🕐12.11.09 - 17:01 Uhr
Junex earns in the Nicolet permit
Hi, here is a press release issued by Junex this morning regarding the two
wells we drilled on the Nicolet property.
Please feel free to call me if you
would like to have any further information regarding this press release.
Best regards,
Dave Ppin,
418-654-9661, #225.
PRESS RELEASE
For Immediate Release
JUNEX EARNS AN INTEREST IN THE NICOLET PERMIT THROUGH THE DRILLING OF THE
ST-GRGOIRE No.
2 WELL
November 12, 2009 Quebec City (Quebec) // Junex is pleased to announce
that it has earned a 50% working interest in the interval from the surface
to the base of the Utica Formation in the Nicolet permit, which covers
54,363 acres and is located in the heart of the St.
Lawrence Lowlands Utica
play (see press release dated June 15, 2009).
Junex earned this working interest in the Nicolet property by drilling two
wells on the Nicolet property to the base of the Utica Formation, of which
the St-Grgoire #2 well was the second earning well.
Prior to the drilling
of this well, Junex completed a seismic survey of approximately 14
line-kilometres to position the well proximal to and on the downthrown side
of the Yamaska Fault Zone.
This well was drilled to total depth of 1,619
meters and a total of 42.6 meters of cores was cut in the Utica Shale.
These
cores were conserved by and sent to CBM Solutions for laboratory analysis.
The St-Grgoire #2 well also encountered significant natural gas shows with
overpressure in lower sections of the wellbore, necessitating the
installation and cementing of 7 inch diameter intermediate casing in the
well.
The Utica Formation is approximately 247 metres thick in the well and
isotopic analysis of the gas indicates that it is thermogenic in origin.
Preliminary core analysis results have been received: preliminary gas
contents of the Utica cores of up to 38 standard cubic feet per ton
(scf/ton) have been measured.
Final results are expected in the coming
weeks as sufficient time must be allowed to permit more thorough degassing
and measurement of the sorbed gas to occur.
Subject to final core results and all other scientific data collected in the
St.
Lawrence Lowlands Basin, Junex and its partner, Canadian Quantum Energy
Corporation, plan to implement an exploration program in the coming months
that may include completion of one or both wells drilled on the Nicolet
property.
Core Analysis Results from the St-Grgoire No.
3 Well
Drilling operations on the first of the two earning wells, the Junex
St-Grgoire No.
3 well, were completed in the spring of 2009.
This 875
metre-depth well, cased to total depth with 7 inch diameter production
casing, targeted the Ordovician Lorraine and Utica Shales on the upthrown
side of the Yamaska Fault on the Nicolet block.
The presence of natural gas
was confirmed in the shale section and two 9-meter long cores were cut in
each of the Lorraine Formation and the Utica Formation.
Isotopic analysis
of the gas indicates that the gas is thermogenic in origin.
As in the case of the St-Grgoire No.
2 well, these cores were analyzed by
CBM Solutions for various components, including total gas content, total
organic carbon (TOC) and porosity.
The Lorraine cored interval yielded
TOCs of up to 2.6%, effective porosities of up to 2.9%, and total sorbed
gas contents of up to of 12.9 scf/ton.
The Utica cored interval yielded
TOCs of up to 2.6%, effective porosities of up to 5.3%, and total sorbed
gas contents of up to 22.5 scf/ton.
The preliminary results of these two first wells at Nicolet demonstrate the
Shale Gas potential of both the shallow and the deep parts of the permit
said Jean-Yves Lavoie, President and Chief Executive Officer of Junex.
The
measured amounts of total sorbed gas are generally consistent with those
that weve observed elsewhere in prospective parts of the play trend.
Furthermore, the significant gas shows associated with overpressure in the
St-Grgoire No.
2 well, combined with the preliminary results of gas content
in the cores, are all very encouraging data that demonstrate the gas
potential of the deeper part of the permit, which covers approximately 75%
of the lands.
With our partner, Canadian Quantum Energy Corporation, we are
planning to jointly advance in the project by implementing an exploration
program in the near future.
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 June 30 2009,
Junex has a working capital of 26.7 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, Junexs 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.
-30-
For information about Junex:
Mr.
Jean-Yves Lavoie
President
418-654-9661
Mr.
Dave Ppin
Vice President Corporate Affairs
418-654-9661