Junex inc.

Junex inc.

July 06, 2010 14:36 ET

Junex Inc.: Evaluation of Oil Resources on the Haldimand Project

QUEBEC CITY, QUÉBEC--(Marketwire - July 6, 2010) - Junex (TSX VENTURE:JNX) announces that Pétrolia (TSX VENTURE:PEA) issued today the results of an estimate of the Original Oil-in-Place resources and potentially recoverable oil resources for the Haldimand project in which Junex holds a 35% interest.

According to Pétrolia's press release, the results of this internal evaluation are based on data available as of December 31, 2009 that were audited by Sproule Associates Limited. Junex did not participate in the preparation of this resource evaluation and did not have access to the report prepared by Sproule Associates Limited which, according to Petrolia, will be available at the following weblink: www.petrolia.com

Finally, Junex did not participate in the exploration operations performed by Pétrolia on the Haldimand project since December 31, 2009 and Junex did not have access to the data from these later operations.

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 December 31 2009, Junex has a working capital of approximately 22.5 million dollars. Junex also owns approximately 7.9% of the issued and outstanding shares of Petrolia (TSX VENTURE:PEA) and 1.0% of the issued and outstanding shares of Gastem (TSX VENTURE:GMR). 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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Junex Inc.
    Mr. Jean-Yves Lavoie
    Junex Inc.
    Mr. Dave Pepin
    Vice President - Corporate Affairs