Junex inc.

Junex inc.

April 30, 2007 12:10 ET

Junex Filed its 2006 Annual Report

QUEBEC, QUEBEC--(CCNMatthews - April 30, 2007) - Junex (TSX VENTURE:JNX) has filed with the regulatory authorities its 2006 Annual report, including the audited financial statement of the company and the related MD&A for the year ended December 31, 2006. The Report of oil and gas reserves evaluation required pursuant National Instrument 51-101 has also been filed on Sedar.

2006 Highlights

- Oil discovery on Haldimand #1 well drilled by Petrolia. Junex is now Operator of this project in which it holds 45% of interest.

- Gas discovery in Champlain #1 well. The well will be deepened in 2007 in order to evaluate the production capacity of the Trenton/ Black-River, a prolific geological zone in New York State.

- Partnership signed with on of the most important independent gas producer in USA with the purpose of evaluating the Utica Shales.

- Partnership signed with US-based AMQUE ULC. This agreement could lead to $US 20 million investment on Junex land in order to explore Trenton/ Black-River and Utica Shales targets.

- Becancour #8 well drilled and cored on 34 meters in order to evaluate the key properties of the Utica Shales.

- Exploitation activities provided $123,358 in cash flows.

- Working capital reached $7.7 million as at December 31, 2006, a 133% improvement over the working capital of 2005.

"The company's mission is to discover petroleum and natural gas in Quebec. Pursuing this goal, our strategy is to reduce exploration risks with secondary activities which generate cash flows as well as having partners who invest most of the exploration capital on our permits. That is exactly what we did in 2006 and after nearly six years of efforts to build our business model, we now believe that the very promising results from drillings we have completed in the last two years, associated with the recent arrival of major companies on the Quebec territory, allow us to conclude that Junex has never been so well positioned to succeed" declared the president of Junex, Mr. Jean-Yves Lavoie, P. Eng..

2007 objectives :

- Initiate with one of our US-based partner a pilot-project in order to evaluate the Utica Shale production capacity.

- Sign a Joint Operating Agreement (JOA) with our partners Gastem and Petrolia in order to initiate the development phase of the Haldimand oil discovery.

- Complete the Champlain #1 well with the purpose of evaluating the Trenton/ Black-River zone.

- Drill a first wildcat well on the 1 million acres Chaleurs Bay Basin where world class structures have been identified by previous seismic surveys.

- Generate positive cash flows with the exploitation activities.

The Annual Report, the annual audited financial statements of the company and related MD&A and the 51-101 Report are all available electronically at www.sedar.com.

About Junex

Junex holds exploration rights in more than 6 million acres of land 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 geological setting favourable for oil and gas discovery. Junex's strategy is to reduce exploration risks by entering into partnerships with other exploration companies. Parallel to its exploration efforts, Junex's goal is to achieve positive cash flows from its natural brine and drilling services operations. Junex also holds approximately a 12% interest in Petrolia (TSX VENTURE:PEA) and an 3.5% interest in Gastem (TSX VENTURE:GMR).

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

Contact Information

  • Junex inc.
    Jean-Yves Lavoie
    President and CEO
    Junex inc.
    Dave Pepin
    Vice- President, Corporate Affairs