PRESS RELEASE
For immediate distribution
JUNEX SIGNS A NEW FARMOUT AGREEMENT WITH A MAJOR
US???BASED INDEPENDENT GAS PRODUCER
April
1, 2008 ??? Quebec (Quebec) // Junex Inc. (JNX - TSXV) is pleased to announce the
signature of a farmout agreement with the Canadian
wholly-owned subsidiary of a major US-based independent gas producer in order
to accelerate the exploration of the Utica Shale in Quebec.
Pursuant to the terms of the farmout
agreement the partner will pay to Junex an initial
fee of US$ 1,000,000
to acquire an option to earn an interest in the shale sections of 55,000 acres of land
in the Contrecoeur area located approximately 50 kilometers from
the city of Montreal. In the event
the partner elects to exercise the option it shall invest US$ 4,000,000 in complete
work commitments within a period of 18 months in order to become entitled to
the assignment of up to a 60% working interest in the shale sections of the
above-mentioned land. In such event, Junex will
retain the balance of the working interest in the said land following such
assignment along with a 100% working interest in all the other geological
formations, including the Trenton Black-River.
The farmout agreement
stipulates that Junex will start the drilling of an
exploration well on the land before July 2008. Such exploration well will
target the Trenton Black-River formation and Junex
will provide the partner with all geological and logging information derived
from the exploration well. Such information will be used by the partner in
deciding whether or not to exercise the option to perform the work commitments.
???Junex is a leader in
the exploration of Shale gas in Quebec
and this transaction is evidence of the value of the 1,102,055 acres upon which we have rights in the St-Lawrence river basin. The
North American gas industry has expressed significant interest in the Shale gas
production in the recent years and we are very excited to be at the forefront
of a possibly new Basin for unconventional resource. We are extremely pleased
to have entered this agreement with such a strong partner which has
consistently proven itself as a leader in the development of unconventional
natural resources in the United States.??? as noted by
Junex???s President, Mr.
Jean-Yves Lavoie, P. Eng.
About Junex
Junex holds exploration
rights on more than 6 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 drilling 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