Junex inc.

Junex inc.

December 11, 2007 09:33 ET

Junex Received Final Results From Paspebiac #1 Well

QUEBEC CITY, QUEBEC--(Marketwire - Dec. 11, 2007) - Junex (TSX VENTURE:JNX) has received the analyses from the production tests performed at Paspebiac #1 well. These results show that the well did not reach any reservoir zone sufficiently developed to lead to a commercial production of hydrocarbons.

The Paspebiac #1 well is the first ever drilled on the one-million acre block of permits held by Junex (100%) in the area of Baie-des-Chaleurs. This well was drilled on a large dome structure previously identified by seismic surveys and was targeting a seismic anomaly at the level of the Silurian limestones located at an estimated depth of 1,500 meters. Natural gas shows have been observed in the drilling mud from 1,396 meters through the total depth of 1,800 meters. Moreover, traces of oil have also been observed into the Silurian limestones from 1,630 meters.

Further analyses of the data and samples from the Paspebiac #1 well will permit a seismic calibration of the geological formations as well as the evaluation of the thermal maturation of the basin. The first drilling has shown that the Baie-des-Chaleurs basin holds great potentials for oil & gas discoveries and Junex intends to complete its geological model in order to present it to potential partners in the coming years.

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.

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

Contact Information

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