Junex inc.

Junex inc.

June 27, 2006 08:30 ET

The partners of Haldimand Number 1 (Gaspe, Quebec) announces the results of the pressure build-up test

MONTREAL, June 27 - Junex (JNX : TSXV), Pétrolia (PEA :
TSXV) and Gastem (GMR : TSXV) are pleased to announce that the pressure build-
up tests have been completed successfully in the Petrolia-Haldimand No. 1
well. Analysis of the pressure data indicates that the well pressure is
greater than it was when the well was completed, that is to say 12,403 kPa now
as compared with 11,383 kPa (on completion) at a reference depth of
1,073 metres. The well has been shut-down for the last 45 days following a
15 day production trial, which allowed the well to reach a stabilized
production rate of 40 BOE(1) per day (34 barrels of light oil and 6 barrels
equivalent of gas). The well produces oil from a 139 metre thick zone,
situated between 950.5 m and 1,090 m below the surface. The well was
perforated at 8 levels within the producing zone (light sweet oil at more than
47 degrees API), representing a total of 22 m of perforated casing.

Following these results, the project partners are planning to reopen the
well and undertake an extended, 90 day, production trial, which is to be
followed by a 180 day analysis of reservoir pressure recovery. The purpose of
this, additional test is to allow the partners to more accurately define the
magnitude of the reserve.

Junex and Petrolia each hold a 45% interest in the project and Gastem
holds a 10% interest. Junex is the project operator.

About Junex

Junex holds exploration rights on more than 4 million acres of land
located in the Appalachian basin in the province of Quebec. Recent major
discoveries in the United States and Eastern Canada have stimulated
exploration in Quebec, which is located in a favourable geological setting for
oil and gas discovery. Junex's strategy is to reduce exploration risks by
entering into partnerships with other exploration companies. In parallel to
its exploration efforts, Junex goal is to achieve positive cash flows from its
natural brine and drillings services operations. Junex also holds
approximately 12% interest in Petrolia (PEA : TSVX) and a 5.4% interest in
Gastem (GMR : TSXV).

About Pétrolia

Petrolia is an oil and gas exploration and development company with large
property holdings in Quebec's Gaspe Peninsula. Petrolia holds exploration
rights on more than 4 million acres of land located in the Appalachian basin
in the province of Quebec. Petrolia holds direct and indirect interest in 70%
of the exploration permits issued for the Gaspe Peninsula. Petrolia is the
operator for exploration on its own hydrocarbon permits and wants to intensify
the exploration for the next year. Petrolia is listed on the TSX Venture
Exchange under the symbol PEA-TSXV. The company has working capital of
$2.0 million and has 27,144,080 shares issued and outstanding. Petrolia's
objective is to maintain its position as the leading oil and gas explorer in
the Gaspe Peninsula. Petrolia own 5.4% of the shares of Gastem (GMR: TSXV).

About Gastem

Gastem is publicly-traded oil and gas exploration company (GMR - TSXV,
18.4 million shares) listed in January 2004. The company owns properties and
interests in Quebec and Alberta.

1) BOEs may be misleading, particularly if used in isolation. A BOE
conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead.

Contact Information

  • JUNEX:
    Jean-Yves Lavoie
    Président et chef de l'exploitation

    Dave Pépin
    Vice Président Affaires corporatives
    (418) 654-9661

    André Proulx
    (418) 724-0112

    Isabelle Proulx
    Développement des affaires
    (418) 657-1966

    Raymond Savoie
    (514) 875-9034