Junex inc.

Junex inc.

November 21, 2007 09:33 ET

Junex Completes the Champlain #2 Well in Addition to a Seismic Survey in Becancour

QUEBEC CITY, QUEBEC--(Marketwire - Nov. 21, 2007) - Junex inc. (TSX VENTURE:JNX) has completed the Champlain #2 well to a total depth of 930 meters. The well has met indications of natural gas in the Shales of the Lorraine and Utica formations as well as in the limestones of the Trenton / Black-River group. The geological evaluation and the analyses performed on the well have permitted to demonstrate that the hydrocarbon saturated zone was over 150 meters thick. However, the well did not encounter any reservoir zone sufficiently developed to allow for a commercial production of natural gas.

In view of these results, Junex has recently completed a 27.9 km seismic program north of the Champlain #2 well. This seismic survey added to the two wells completed and a high-resolution aeromagnetic survey performed earlier this year, complete the 2007 exploration program on the Champlain project. The objective of this survey is to locate drilling targets in the shallower ordovician units (approximately 500 to 700 meters) and in favourable position for a "gas cap" discovery.

Seismic survey in Becancour

Junex has also completed a 39.3 km seismic survey in the region of Becancour. The objective of this survey is to define, in the Trenton / Black-River limestones, drilling targets similar to the one which led to the natural gas discovery at the Gentilly #1 well drilled by Questerre Energy and Talisman Energy. Junex owns the permits adjoining Gentilly's permits and plans to drill two (2) wells in that area in 2008.

About Junex

Junex holds exploration rights on more than 6 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's goal is to achieve positive cash flows from its natural brine and drillings services operations. Junex also owns approximately 9.9% of Petrolia's (TSX VENTURE:PEA) capital-stock and 2% of Gastem's (TSX VENTURE:GMR) capital-stock.

The TSX Venture Exchange has neither approved nor disapproved the information contained herein.

Contact Information

  • Junex inc.
    Mr. Jean-Yves Lavoie
    Junex inc.
    Mr. Dave Pepin
    Corporate Affairs