PRESS RELEASE
For Immediate Release
JUNEX EARNS AN INTEREST IN THE NICOLET PERMIT THROUGH THE DRILLING OF
THE ST-GR?GOIRE No. 2 WELL
November 12, 2009 - Quebec City (Quebec) // Junex is pleased
to announce that it has earned a 50% working interest in the interval from the
surface to the base of the Utica Formation in the Nicolet permit, which covers 54,363
acres and is located in the heart of the St. Lawrence
Lowlands Utica play (see press release dated June 15, 2009).
Junex earned this working interest in the
Nicolet property by drilling two wells on the Nicolet property to the base of
the Utica Formation, of which the St-Gr?goire #2 well
was the second earning well. Prior
to the drilling of this well, Junex completed a
seismic survey of approximately 14 line-kilometres to position the well
proximal to and on the downthrown side of the Yamaska
Fault Zone. This well was drilled to total depth of 1,619
meters and a total of 42.6
meters of cores was cut in the Utica Shale. These cores were conserved by and sent to CBM Solutions for laboratory
analysis.
The St-Gr?goire
#2 well also encountered significant natural gas shows with overpressure in
lower sections of the wellbore, necessitating the installation and cementing of
7 inch diameter intermediate casing in the well. The Utica
Formation is approximately 247
metres thick in the well and isotopic analysis of the gas indicates that it is thermogenic
in origin.
Preliminary core analysis results
have been received: preliminary gas
contents of the Utica
cores of up to 38 standard cubic feet per ton
(scf/ton) have been measured. Final results are expected in the coming
weeks as sufficient time must be allowed to permit more thorough degassing and
measurement of the sorbed gas to occur.
Subject to final core results and
all other scientific data collected in the St. Lawrence Lowlands Basin, Junex and its partner, Canadian Quantum Energy Corporation,
plan to implement an exploration program in the coming months that may include
completion of one or both wells drilled on the Nicolet property.
Core Analysis Results from the St-Gr?goire No. 3 Well
Drilling operations on the first of
the two earning wells, the Junex St-Gr?goire No. 3 well, were
completed in the spring of 2009. This 875 metre-depth well, cased to total
depth with 7 inch
diameter production casing, targeted the Ordovician Lorraine and Utica Shales on the upthrown side of
the Yamaska Fault on the Nicolet block. The presence
of natural gas was confirmed in the shale section and two 9-meter long cores
were cut in each of the Lorraine Formation and the Utica
Formation. Isotopic analysis of the
gas indicates that the gas is thermogenic in origin.
As in the case of the St-Gr?goire No. 2 well, these cores were analyzed by CBM
Solutions for various components, including total gas content, total organic
carbon (TOC) and porosity. The Lorraine
cored interval yielded TOC's of up to 2.6%, effective
porosities of up to 2.9%, and total sorbed gas
contents of up to of 12.9 scf/ton. The Utica
cored interval yielded TOC's of up to 2.6%, effective
porosities of up to 5.3%, and total sorbed gas
contents of up to 22.5 scf/ton.
"The preliminary results of
these two first wells at Nicolet demonstrate the Shale Gas potential of both
the shallow and the deep parts of the permit" said Jean-Yves
Lavoie, President and Chief Executive Officer of Junex. "The measured amounts of total sorbed gas are generally consistent with those that we've
observed elsewhere in prospective parts of the play trend. Furthermore, the
significant gas shows associated with overpressure in the St-Gr?goire No. 2 well, combined with the preliminary results
of gas content in the cores, are all very encouraging data that demonstrate the
gas potential of the deeper part of the permit, which covers approximately 75%
of the lands. With our partner,
Canadian Quantum Energy Corporation, we are planning to jointly advance in the
project by implementing an exploration program in the near future."
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 June 30 2009, Junex has a working
capital of 26.7 million dollars. Junex also owns
approximately 7.9% of the issued and outstanding shares of Petrolia (TSXV : PEA)
and 1.0% of the issued and outstanding shares of Gastem
(TSXV : 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.
-30-
For information about Junex:
Mr. Jean-Yves
Lavoie
President
418-654-9661
|
Mr. Dave
P?pin
Vice President - Corporate
Affairs
418-654-9661
|