QUEBEC CITY, QUEBEC--(Marketwired - June 26, 2015) - Junex Inc. (TSX VENTURE:JNX) ("Junex" or the "Company") is pleased to announce that it is finalizing construction of the surface drilling pad for the Junex Galt No. 5 Horizontal well that the Company plans to start drilling in the second half of July.
This well is situated on the Company's Galt Oil Property where Netherland, Sewell & Associates, Inc., ("NSAI"), a firm of worldwide petroleum consultants based in Texas, recently provided an update of their Best Estimate of the total Oil-Initially-In-Place ("OIIP") resources at 557 million barrels for the Forillon and Indian Point formations and where their Best Estimate of Junex's net share of the total Recoverable Oil Resource Volume is 55.7 million barrels of oil (see press release from June 9, 2015 for details of the NSAI report).
As previously announced, the Galt No. 5 Horizontal well is the first well of the next phase of operations on the Galt Oil Property that includes the drilling of the Galt No.5 Horizontal well, the completion of a detailed 3D seismic program, then the drilling of the Galt No. 6 and No. 7 Horizontal wells whose final locations will be determined from the 3D seismic data.
The Junex Galt No. 5 Horizontal well is planned to be drilled to a total measured depth of 2,500 meters, of which approximately 1,300 meters is to be horizontal drilled within the Forillon oil reservoir. Similar to Junex's Galt No. 4 Horizontal Oil Discovery well, the horizontal portion of the Galt No. 5 Horizontal well is designed to intersect the maximum number of open, near-vertical, natural fractures in the Forillon oil reservoir.
Mr. Peter Dorrins, Junex's President & Chief Executive Officer, stated: "With respect to our financing activities for this next phase of operations, we are confident to close the first tranche of this financing soon. With the closing of this first tranche in hand, we will then proceed with the rigging-up of Junex's Foragaz No. 4 drilling rig that will be used to drill the Galt No. 5 Horizontal well. We plan to start drilling this well in late July. In addition, further operations and production testing will be performed in our Galt No. 4 Horizontal Oil Discovery well."
Junex holds a 70% interest in the Galt Oil Property and it holds 100% interest in the adjacent acreage. The adjacent 100% Junex acreage has not yet been independently evaluated for its resource potential. These properties are situated approximately 20 kilometers west of 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 in the Appalachian basin in the Province of Quebec, including the Galt Oil Property on the Gaspé Peninsula in eastern Quebec, landholdings on Anticosti Island in the Gulf of St. Lawrence and landholdings in the St. Lawrence Lowlands between Montreal and Quebec City. 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 7 to 10 of Junex's 2014 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.