Junex inc.

Junex inc.

March 09, 2006 23:59 ET

Oil and gas exploration in Gaspé : Junex exercises its option to participate in the Haldiman well drilled by Pétrolia

QUEBEC CITY, March 9 2006 - Junex (JNX - TSXV) is pleased to
announce that it has exercised its option to participate in the Haldiman well
at a level of 50% with Pétrolia (PEA - TSXV). In doing so, Junex will become
the operator of the project and will be responsible for all the future
operations to be carried out. The partnership of the well now consists of
Junex at 45%, Pétrolia at 45% and Gastem (GMR - TSXV) with 10%.

The Haldiman well, drilled to a depth of 1,434 meters, encountered the
presence of oil and natural gas at various depths. A total of 72 barrels of
oil has been produced during the drilling. Additionally, the logs of the well
performed by Schlumberger have identified a number of zones that have the
potential to hold oil or natural gas. In order to more fully evaluate these
zones, a production casing will be installed and cemented in place.

"The Haldiman well is the third well drilled by Pétrolia in Gaspé and
seems by far the most promising. The results to-date have encouraged Junex to
exercise its option to participate in the work to come, and if successful in
the potential commercial production of the well. As operator, Junex plans to
carry out testing on four to five target zones that have the potential for oil
or natural gas production. We expect preliminary results of this testing to be
available in the coming weeks" said Jean-Yves Lavoie, P. Eng., President of

Under a Purchase Agreement entered into between Junex and Pétrolia on
July 13, 2005, Junex holds a "Back-In" right in the development and production
project equivalent to 50% of Pétrolia's participation of any oil or gas
discovery on a Bloc of permits of 1.6 million acres held by Pétrolia in Gaspé.
Once exercised, Junex becomes the operator of the specific project and
contributes to the costs and potential revenues of the project going-forward
on a pro-rata basis.

The drilling on the Haldiman well was performed by Foragaz, a wholly-
owned subsidiary of Junex. Additionally, Junex has an ownership position of
approximately 12% of Pétrolia. Junex's exploration strategy is to reduce
exploration risk by establishing alliances with partners for it's permits in
Quebec's Appalachian basin, where these partners will invest a larger share of
exploration capital. The agreement with Pétrolia, as well as the recently
signed agreement with American-based Team Energy (potential investment of
US$24M in Junex's permits over the next 3 years), are consistent with this

About Junex

Active in the natural resources sector, Junex is a unique company in
Quebec since it is the only natural brine and natural gas producer in the
Province. In parallel to it's production activities, located in the Bécancour
area (brine) and in Gaspé (natural gas), Junex continues its efforts to
develop a natural gas underground storage facility beneath the Bécancour
industrial park. With more than 4 million acres under exploration permit in
Quebec (including the permits held by Pétrolia on which Junex holds a 50%
interest in future production), Junex is also the leading oil and gas producer
and explorer in the province.

The TSX Venture Exchange has neither approved nor disapproved the
information contained herein
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Contact Information

  • Junex Inc.
    Mr. Jean-Yves Lavoie, P. Eng.
    (418) 654-9661

    Junex Inc.
    Mr Dave Pépin
    Corporate affairs
    (418) 654-9661