PRESS RELEASE
������������������������������������������������������������������������������������������������������������� For
immediate distribution
SHALE GAS
PROJECT : THE FIRST FRAC IN QUEBEC?S HISTORY
January 22, 2008 ? Qu?bec (Qu?bec) // Junex Inc. (JNX : TSXV) is pleased to announce that frac operations
have been completed at the Becancour #8 well. This is the first time in Quebec?s
history that this type of work is performed with the purpose of evaluating the
Shale gas potential.
The
fracture stimulation was completed in mid-December in order to stimulate the
Shale for gas potential. A production casing was installed and the well flowed
natural gas to surface during the on-going frac fluid recovery. The final
results should be known in the months to come when all the fluids injected in the
well are recovered and all the analyses completed.
In July
2006, Junex signed an agreement with a significant independent natural gas
producer in the United States
for the development of shale gas in the B?cancour/Champlain region.� The agreement specifically targeted the
evaluation of the gas potential of the shale section on four blocks of permits
covering 143,395 acres
located between Quebec-City and Montreal, which are
entirely held by Junex.� Pursuant to this
agreement, Junex?s partner has analysed a total of 34.15 meters of Utica shale coring cut
from the B?cancour #8 well drilled by Junex.�
The cores were laboratory tested in order to better understand the
physical and chemical properties of the sedimentary layer of the shale and to
evaluate their productivity potential.�
Based on the results of this analysis, its partner advised Junex in May
2007 that it would go forward with a pilot-project.� The first step of this project consists of
performing a frac job on the Becancour #8 well.
In addition
to the lands included in the partnership discussed below, Junex holds
approximately one million net acres of permits located in the St. Lawrence
Lowlands region. Under Junex? opinion all these lands are prospective for Shale gas projects.
Interest on debentures
Subject to regulatory approval, Junex intends
to issue a total of 58,671 common shares to Desjardins-Innovatech s.e.c. as an
interest payment on the unsecured convertible debenture issued on May 4, 2006.
As stipulated in the debenture, the interest payments can be paid with common
shares of Junex.� The shares will be
issued at a price of $1.08 per share, which represents the average trading
price for the 20-day period preceding the payment date for the interest on the
debenture.
About Junex
Junex holds
exploration rights on more than 6 million acres of land located in the
Appalachian basin in the province of Qu?bec.� Recent major discoveries in the United
States and Eastern Canada have
stimulated exploration in Qu?bec, 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?s goal is to achieve positive
cash flows from its natural brine and drillings services operations.� Junex also holds approximately a 9.4%
interest in Petrolia (PEA : TSXV) and a 2.2% interest in Gastem
(GMR : TSXV).
About Junex
Junex holds
exploration rights on more than 6 million acres of land located in the
Appalachian basin in the province of Qu?bec.� Recent major discoveries in the United
States and Eastern Canada have
stimulated exploration in Qu?bec, 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?s goal is to achieve
positive cash flows from its natural brine and drillings services
operations.� Junex also holds
approximately a 9.4% interest in Petrolia (PEA : TSXV) and a 2.2%
interest in Gastem (GMR : TSXV).
The
TSX Venture Exchange has neither approved nor disapproved the information
contained herein.
For further information at Junex:
Mr. Jean-Yves Lavoie������������������������������������������������������������������������������� Mr.
Dave P?pin
President����������������������������������������������������������������������������������������� Corporate
Affairs
418-654-9661���������������������������������������������������������������������������������� 418-654-9661