Junex Inc.
TSX VENTURE : JNX

Junex Inc.

March 02, 2016 08:50 ET

Junex Moves Ahead on its Galt Oil Project

QUEBEC CITY, QUEBEC--(Marketwired - March 2, 2016) - Junex Inc. (TSX VENTURE:JNX) ("Junex" or the "Company") is pleased to announce that it has received a Completion Permit from the Quebec Ministry of Energy and Natural Resources that authorizes Junex to proceed with the evaluation of its Galt No. 5 Horizontal well as announced by the Company in a press release on October 1, 2015.

Junex intends to start field operations in the Galt No. 5 well this spring to further evaluate the horizontal leg where abundant natural fractures and oil shows were recorded in the lower portion of the Forillon Limestone and the upper portion of the Indian Point Formation. Junex chose to perform these evaluation operations during the spring season in order to optimize efficiency while minimizing costs.

Mr. Peter Dorrins, Junex's President & Chief Executive Officer, said: "If the planned evaluation operations indicate that the horizontal leg drilled in the lower portion of the Forillon Limestone and the upper portion of the Indian Point Formation in the Galt No. 5 well can be commercially produced, then we will proceed with production testing operations. If the results from the evaluation indicate the contrary, then we have the option to drill a second horizontal leg into the upper portion of the Forillon Limestone reservoir from the vertical portion of the well."

Junex's Galt Oil Property is situated approximately 20 kilometers from the town of Gaspé in eastern Quebec. Netherland, Sewell & Associates, Inc., ("NSAI") a firm of worldwide petroleum consultants based in Texas, has previously established their Best Estimate of the total Oil-Initially-In-Place ("OIIP") resources at 557 million barrels for the Forillon and Indian Point formations on the Galt Oil Property. This 557 million barrel figure includes Discovered OIIP volumes of 81 million barrels and Undiscovered OIIP volumes of 476 million barrels (see press release from August 31, 2015 for details of the NSAI report).

Junex holds a 70 % interest in the Galt Oil Property. Junex also holds 100% interest in the adjacent acreage that has not yet been independently evaluated for its resource potential.

About Junex

Junex is a junior oil and gas exploration company that holds exploration rights on approximately 5.2 million acres of land in the Appalachian basin in the Province of Quebec, including the Galt Oil Property on the Gaspé Peninsula in eastern Quebec, landholdings on Anticosti Island in the Gulf of St. Lawrence and landholdings in the St. Lawrence Lowlands between Montreal and Quebec City. In parallel to its exploration efforts in Quebec and expansion of its exploration activities elsewhere, the company operates a drilling services division.

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 7 to 10 of Junex's 2014 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Junex Inc.
    Mr. Peter Dorrins
    President & Chief Executive Officer
    418-654-9661

    Junex Inc.
    Mr. Dave Pepin
    Vice President - Corporate Affairs
    418-654-9661