Junex inc.

Junex inc.

September 18, 2009 09:52 ET

Junex's Partner Spudded Haldimand #2 Well

QUEBEC, QUEBEC CITY--(Marketwire - Sept. 18, 2009) - Junex (TSX VENTURE:JNX) has been notified by its partner Petrolia that the Haldimand No. 2 well, in which Junex holds a 35.4% working interest, was spudded today. According to the interpretation of the 3D seismic acquired in 2008, the well is expected to be drilled to a total depth of approximately 1,170 meters with the main objective of reaching, in a more favourable structural position, the same intervals that produced oil in the Halimand No. 1 well.

If the Haldimand No. 2 well is drilled according to the current budget and cost estimate, then Junex will maintain, without having financially participated in the drilling of the well, an interest of 35.4% in the overall Haldimand Project (9 km2), including both wells No. 1 and No. 2. Furthermore, Junex is the operator and still holds a 50% interest in a strip of permits covering 30 km2 and linking together the Galt (JNX: 50%) and Haldimand projects.

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