Junex Inc.

Published : February 23rd, 2015

Junex Records a Steady Rate of 316 Barrels of Oil per Day in its Galt No. 4 Horizontal well

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Keywords :   Oil | Shale Oil |

Junex Records a Steady Rate of 316 Barrels of Oil per Day in its Galt No. 4 Horizontal well

23 February 2015

Junex Records a Steady Rate of 316 Barrels of Oil per Day in its Galt No. 4 Horizontal well

QUEBEC CITY, QUEBEC--(Marketwire - February 23, 2015) - Junex Inc. (TSX VENTURE:JNX) ("Junex" or the "Company") is very pleased to announce that a steady production rate of 316 barrels of oil per day ("BOPD") was recorded over the most recent five days of its latest phase of production testing in its Galt No. 4 Horizontal well. This phase started on February 9, 2014, with the maximum oil production rate over a 24-hour period since this date attaining 396 BOPD.

"Respecting our plan published in our February 2nd press release, we proceeded with our oil production testing program and removed the restriction in our surface pumping equipment. Once again, our milestone oilwell responded beyond our expectations and attained a steady rate of 316 BOPD, which is substantially greater than the 161 BOPD rate published in our January 27th press release. Furthermore, the well's pressure regime demonstrates the large extent of this oil accumulation." stated Mr. Peter Dorrins, Junex's President & Chief Executive Officer.

Mr. Dorrins continued: "As we progress further in this production test according to our plan, various pumping parameters will be adjusted to confirm what the optimal production rate would be. While it is premature to confirm what this optimal rate might be, be it ultimately higher or lower than the current rate, all of the results seen since the well has been drilled demonstrate the significance of our oil discovery. To re-emphasize, to the best of our knowledge, this 316 BOPD oil production rate is the highest oil production rate seen so far in Quebec and, according to our calculations, translates into a commercial oil production rate even at today's oil price. "

Over a three-day period at the beginning of this latest phase of testing, the well flowed naturally and unassisted by the pump at a deliberately-restricted rate of 85 BOPD. The pump was then started and was in operation thereafter. During this latter period, various pumping parameters were adjusted and ultimately Junex sequentially increased the rate to a steady production rate of 316 BOPD measured over the latest five-day period.

A total volume of 2,723 barrels of light, sweet crude oil has been produced so far during this second phase of production testing of our oil discovery in the first horizontal oil exploration well ever drilled by industry in Quebec. No hydraulic fracturing operation of this conventional reservoir was performed in this well.

This discovery well was horizontally drilled from the existing Galt No. 4 Vertical wellbore to a total measured depth of 2,400 meters, of which 1,503 meters was drilled within the oil reservoir. Numerous significant oil shows associated with fracture porosity recorded during drilling and results from downhole well logging clearly indicate that the oil reservoir is intensely fractured and that the Galt No. 4 Horizontal well intersected the near-vertical natural fractures at an optimum angle of approximately 90 degrees, as forecast in the original well design.

Junex holds a 70% interest in the Galt Oil Property, with Junex's partner, Mr. Bernard Lemaire, holding the remaining 30% interest. Netherland, Sewell & Associates, Inc., ("NSAI"), a firm of worldwide petroleum consultants based in Texas, has previously established their Best Estimate of the total Oil-Initially-In-Place ("OIIP") resources for the Forillon and Indian Point formations on the Galt Oil Property at 330 million barrels that includes Discovered Contingent OIIP volumes of 36 million barrels and Undiscovered Prospective OIIP volumes of 294 million barrels (see press release from March 27, 2013 for details of the NSAI report).

Junex holds 100% interest in the adjacent acreage. The adjacent 100% Junex acreage has not yet been independently evaluated for its resource potential. These landholdings are situated approximately 20 kilometers from the town of Gaspé in eastern Quebec.

About Junex

Junex is a junior oil and gas exploration company that holds exploration rights on approximately 5.2 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 and holds a significant land-package on the Anticosti Island where an independent report has provided their Best Estimate of the undiscovered shale oil initially-in-place ("OIIP") volume for the Macasty Shale on all five of Junex's permits on Anticosti Island at 12.2 billion barrels. In parallel to its exploration efforts in Quebec and expansion of its exploration activities elsewhere, the company operates a drilling services division.

Forward-Looking Statements and Disclaimer

Certain statements in this press release may be forward-looking. Forward-looking statements are based on the best estimates available to Junex at the time and involve known and unknown risks, uncertainties and other factors that may cause Junex's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. A description of the risks affecting Junex's business and activities appears under the heading "Risks and Uncertainties" on pages 8 to 11 of Junex's 2013 annual management's discussion and analysis, which is available on SEDAR at www.sedar.com. No assurance can be given that any events anticipated by the forward-looking information in this press release will transpire or occur, or if any of them do so, what benefits that Junex will derive therefrom. In particular, no assurance can be given as to the future financial performance of Junex. Junex disclaims any intention or obligation to update or revise any forward-looking statements in order to account for any new information or any other event. The reader is warned against undue reliance on these forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CONTACT INFORMATION

    Junex Inc.

Mr. Peter Dorrins

President & Chief Executive Officer

418-654-9661

Junex Inc.

Mr. Dave Pepin

Vice President - Corporate Affairs

418-654-9661


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Junex Inc.

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CODE : JNX.V
ISIN : CA4818631083
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Junex is a exploration company based in Canada.

Junex holds various exploration projects in Canada.

Its main exploration properties are HALDIMAND WELL, SHALE GAS DE BECANCOUR, HALDIMAND and CHAMPLAIN in Canada.

Junex is listed in Canada and in United States of America. Its market capitalisation is CA$ 32.7 millions as of today (US$ 25.0 millions, € 21.6 millions).

Its stock quote reached its highest recent level on June 06, 2008 at CA$ 8.22, and its lowest recent point on December 19, 2014 at CA$ 0.24.

Junex has 79 650 000 shares outstanding.

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Corporate Presentations of Junex Inc.
2/22/2010Research note from LBS
5/28/2008Research Report with $9.50 target price.
Financings of Junex Inc.
6/3/2008Announces $20.5 Million Bought Deal Private Placement
Project news of Junex Inc.
9/19/2016Junex's Galt No. 4 Well Continues to Deliver Strong Results
12/11/2012oil discovery in TexasImportance: Normal
7/3/2012starts drilling at GaltImportance: Normal
4/25/2012announces Exploration program on AnticostiImportance: Normal
9/7/2011Anticosti Island Oil Exploration Program
7/9/2008(Haldimand)resumption of operations at the Haldimand oil discovery
4/1/2008(Shale Gas De Becancour)US-Based Partner Releases Information
1/22/2008(Shale Gas De Becancour)Frac job completed for Shale gas project in Quebec
11/21/2007(Champlain) completes Champlain #2 well
Corporate news of Junex Inc.
7/28/2017Signs an Agreement with the Government of Qu=E9bec Regarding...
7/6/2016Junex Provides Operations Update for its Galt Oil Project
6/16/2016Junex Welcomes the Quebec Government's Decision to Authorize...
5/2/2016Independent Study: More Oil than Gas on AnticostiImportance:...
5/2/2016Independent Study: More Oil than Gas on Anticosti
12/22/2015Junex Selects D&D Securities Inc. as Market-Maker
10/29/2015Junex Comments on the Anticosti Economic Assessment released...
10/1/2015Junex Provides an Operations Update for its Galt Oil Project
8/31/2015Junex Provides More Detail on the Resource Evaluation of its...
8/3/2015Junex Starts Drilling its Galt No. 5 Horizontal Well on its ...
8/3/2015Junex's Closes the Second Portion of a Private Placement for...
7/29/2015Junex Starts Drilling Its Galt No. 5 Horizontal Well on Its ...
7/22/2015Junex's Closes the Second Portion of a Private Placement for...
7/16/2015Junex's Drilling Rig Now Installed in Preparation for the Dr...
7/3/2015Junex Closes a Portion of its Private Placement for Proceeds...
6/26/2015Junex Provides Operations Update for its Galt Oil Property
3/17/2015Junex’s Galt No. 4 Horizontal Well Continues to Deliver Stro...
3/16/2015Junex's Galt No. 4 Horizontal Well Continues to Deliver Stro...
2/23/2015Junex Records a Steady Rate of 316 Barrels of Oil per Day in...
2/23/2015Junex Records a Steady Rate of 316 Barrels of Oil Per Day in...
2/2/2015Following Rapid Pressure Build-up, Junex Starts a Longer Pro...
2/2/2015Following Rapid Pressure Build-up, Junex Starts a Longer Pro...
1/27/2015Junex Production Tests Oil at 161 Barrels per Day in its Gal...
1/27/2015Junex Production Tests Oil at 161 Barrels per Day in its Gal...
12/22/2014Update on Operations at Junex’s Galt No. 4 Horizontal Well
12/19/2014Update on Operations at Junex's Galt No. 4 Horizontal Well
11/27/2014Junex Strikes Oil in its Galt No. 4 Horizontal Well
11/27/2014Junex Strikes Oil in its Galt No. 4 Horizontal Well
10/14/2014Junex Starts Drilling its Galt No. 4 Horizontal Well
9/26/2014Junex Adopts a Shareholder Rights Plan
8/27/2014Junex Mobilizes its Drilling Rig Towards its Galt No. 4 Well...
8/21/2014Junex Announces the Appointment of Mr. Henry Sauvagnat as a ...
7/31/2014Junex Tests 180 Barrels of Oil per Day at its Galt No. 3 Wel...
7/2/2014Junex to Drill the First Horizontal Well in Eastern Quebec
6/18/2014Junex Announces Voting Results of its Shareholders' Meeting
6/13/2014Junex Inc. - Archive Webcast of June 11, 2014 EPAC Oil and G...
5/30/2014Junex Comments on the Quebec Government's Announcement About...
1/9/2014Petrole =3A La ministre Martine norv=E9gien
1/8/2014Quebec must exploit oil resources: manifestoImportance: Norm...
1/8/2014Manifeste pour le d=E9veloppement du p=E9trole au Qu=E9bec
11/18/2013Petrolympic discovers natural gas reservoir in QuebecImporta...
9/10/2013divulguel’offre faite à Hydro-Québecpour
8/26/2013Forum desidées- Le gaz et la fracturation hydraulique fontrê...
6/28/2013Qu=E9becne tournera pas le dos aup=E9trole
5/7/2013Announce Corporate Changes
3/27/2013Announces an Increase of its Total Oil-Initially-in-Place Re...
12/11/2012d=E9couverte de p=E9troleau TexasImportance: Normal
12/11/2012Announces an Oil Discovery in Texas
11/14/2012Identifies Drillable Structures on its Anticosti Island Oil ...
9/25/2012GALT NO 4 CONFIRME LE POTENTIELP=C9TROLIER DE LA PROPRI=C9T=...
9/25/2012Galt No. 4 Confirms the Oil Potential of the Galt Property
9/17/2012compl=E8teson programme sismique sur Anticosti
9/17/2012Announces Completion of its Seismic Survey on its Anticosti ...
7/16/2012amorce unlevésismique sur AnticostiImportance: Normal
7/3/2012d=E9but du forage p=E9trolierGalt no 4Importance: Normal
4/25/2012annonce un programme d'exploration pour AnticostiImportance:...
9/7/2011projet p=E9trolier de l'=EEle d'Anticosti
6/29/2011Projets p=E9troliers de l'=CEle d'Anticosti
6/29/2011PEA Petrolia's Macasty at 30.9 billion bbl total petroleum
6/28/2011Mr. Jean-Yves Lavoie, P. Eng., President and CEO of Junex, R...
6/23/2011Le Nouveau-Brunzwick et les Shales gas..."The economic spino...
5/27/2011Intends to Make Normal Course Issuer Bid
2/17/2011dans les Affaires et La Presse
2/14/2011augmentation des ressources gazi=E8res
6/22/201013.75 million barrels of oil of contingent and prospective r...
4/19/2010announces potentially recoverable resources of 3.7 Tcf
4/19/2010annonce des volumes de ressources non-découvertes de gaz ori...
3/2/2010to drill the Deep/structured Utica Shale on its Lyster block...
12/8/2009Junex's Partner Commits to Drilling the Utica Shales on the ...
11/25/2009Initial results from the St-Augustin propane frac
11/12/2009earns in the Nicolet permit
11/12/2009Jennings intiates coverage on Junex with a target price of $...
10/22/2009Haldimand #2 well is finished
7/30/2009Focus Its Investments in the St. Lawrence Lowlands
6/15/2009sign a final agreement on the Nicolet permit
2/24/2009Preliminary results from Utica Shale operations
2/24/2009résultats préliminaires sur ses opérations dans les Shales d...
12/1/2008NOTE - JUNEX INC. - Q3 Results Highlight an Active Program -...
12/1/2008THE FM BULLETIN - DECEMBER 1 2008 (PSD-TSX) (STKL-Q) (FM Mi...
9/23/2008REPORT - JUNEX INC. - Playing the Qu=E9bec Card - Vic Vallan...
9/17/2008Forest exercises earn-in option on Junex's property of Riche...
9/3/2008Shale gas play in Quebec
7/16/2008starts its exploration program in the St. Lawrence Lowlands
6/3/2008Andre Caille Elected to Junex Board and Peter Dorrins Appoin...
5/29/2008 Globe says Wellington boosts targets for Junex, others
4/8/2008 enforces its management team
4/1/2008Signs a new farmout agreement whit a major
12/11/2007results from Paspébiac #1 well
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