JUNEX'S PARTNER
FINISHED DRILLING OF HALDIMAND NO 2 WELL
Qu�bec, October 22, 2009// Junex (JNX :
TSXV) announces that the Haldimand Project Operator,
Petrolia, has completed the drilling of the Haldimand
No. 2 well at a total depth of 1,200
meters.� According
to the Operator of the project, light oil shows were observed in drill cuttings
samples (fluorescence sometimes accompanied by oil shows) over the interval
from 746 meters
to the total depth of the well.
The Operator has carried out 4 drillstem tests (DST).�
In Junex's opinion, DST #3, from 909.9 to 944.1
metres, seems to have identified a hydrocarbon-bearing
interval that may justify further testing. In view of these results, the
project Operator has installed production casing down to the total depth of 1,200
meters.� The
Operator has indicated that it plans to mobilize a service rig in the near
future to proceed with production testing at the well.
Junex has
not financially participated in the drilling of the Haldimand
No. 2 well but still holds a 35% interest in this project covering an area of 9
km�.
Drillstem test Results
DST #1 from 715 to 763
meters recorded an initial gas flow of approximately 37
thousand cubic feet per day (mcf/d) (1,039.6 m�/d)
after 20 minutes, a maximum flow rate of approximately 67 mcf/d
(1,898.5 m�/d) after 40 minutes, decreasing to a gas flow rate of approximately
52 mcf/d (1,473.5 m�/d) after 90 minutes.� There was no recovery of any fluid or
drilling mud during the test.
DST #2, carried out from 1,099.1 to 1,131.2
meters, recovered 23.5
meters of drilling mud without any notable presence of
hydrocarbons.
During DST #3, from 909.9 to 944.1
meters, an initial gas flow rate of approximately 116 mcf/d (3,288 m�/d) after 5 minutes was recorded and a final
gas flow rate of approximately 15 mcf/d (419.8 mcf/d) after 60 minutes was observed.� A total of 61.2
meters of slightly oil cut drilling mud was
recovered.� This interval also covered
the cored interval from 923 to 932
meters, where an interval of thick sandstone, cut by 2 subvertical fractures, was observed.� The project Operator has sent this core to a Calgary
laboratory for analysis.
Finally, during DST #4, carried out between the
depths of 1,099.1 to 1,131.2
meters, an initial gas flow rate of approximately 53 mcf/d (1,493 m�/d) was recorded and a final gas flow rate
of approximately 2.4 mcf/d (67.3 m�/d) after 60
minutes was observed.� A total of 29
meters of drilling mud was recovered.
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 December 31 2008, Junex has a working
capital of 28 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.
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For information about Junex:
Mr. Jean-Yves
Lavoie
President
418-654-9661
|
Mr. Dave
P�pin
Vice President - Corporate Affairs
418-654-9661
|