica Shale on Junex's Orléans permits as a follow-up to the two resource assessments that NSAI completed on the Nicolet Permit and Junex's St. Lawrence Lowlands permits in early 2010. Using their expertise in evaluating other shale gas plays, NSAI's evaluation includes detailed petrophysical and geologic analysis including a review of the available core and lab analysis data. All results have been prepared in accordance with the regulations pursuant to National Instrument 51-101, Standards for Disclosure for Oil and Gas Activities of the Canadian Securities Administrators. The evaluation does not include any evaluation of the shallower Lorraine Formation on Junex's St. Lawrence Lowlands permits.

This latest NSAI evaluation focused on the Company's Orléans permits and their Utica Shale potential. For reference, the Orléans permits include Junex's 2006PG908, 2006PG909, 2007PG922 and 2009PG492 petroleum & natural gas exploration permits.

When combined with the Undiscovered OGIP resources volumes for the remainder of Junex's St. Lawrence Lowlands lands evaluated by NSAI, the combined Undiscovered OGIP resources volumes range from a Low Estimate of 43.30 TCF to a High Estimate of 66.83 TCF, with a Best Estimate of 53.92 TCF for the 100% interest.

When combined with the Junex's company gross unrisked prospective resources for the remainder of Junex's St. Lawrence Lowlands lands evaluated by NSAI, the combined company gross unrisked prospective resources range from a Low Estimate of 1.42 TCF to a High Estimate of 12.70 TCF, with a Best Estimate of 4.26 TCF to Junex's net interest in the permits.

OGIP is not a defined term within National Instrument 51-101 and is considered equivalent to Petroleum Initially In Place ("PIIP"). Undiscovered resources are those quantities of petroleum estimated on a given date to be contained in accumulations yet to be discovered. Prospective resources are those quantities of petroleum estimated on a given date to be potentially recoverable from undiscovered accumulations. If discovered, they would be technically and economically viable to recover by application of future development projects. Prospective resources have both a chance of discovery and a chance of development. There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that the resources will be commercially viable or be able to produce any portion of the resources. The effective date of the Orléans Report is December 31, 2010.

No quantitative geologic risk assessment was conducted by NSAI for this acreage. Geologic risking of prospective resources address the probability of success for the discovery of petroleum this risk analysis is conducted independently of probabilistic estimates of petroleum volumes and without regard to the chance of development. Principal risk elements of the petroleum system include; i. trap and seal characteristics; ii. reservoir presence and quality; iii. source rock capacity, quality, and maturity; and iv. timing, migration, and preservation of petroleum in relation to trap and seal formation.

The prospective resources discussed and shown in the Report are those undiscovered, highly speculative resources estimated beyond reserves or contingent resources where geological and geophysical data suggest the potential for discovery of petroleum but where the level of proof is insufficient for classification as reserves or contingent resources. The unrisked prospective resources are those volumes that could reasonably be expected to be recovered in the event of the successful exploration and development of Junex's St. Lawrence Lowlands permits.

The resources evaluated in the Report are based on estimates of reservoir volumes and recovery efficiencies along with analogy to properties with similar geologic and reservoir characteristics. It will be necessary to revise these estimates as additional data become available. Also, estimates of resources may increase or decrease as a result of future operations.

Junex holds more than 1.5 million gross acres of permit in the St. Lawrence Lowlands of which approximately 1.1 million acres cover portions of the Utica play. Junex's permits are located in all areas of the Utica play, including the shallow, medium, deep, and structured parts of the Basin.

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 St. Lawrence Lowlands. As of September 30, 2010, Junex has a working capital of approximately 18 million dollars. 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.