Junex Inc.
TSX VENTURE : JNX

Junex Inc.

July 29, 2015 07:45 ET

Junex Starts Drilling Its Galt No. 5 Horizontal Well on Its Galt Oil Property

QUEBEC CITY, QUEBEC--(Marketwired - July 29, 2015) - Junex Inc. (TSX VENTURE:JNX) ("Junex" or the "Company") is very pleased to announce that it started drilling its Galt No. 5 Horizontal well using its Foragaz No. 4 drilling rig. This well is the first of a series of horizontal exploration wells to be drilled by the Company as a follow-up to its oil discovery in its Galt No. 4 Horizontal well that recorded oil production rates ranging up to more than 300 barrels of oil per day during production testing earlier this year (see Junex's press releases from January 27th 2015, February 2nd 2015, February 23rd 2015 and March 16th 2015 for details about this production testing).

"In our Galt No. 5 Horizontal well, we are building upon the successful well design implemented in our Galt No. 4 Horizontal oil discovery well. The Galt No. 5 Horizontal well is licenced to be drilled to a total measured depth of 2,500 meters, of which about one half is to be horizontally drilled such as to intersect the maximum number of open, near-vertical, natural fractures within the Forillon oil reservoir, including any porous hydrothermal dolomites if present. It is worthwhile mentioning that the Galt No. 4 Horizontal well was not hydraulically fracture stimulated yet it yielded a significant result and therefore we will be applying the same recipe in the Galt No. 5 Horizontal well." said Mr. Peter Dorrins, Junex's President & Chief Executive Officer.

Mr. Dorrins continued: "We are going to be very busy on our Galt Oil Property in the foreseeable future. While the drilling of our Galt No. 5 Horizontal well is underway, we will also be acquiring detailed 3D seismic data that will then be used to optimally site the next two wells in our program, the Galt No. 6 and No. 7 Horizontal wells, as well as defining the locations of any later horizontal wells that might be drilled on this oil property. We also intend to conduct further operations and production testing in our Galt No. 4 Horizontal well."

The Galt No. 5 Horizontal well is situated on Junex's Galt Oil Property where Netherland, Sewell & Associates, Inc., ("NSAI"), a firm of worldwide petroleum consultants based in Texas, recently provided an update of their Best Estimate of the total Oil-Initially-In-Place resources at 557 million barrels for the Forillon and Indian Point formations and where their Best Estimate of Junex's net share of the total Recoverable Oil Resource Volume is 55.7 million barrels of oil (see Junex's press release from June 9th 2015 for details of the NSAI evaluation).

Junex holds a 70% interest in the Galt Oil Property and it holds 100% interest in the adjacent acreage. The adjacent 100% Junex acreage 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