Junex inc.

Junex inc.

December 21, 2010 09:54 ET

Junex Retains 35.99% of the Haldimand Oil Project

QUEBEC CITY, QUEBEC--(Marketwire - Dec. 21, 2010) - Junex Inc. (TSX VENTURE:JNX) is pleased to announce that, following exploration expenses paid at 100% by its partner Petrolia, Junex now retains 35.99% working interest in the Haldimand oil project in the Gaspe region.

Furthermore, Petrolia announced yesterday that it has sold half of its working interest (approximately 32% of the entire project) to the company Québénergie which is, according to Petrolia's press release, "a subsidiary at 100 percent of SCDM Investcan (subsidiary at 100 percent of SCDM Energy), a private French company based in Paris and controlled by Martin and Olivier Bouygues. SCDM Energy holds indirectly an important participation in several exploration licenses in Newfoundland and Labrador and operates a natural gas field in the Ivory Coast by a subsidiary called Foxtrot International".

Following the completion of this transaction, Junex becomes the largest working interest holder in the Haldimand project. Junex favourably welcomes the arrival of a new partner which has paid, according to Petrolia's press release, an initial entry fee of $ 6.5 million and has, in addition, committed itself to invest $ 8.5 million in exploration expenses in order to earn "50% of Pétrolia's interest in the Haldimand discovery and in the 13 surrounding licences (2 500 km2)".

In addition to its 35.99% working interest in the Haldimand oil discovery, Junex holds approximately 1.9 million acres of land in the Gaspé region and on Anticosti Island in Eastern Canada. Junex notably holds a 50% working interest in the Galt property on which Netherland Sewell and Associates, an independent reservoir engineering firm based in Texas, has provided their Best Estimate of the total Original Oil-in-Place ("OOIP") resources at 183 million barrels for the Forillon Formation (see Junex press release of June 21st, 2010). 

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 September 30 2010, Junex has a working capital of approximately 19.4 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