Junex Inc.
TSX VENTURE : JNX

Junex Inc.

December 19, 2014 08:15 ET

Update on Operations at Junex's Galt No. 4 Horizontal Well

QUEBEC CITY, QUEBEC--(Marketwired - Dec. 19, 2014) - Junex Inc. (TSX VENTURE:JNX) ("Junex" or the "Company") is pleased to announce that it is nearing the end of its swabbing/well cleanup operations at its Galt No. 4 Horizontal Well that it performed in preparation for oil production testing that is planned for January 2015.

These swabbing/well cleanup operations were performed to remove the maximum volume of drilling fluids that were remaining in the wellbore in order to permit the entry of oil from the Forillon oil reservoir into the well.

Junex will be installing the downhole portion of the oilfield pump and related equipment in the well in the next few days. Industry specialists from Houston will be on location in early January 2015 to install of the surface pumping equipment, after which the final well cleanup operations will be completed. Once these are completed, Junex will then commence oil production testing operations in the well.

To date, a total volume of approximately 101 barrels (16.4 m3) of light oil has been recovered from the swabbing/well cleanup operations. Representative samples of this oil have been sent to accredited laboratories for analysis.

As mentioned in Junex's last press release, this discovery well was horizontally drilled from the existing Galt No. 4 Vertical wellbore to a total measured depth of 2,400 meters, of which 1,503 meters was drilled within the oil reservoir. Numerous significant oil shows associated with fracture porosity recorded during drilling and results from downhole well logging clearly indicate that the oil reservoir is intensely fractured. The well log data also indicates that the Galt No. 4 Horizontal well intersected the near-vertical fractures at an optimum angle of approximately 90 degrees, as forecast in the original well design.

Junex holds a 70% interest in the Galt Oil Property, with Junex's partner, Mr. Bernard Lemaire, holding the remaining 30% interest. Junex holds 100% interest in the adjacent acreage. The adjacent 100% Junex acreage has not yet been independently evaluated for its resource potential. These landholdings are situated approximately 20 kilometers from the town of Gaspé in eastern Quebec.

Netherland, Sewell & Associates, Inc., ("NSAI"), a firm of worldwide petroleum consultants based in Texas, has previously established their Best Estimate of the total Oil-Initially-In-Place ("OIIP") resources for the Forillon and Indian Point formations on the Galt Oil Property at 330 million barrels that includes Discovered Contingent OIIP volumes of 36 million barrels and Undiscovered Prospective OIIP volumes of 294 million barrels (see press release from March 27, 2013 for details of the NSAI report).

About Junex

Junex is a junior oil and gas exploration company that holds exploration rights on approximately 5.2 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 St. Lawrence Lowlands and holds a significant land-package on the Anticosti Island where an independent report has provided their Best Estimate of the undiscovered shale oil initially-in-place ("OIIP") volume for the Macasty Shale on all five of Junex's permits on Anticosti Island at 12.2 billion barrels. In parallel to its exploration efforts in Quebec and expansion of its exploration activities elsewhere, the company operates a drilling services division.

Forward-Looking Statements and Disclaimer

Certain statements in this press release may be forward-looking. Forward-looking statements are based on the best estimates available to Junex at the time and involve known and unknown risks, uncertainties and other factors that may cause Junex's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. A description of the risks affecting Junex's business and activities appears under the heading "Risks and Uncertainties" on pages 8 to 11 of Junex's 2013 annual management's discussion and analysis, which is available on SEDAR at www.sedar.com. No assurance can be given that any events anticipated by the forward-looking information in this press release will transpire or occur, or if any of them do so, what benefits that Junex will derive therefrom. In particular, no assurance can be given as to the future financial performance of Junex. Junex disclaims any intention or obligation to update or revise any forward-looking statements in order to account for any new information or any other event. The reader is warned against undue reliance on these forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Junex Inc.
    Mr. Peter Dorrins
    President & Chief Executive Officer
    418-654-9661

    Junex Inc.
    Mr. Dave Pepin
    Vice President - Corporate Affairs
    418-654-9661