Junex inc.

Junex inc.

September 17, 2008 09:20 ET

Junex's Partner Exercises Earn-in Option on the Richelieu North Permit

QUEBEC CITY, QUEBEC--(Marketwire - Sept. 17, 2008) - Junex Inc. (TSX VENTURE:JNX) is pleased to announce that its partner, Canadian Forest Oil Ltd., has decided to exercise its option to earn an interest in the shale sections of land in the Contrecoeur area located approximately 50 kilometers from the city of Montreal. Canadian Forest Oil Ltd. has the opportunity to invest a certain amount in work commitments in order to become entitled to the assignment of a working interest in the above-mentioned land. In such event, Junex will retain the balance of the working interest in the said land following such assignment along with a 100% working interest in other geological formations, including the Trenton Black-River.

"Forest's expertise will certainly be significant in the development of the Quebec Shale Gas play over the coming years and we believe that Junex will greatly benefit from its partner's skills in unconventional gas plays. On the other hand, Junex is solely undertaking exploration operations focussed on evaluating the Shale Gas potential of its extensive 100% working interest land base in the St. Lawrence Lowlands. A 200 line-kilometer 2D seismic survey is currently underway and more wells, including the coring and possible fracing of the Shale sequences, are planned to be drilled once the interpretation of this new seismic data is completed" commented Junex's CEO, Mr. Jean-Yves Lavoie, P. Eng.

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. Several recent discoveries in the United States and Eastern Canada have stimulated exploration in Quebec, whose sedimentary basin is located in a favourable geological setting for oil and gas discovery. Junex's strategy consists in entering into partnerships with other exploration companies in order to reduce exploration risks. In parallel to its exploration efforts, Junex's goal is to achieve positive cash flows from its natural brine and drilling services operations. Junex also owns approximately 7.9% of the issued and outstanding shares of Petrolia (TSX VENTURE:PEA) and 1.1% of the issued and outstanding shares of Gastem (TSX VENTURE:GMR).

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 has neither approved nor disapproved the information contained herein.

Contact Information

  • Junex Inc.
    Mr. Jean-Yves Lavoie
    Mr. Dave Pepin
    Corporate Affairs