🕐19.04.10 - 17:37 Uhr
Junex announces potentially recoverable resources of 3.7 Tcf
Hi, here is a news release by Junex announcing the results from a third
party Resource assessment.
Please feel free to call me if you have question
in this regards.
Have a nice day,
Dave Ppin, M.B.A.
Vice president des affaires corporatives
Junex inc.
2795, boulevard Laurier
Bureau 200
Qubec (Qubec) G1V 4M7
Tlphone : (418) 654-9661 poste 225
Tlcopieur : (418) 654-9662
_____
Junex Announces Undiscovered Gas-in-Place Resources Volumes of 48 TCF and
potentially Recoverable Prospective Gas Resources of 3.7 TCF on its St.
Lawrence Lowlands Permits
APR 19, 2010 - QUEBEC CITY, QUEBEC--(Marketwire - Apr.
19, 2010) - Junex
Inc.
(TSX VENTURE:JNX) ("Junex" or the "Company") is pleased to announce
that Netherland, Sewell & Associates, Inc., ("NSAI"), an independent
petroleum consulting firm based in Texas, has provided their "Best Estimate"
of the Undiscovered original gas in place resources ("OGIP") volumes for the
Utica Shale for most of Junexs permits in the St.
Lawrence Lowlands at
48.34 Trillion Cubic Feet ("TCF").
This 48.34 TCF figure includes 39.67 TCF
of Undiscovered OGIP resources volumes from the NSAI report dated April 16,
2010 and an additional 8.67 TCF Undiscovered OGIP Resources volumes for the
Nicolet Permit from a previous NSAI report as announced by Junex on February
9, 2010 (the Nicolet Permit).
Total Undiscovered OGIP (Bcf)
100% Undiscovered original gas-in-place (OGIP) volumes
Low Estimate
Best Estimate
High Estimate
Lowlands Permits (without Nicolet Permit)
31,815
39,673
49,405
Nicolet Permit (as previously reported)
6,954
8,666
10,523
Total
38,769
48,339
59,928
When combined with Junexs company gross unrisked prospective resources for
the Nicolet Permit, the combined company gross unrisked prospective
resources ranges from a Low Estimate of 1.23 TCF (effective 4% recovery
factor) to a High Estimate of 10.98 TCF (effective 25% recovery factor),
with a Best Estimate of 3.69 TCF (effective 10% recovery factor) to Junexs
net interest in its St.
Lawrence Lowlands permits.
Company gross unrisked
prospective resources means Junexs share of the unrisked prospective
resources before any Government royalties.
Junexs Company Gross* (Bcf)
Potentially Recoverable Unrisked Prospective Gas Resources
Low Estimate
Best Estimate
High Estimate
Lowlands Permits (without Nicolet Permit)
1,087
3,255
9,676
Nicolet Permit (as previously reported)
147
436
1,307
Total
1,234
3,691
10,983
*
Net to Junex before Government royalties.
The two NSAI evaluations, when combined, evaluated 632,189 gross acres
(approximately 59%) of the total of 1,064,696 gross acres held by Junex in
the Utica Shale play in the St.
Lawrence Lowlands.
The unevaluated portions
represent areas where NSAI indicated that further evaluation and additional
data are required to quantify their gas-in-place volumes and prospective
resource estimates.
Mr.
Jean-Yves Lavoie, P.
Eng., Junexs President and Chief Executive
Officer, commented, "We consider NSAIs "Best Estimate" of 3.7 TCF for
Junexs potentially recoverable Net Prospective Resources to be very
significant for our company.
NSAIs independent evaluation is an important
milestone for the Company since it is the first time that the Utica Shale
Gas potential of most of our extensive Utica Shale acreage has been
independently estimated.
Junexs potentially recoverable Net Prospective
Resources compare favourably with published estimates from other significant
permit holders in the Lowlands Utica Shale Gas play and it also offers some
more room for growth since other large Junex-held permits, including
St-Simon and Beaupr/Orleans, were not evaluated due to a lack of scientific
data."
Results from the NSAI Report
NSAI, a world renowned independent petroleum consulting firm was
commissioned by Junex to complete a resources assessment (the Report) of
the Utica Shale on Junexs St.
Lawrence Lowlands permits as a follow-up to
the resources assessment that NSAI completed on the Nicolet Permit earlier
this year.
Using their expertise in evaluating other shale gas plays,
NSAIs evaluation includes detailed petrophysical and geologic analysis
including a review of the available core and lab analysis data.
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.
The evaluation does not include any
evaluation of the shallower Lorraine Formation on Junexs St.
Lawrence
Lowlands permits.
This latest NSAI evaluation focused on the Companys St.
Lawrence Lowlands
permits (excluding the Nicolet Permit) and their Utica Shale potential,
subdividing these into two tiers:
The Medium-Deep Tier resources area on the downthrown side of the
Yamaska Fault where the Utica is at a depth generally greater than 700
meters; and
The Shallow Tier resources area on the upthrown side of the Yamaska
Fault where the Utica is at a depth generally less than 700 meters.
Undiscovered OGIP resources volumes for the two tiers range from a
Low Estimate of 31.82 TCF to a High Estimate of 49.41 TCF, with a Best
Estimate of 39.67 TCF for the 100% interest.
When combined with the Undiscovered OGIP resources volumes for the
Nicolet Permit, the combined Undiscovered OGIP resources volumes range from
a Low Estimate of 38.77 TCF to a High Estimate of 59.93 TCF, with a Best
Estimate of 48.34 TCF for the 100% interest.
Junexs company gross unrisked prospective resources for the two
tiers range from a Low Estimate of 1.23 TCF to a High Estimate of 10.98 TCF,
with a Best Estimate of 3.69 TCF to Junexs net interest in the permits.
OGIP is not a defined term within National Instrument 51-101 and is
considered equivalent to Petroleum Initially In Place ("PIIP").
Undiscovered resources are those quantities of petroleum estimated on a
given date to be contained in accumulations yet to be discovered.
Prospective resources are those quantities of petroleum estimated on a given
date to be potentially recoverable from undiscovered accumulations.
If
discovered, they would be technically and economically viable to recover by
application of future development projects.
Prospective resources have both
a chance of discovery and a chance of development.
There is no certainty
that any portion of the resources will be discovered.
If discovered, there
is no certainty that the resources will be commercially viable or be able to
produce any portion of the resources.
The effective date of the Report is
December 31, 2009.
No quantitative geologic risk assessment was conducted by NSAI for this
acreage.
Geologic risking of prospective resources address the probability
of success for the discovery of petroleum 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; i.
trap and seal characteristics; ii.
reservoir
presence and quality; iii.
source rock capacity, quality, and maturity; and
iv.
timing, migration, and preservation of petroleum in relation to trap and
seal formation.
The prospective resources discussed and shown in the Report are those
undiscovered, highly speculative resources estimated beyond reserves or
contingent resources where geological and geophysical data suggest the
potential for discovery of petroleum but where the level of proof is
insufficient for classification as reserves or contingent resources.
The
unrisked prospective resources are those volumes that could reasonably be
expected to be recovered in the event of the successful exploration and
development of Junexs St.
Lawrence Lowlands permits.
The resources evaluated in the Report are based on estimates of reservoir
volumes and recovery efficiencies along with analogy to properties with
similar geologic and reservoir characteristics.
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.
Junex holds more than 1.5 million gross acres of permit in the St.
Lawrence
Lowlands.
Junexs permits are located in all areas of the Utica play,
including the shallow, medium, deep, and structured parts of the Basin.
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, 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.
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