🕐20.12.11 - 21:00 Uhr
JUNEX TO FOCUS ON GALT AND ANTICOSTI OI PROJECT
Hi, please see our todays press release.
Have a nice day,
Dave Ppin.
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JUNEX FOCUSSES ON ITS HIGH POTENTIAL ANTICOSTI AND GALT OIL PROJECTS
THROUGH DIVESTITURE OF ITS HALDIMAND ASSETS
December 20, 2011 - Quebec, Quebec / / Junex (JNX: TSXV) announces that it
is focusing its efforts on its assets containing high oil potential through
divestiture of its entire stake in the Haldimand project for proceeds of $
3.1 million.
"This divestiture will strengthen Junexs 2011 balance sheet to a level of
approximately $19 million in working capital.
As a result, we will be fully
funded to launch the next phase of our companys development with an
emphasis on our Anticosti Island and Galt, in Gaspsie oil projects, where
independent studies conducted by Netherland, Sewell and Associates Inc.
(NSAI) of Texas indicate the presence of significant petroleum potential.
In addition, we are continuing our evaluation of business opportunities
outside of Quebec, most notably in the United States, "said Mr.
Jean-Yves
Lavoie, Eng., CEO of Junex.
Junex held a 35.99 % interest in the 2,224 acre-sized Haldimand petroleum
project on the Gasp Peninsula in eastern Quebec.
The company still holds about 1.9 million acres of petroleum and natural gas
exploration permits located on the Gasp Peninsula in eastern Canada and on
Anticosti Island.
Junex is currently finalizing its 2012 exploration
strategy for Anticosti Island and plans to drill a new well on its Galt
property next spring.
Oil potential of the Anticosti Project
Netherland, Sewell & Associates, Inc., ("NSAI"), a world renowned
independent reservoir engineering firm based in Texas, has provided their
Best Estimate of the undiscovered shale oil initially-in-place ("OIIP")
volume for the Macasty Shale on all five of Junexs permits on Anticosti
Island at 12.2 billion barrels.
Junex holds 100% working interest in these
five permits that total 233,275 acres in size.
Please see the press release
issued on September 28 2011 for details.
Oil potential of the Galt Project
On the other hand, NSAI has provided their Best Estimate of the total
Oil-Initially-In-Place (OIIP) resources at 260.2 million barrels for the
Forillon Formation on the Galt Field property in which Junex holds a 50%
working interest.
This 260.2 million barrel figure includes Discovered
Contingent OIIP volumes of 26.3 million barrels and Undiscovered Prospective
OOIP volumes of 233.9 million barrels as tabulated below.
Please see the
press release issued on October 24 2011 for details.
Results from NSAI Reports
NSAI, a world renowned petroleum consulting firm was commissioned by Junex
to conduct a resource assessment (the Report) of the original oil-in-place
(OOIP) and recoverable contingent and unrisked prospective oil resources to
Junexs interest in the Forillon Formation for its acreage in Galt Field in
the Gasp Peninsula in Quebec and of the undiscovered petroleum
initially-in-place (OIIP) to Junexs interest in the Macasty Shale on its
acreage on Anticosti Island in Quebec.
Using their expertise in evaluating
other shale resource plays, NSAI s evaluation includes detailed analysis of
well data including a review of the core & lab analysis data, as well as 2D
seismic data & mapping.
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.
Contingent resources are those quantities of petroleum that are estimated,
as of a given date, to be potentially recoverable from known accumulations
but for which the applied project or projects are not yet considered mature
enough for commercial development because of one or more contingencies.
The
contingent resources estimated in the Report are contingent upon (1) the
application of modern drilling and completion technology to establish
significantly higher wellbore productivity (2) demonstration of the economic
viability of project development, and (3) activity prior to expiration of
the leases.
Undiscovered resources OIIP volumes are those quantities of petroleum that
are estimated, as of a given date, to be contained in accumulations yet to
be discovered.
Prospective resources are those quantities of petroleum that
are estimated, as of a given date, to be potentially recoverable from
undiscovered accumulations by application of future development projects.
Unrisked prospective resources are estimated ranges of recoverable oil
volumes assuming a petroleum discovery is made and are based on estimated
ranges of undiscovered in-place volumes.
If discovered, there is no
certainty that the resources will be commercially viable or be able to
produce any portion of the prospective resources.
No quantitative geologic risk assessment was conducted by NSAI for this
acreage.
Geologic risking of prospective resources addresses the
probability of success for the discovery of petroleum volumes and without
regard to the chance of development; 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 (1) trap and seal characteristics; (2) reservoir
presence and quality; (3) source rock capacity, quality, and maturity; and
(4) timing, migration, and preservation of petroleum in relation to trap and
seal formation.
The OIIP in the Report was determined from a range of possible values for
multiple parameters.
These parameters were limited to the critical driving
factors for both statistical and practical reasons.
The probabilistic
analysis performed by NSAI created cumulative probability distribution
curves that defined a range of potential outcomes.
As described in the
Canadian Oil and Gas Evaluation Handbook (COGEH), the resulting probability
distribution curves represent the low estimate, best estimate, and high
estimate, which correspond to the P90, P50, and P10 probability estimates of
hydrocarbon volumes, respectively.
The probability that the quantities of
oil actually in place will equal or exceed the estimated amounts is 90
percent for the low estimate, 50 percent for the best estimate, and 10
percent for the high estimate.
The resources evaluated in the Report were determined from a range of
possible values for multiple parameters.
These parameters were limited to
the critical driving factors for both statistical and practical reasons.
The range and number of parameters rely on the available direct and analog
data from similar reservoirs in a more mature development stage.
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.
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.
As of September
30, 2011, Junex has a working capital of more than 17.7 million dollars.
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 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 Junexs 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 Junexs business and activities appears
under the heading Risks and Uncertainties on pages 8 to 11 of Junexs 2010
annual managements 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.
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
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.
Dave Ppin / Junex
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