QUEBEC CITY, QUEBEC — (Marketwire) — 03/21/12 — Junex (TSX VENTURE: JNX), a pioneer and leader in the oil and gas exploration in Quebec, welcomes the initiative of the Government of Quebec who announced yesterday the reactivation of the Societe quebecoise d–initiatives petrolieres (SOQUIP).This new state company will be responsible to invest in companies operating in the oil and natural gas in Quebec in order to maximize, for all of Quebec–s society, the economic benefits associated with the operation of these strategic non-renewable resources.
Founded in 1999, Junex has always believed in Quebec–s oil and gas potential and has, with its partners, invested more than $ 55 million in exploration of Quebec–s subsurface, whose activities primarily resulted in the discovery of the Utica Shale gas in the St. Lawrence valley as well as the identification of significant potential oil resources in its projects on Anticosti Island and on the Gaspe peninsula.
“Junex warmly welcomes the emergence of SOQUIP in the oil and gas industry in Quebec. For over ten years, we acted as a pioneer in founding this company and investing high risk capital in Quebec such that we have finally demonstrated significant oil and gas potential in Quebec. Our province consumes about 12 to 15 billion dollars of oil gas each year. That–s why we have always sought to find and produce these resources that are both strategic to our economy and essential to preserving our standard of living,” said CEO of Junex, Mr. Jean-Yves Lavoie, P. Eng.
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 an important 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. As of September 30, 2011, Junex has a working capital of more than 17.7 million dollars. In parallel to its exploration efforts in Quebec and expansion of its exploration activities elsewhere, Junex–s goal is to achieve positive cash flows from its natural brine and drilling services operations.
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 2010 annual management–s discussion and analysis, which is available on SEDAR at . 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 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.
Contacts:
Junex inc.
Mr. Jean-Yves Lavoie
Chief executive officer
418-654-9661
Junex inc.
Mr. Dave Pepin
Vice President-Corporate Affairs
418-654-9661