Junex is pleased to announce that its industry partner has finished drilling operations at the CFO Saint-Denis-sur-Richelieu No. 1 ("St-Denis No. 1") vertical pilot well location. Subject to confirmation of contractually-required expenditures, Junex's industry partner will have earned a 60% interest in the Lorraine and Utica Shale sections of the 55,240 acre-sized Junex North Richelieu Permit Block.
The St-Denis No. 1 exploration well was drilled vertically to the base of the Utica Shale to establish stratigraphic control to guide the follow-up drilling and completion of a horizontal wellbore in the future. A number of core samples and other wellbore information obtained from the Utica Shales in this well will be subsequently analyzed in order to lead us through the next exploration phase.
As previously announced in a press release made by Junex on December 8, 2009, after Junex's industry partner has fulfilled the conditions to earn into the North Richelieu Permit Block, Junex will retain the 40% balance of the working interest in the Shale section of the lands along with a 100% working interest in other geological formations, including the Trenton/Black River.
According to Junex's mapping, the North Richelieu Permits are situated in part in the central Deep Utica Shale Gas Fairway where much of industry's drilling activity has taken place over the past two years.
"We consider our partner's drilling of the Utica Shale on our centrally-located North Richelieu Block to be significant for our company and particularly meaningful because it is the first well that our partner has operated in Quebec since 2008. This exploration well is a key element of our Utica Shale Gas exploration portfolio in the St. Lawrence Lowlands where our company holds approximately 1.1 million gross acres in the Utica Play." commented Junex's CEO, Mr. Jean-Yves Lavoie, P. Eng.
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 September 30 2010, Junex has a working capital of approximately 19.4 million dollars. Junex also owns approximately 7.9% of the issued and outstanding shares of Petrolia (TSX-V:PEA - News) and 1.0% of the issued and outstanding shares of Gastem (TSX-V:GMR - News). In parallel to its exploration efforts, Junex's goal is to achieve positive cash flows from its natural brine and drilling services operations.
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