QUEBEC CITY,
QUEBEC--(Marketwire - March 2, 2010) - Junex (TSX VENTURE:JNX) is pleased to
announces the drilling of two wells to evaluate the gas potential of the Utica
Shale on its Lyster property (108,360 acres) located about 15 km from the
St-�douard No. 1A well.
Strategically located in
terms of geology, this property, held 100% by Junex, is covered by more than
200 line-kilometers of seismic data. Two older stratigraphic wells drilled
near the property allow for the forecasting of a thickness of about 1,000
meters for the Utica Shale on the property. Furthermore, its proximity to
the St-Flavien gas field and the St-�douard No. 1A well (IP of 12 mmcf/d
according to Questerre Press Release issued on February 23, 2010) places this
property in the top ranking of Junex's priorities for 2010.
The two wells planned to be
drilled in 2010 have as a primary objective the coring and evaluation of the
Utica in this overthrust zone. The secondary objective is the evaluation
of the Trenton-Black-River (TBR) whose top is forecast at depths of about 1,800
meters. The first well will spud after spring break-up.
"We have completed
similar work on the Nicolet property during 2009. The Netherland, Sewell
and Associates results were convincing about this subject (see Junex's Press
Release from February 9, 2010). The Lyster property has an areal extent
three and a half times larger and the thickness of the Utica could be
greater. The axis extending from Nicolet-B�cancour-Gentilly to
St-�douard-Lyster is situated in a favourable geologic environment and the
results seen thus far in this area are compelling. Also, infrastructure
already exists in this area (pipelines at B�cancour, gas storage and
compressors at St-Flavien, etc.), which lead us to believe that the first gas
production in the Lowlands may start in this area", emphasized Mr.
Jean-Yves lavoie', Junex's President and CEO.
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 2009, Junex has a working capital of
approximatly 22.5 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.