Junex share of prospective plus contingent resources is 13.75 Million Barrels of oil on its Galt Property, Gasp? Peninsula

JUNE 21, 2010 - QUEBEC CITY, QUEBEC-- Junex Inc. (TSX VENTURE:JNX) ("Junex" or the "Company") is pleased to announce that Netherland, Sewell & Associates, Inc., ("NSAI"), an independent reservoir engineering firm based in Texas, has provided their Best Estimate of the total Original Oil-in-Place ("OOIP") resources at 183 million barrels for the Forillon Formation on Junex's Galt Field property.  This 183 million barrel figure includes Discovered Resources volumes of 18.5 million barrels and Undiscovered resources volumes of 164.6 million barrels as tabulated below.

NSAI's Best Estimate of Junex's net share of the total Recoverable Oil Resource Volume on its Galt Field property is 13.75 million barrels (15% recovery factor), that includes 0.16 million barrels of Recoverable Contingent Oil Resources and 13.59 million barrels of Recoverable unrisked Prospective Oil Resources as tabulated below. 

Mr. Jean-Yves Lavoie, P. Eng., Junex's President and Chief Executive Officer, commented, "Having recognized the potential of Galt Field, Junex has been active there since the company was created.  Over the intervening years, Junex's subsequent testing operations yielded 5,828 barrels of 46-degree API sweet crude oil that were then transported and sold to the Ultramar refinery near Quebec City.  NSAI's recent evaluation further confirms this potential.  Their Best Estimate of the total Gross Original Oil-in-Place resources of 183 million barrels, with a total Recoverable Oil Resource Volume net to Junex of 13.75 million barrels, is quite significant for us.  The results of this evaluation may also bode well for the exploration potential of our adjacent acreage where we recently concluded an agreement with P?trolia to increase our interest from 50% to 100%.  Junex views the Galt project as a resource play and we are currently evaluating all of our options in order to maximize the value of this project for our shareholders."

Junex controls a 50% working interest in the 16,645 acre-sized Galt property on the Gasp? Peninsula (Mr. Bernard Lemaire controls the other 50% working interest).  Junex recently signed an agreement with P?trolia in which Junex acquired 100% working interest on a 36,816 acre-sized block surrounding the Galt permit.  Furthermore, Junex holds approximately 1.9 million acres of land in the Gasp? region and on Anticosti Island in Eastern Canada.

Results from the NSAI Report

NSAI, a world renowned independent reservoir engineering firm was commissioned by Junex to conduct a resource assessment ("the Report") of the original oil-in-place (OOIP) and recoverable contingent and unrisked prospective oil resources to Junex's interest in the Forillon Formation for its acreage in Galt Field in the Gasp? Peninsula in Quebec.  Using their expertise in evaluating other fractured reservoirs, NSAI 's evaluation includes detailed petrophysical analysis of the available well data including a review of the available core & lab analysis data and 2D seismic data & mapping.  All results have been prepared in accordance with the regulations pursuant to National Instrument 51-101, Standards for Disclosure for Oil and Gas Activities of the Canadian Securities Administrators. 

Discovered resources original oil-in-place (OOIP) volumes are those quantities of petroleum that are estimated, as of a given date, to be contained in known accumulations prior to production. 

Contingent resources are those quantities of petroleum that are estimated, as of a given date, to be potentially recoverable from known accumulations but for which the applied project or projects are not yet considered mature enough for commercial development because of one or more contingencies. 

The contingent resources estimated in the Report are contingent upon (1) the application of modern drilling and completion technology to establish significantly higher wellbore productivity (2) demonstration of the economic viability of project development, and (3) activity prior to expiration of the leases.

Undiscovered resources OOIP volumes are those quantities of petroleum that are estimated, as of a given date, to be contained in accumulations yet to be discovered. 

Prospective resources are those quantities of petroleum that are estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects.  Unrisked prospective resources are estimated ranges of recoverable oil volumes assuming a petroleum discovery is made and are based on estimated ranges of undiscovered in-place volumes.  If discovered, there is no certainty that the resources will be commercially viable or be able to produce any portion of the prospective resources. 

No quantitative geologic risk assessment was conducted by NSAI for this acreage.  Geologic risking of prospective resources addresses the probability of success for the discovery of petroleum volumes and without regard to the chance of development; this risk analysis is conducted independently of probabilistic estimates of petroleum volumes and without regard to the chance of development.  Principal risk elements of the petroleum system include (1) trap and seal characteristics; (2) reservoir presence and quality; (3) source rock capacity, quality, and maturity; and (4) timing, migration, and preservation of petroleum in relation to trap and seal formation.

The resources evaluated in the Report were determined from a range of possible values for multiple parameters.  These parameters were limited to the critical driving factors for both statistical and practical reasons.  The range and number of parameters rely on the available direct and analog data from similar reservoirs in a more mature development stage.  It will be necessary to revise these estimates as additional data become available. Also, estimates of resources may increase or decrease as a result of future operations.

The effective date of the Report is March 31, 2010.

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 St. Lawrence Lowlands.  As of December 31 2009, Junex has a working capital of approximately 22.5 million dollars. Junex also owns approximately 7.9% of the issued and outstanding shares of Petrolia (TSX VENTURE:PEA) and 1.0% of the issued and outstanding shares of Gastem (TSX VENTURE: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.

FOR FURTHER INFORMATION PLEASE CONTACT:

Junex Inc.

Mr. Jean-Yves Lavoie

President

418-654-9661

or

Junex Inc.

Mr. Dave Pepin

Vice President - Corporate Affairs

418-654-9661