Junex inc.

Junex inc.

May 10, 2006 23:59 ET

Successful production test on Haldimand No.1 discovery well - 40 barrels of oil equivalent (boe)(1) per day of which 34 barrels is light oil

MONTREAL, May 10 2006 - Junex (JNX : TSXV), Pétrolia (PEA : TSXV)
and Gastem (GMR : TSXV) are pleased to announce that the Haldimand No.1 well
reached a stabilized production level of 34 barrels of light oil per day over
the last 10 days. A total of 491 barrels of oil were produced from the well
during the recent 15-day production test. The Haldimand No.1 well is located
2 Kms from the Gaspe harbour, at the tip of the Gaspe Peninsula.

The test performed was a Four Point Isochronal and was carried out in
order to determine the stabilized production flow rate of the well. This flow
rate was reached during the last ten days of the test when the well stabilized
at a daily production of 34 barrels of light oil associated with 1,100 cubic
feet of natural gas per barrel of oil (6 boe). The oil is produced from a
hydrocarbon-saturated zone located between 950.5 and 1,090 metres depth in
Devonian sandstones. No presence of water was detected during the test which
was performed using a Pump Jack.

"We are extremely excited by the outstanding Haldimand No.1 well results.
This test is likely the most significant event in hydrocarbon exploration in
the Gaspe Peninsula's 160 year oil discovery history. What we have to do now,
during the next 45 days, is to evaluate the pressure build-up of the well. The
project partners are currently planning additional seismic and drilling
programs"" commented a spokesperson for the project partners.

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

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 a 12%
interest in Petrolia (PEA : TSVX) and a 7% 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 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 26,788,020 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 8% of the shares of
Gastem ) GMR: TSXV).

About Gastem

Gastem is publicly-traded oil and gas exploration company (GMR - TSXV,
13.4 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.

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

Contact Information

  • JUNEX:
    Jean-Yves Lavoie, P. Eng.

    Dave Pépin
    (418) 654-9661

    Isabelle Proulx
    (418) 657-1966

    Raymond Savoie
    (514) 875-9034