Junex inc.

Junex inc.

June 15, 2009 08:05 ET

Junex Signs a Final Farm-Out Agreement on the Nicolet Permit

QUEBEC CITY, QUEBEC--(Marketwire - June 15, 2009) - Junex (TSX VENTURE:JNX) announces it has signed a final farm-out agreement with Fairlady Energy on the Nicolet Permit. In accordance with this agreement, Junex will earn a 50% working interest in the interval from surface to the base of the Utica Shale in the Nicolet Permit by drilling two exploration wells to the base of the Utica geological formation. The Nicolet Permit covers an area of 54,363 acres within the heart of the St. Lawrence Lowlands Basin (see press releases dated May 21st 2008 and March 27th 2009).

The first of these two wells, the St-Gregoire No.3 well, has already been drilled to a total depth of 875 meters. The presence of gas was identified in the shale section and four cores of 9 meters each were retrieved during the drilling of the well.

Seismic Survey and Drilling of the Second Well

In parallel with this, Junex recently completed a seismic survey of 14 line-kilometers on the Nicolet property. The results of this survey allowed the positioning of the second well that forecast to commence prior to the end of June. The estimated total depth of this second well is about 1,600 meters and a total of 36 meters of core are planned to be cut in the Utica Shales.

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 Ste Lawrence Lowlands. As of December 31 2008, Junex has a working capital of 28 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
    Mr. Jean-Yves Lavoie
    Mr. Dave Pepin
    Vice President - Corporate Affairs