Junex's joint venture partner issued an update that, in part, discussed its St. Lawrence Lowlands operations in the Utica Shale Gas Play. The press release, stated:
"Forest drilled and completed the first three horizontal Utica Shale wells in Quebec's St. Lawrence Lowlands, which were successfully cased and fracture stimulated in four stages with rates ranging from 100 - 800 Mcf/d. Frac load flowback was incomplete due to the lack of coiled tubing units in the area. Forest expects to continue to test its wells after the winter season is over. Although sustained rates were not as high as anticipated, the tests have allowed Forest to identify the section of the shale it intends to target in future test wells. Each of the wells were tested in different sections of the Utica Shale with an objective of gathering data on productivity to allow optimization of future completions. Furthermore, Forest proved the ability to successfully drill the wells horizontally and pump multi-stage slickwater frac jobs without major operational issues."
"We are quite excited that our partner is perseverant in its efforts and remains committed to the Utica Shale Gas project. The three wells drilled in 2008 are the first horizontal wells to be drilled and fracture stimulated in the Utica Shale in Quebec. Considering that the Lowlands shale gas play is at its earliest stage of development, we fully expect to learn and build upon the results from these few first wells to develop the best drilling and completion recipes for the Utica Shale" said Junex's president, Mr. Jean-Yves Lavoie, P. Eng. "Furthermore, the results of the Champlain #1H horizontal well, coupled with the results of Junex's St-Augustin-de-Desmaures #1 well drilled near Quebec City last year, demonstrate the shale gas potential of Junex's 100%-held north shore acreage along the pipeline corridor between the two areas."
During 2008, Junex participated in the Champlain #1H horizontal well that was drilled on Junex's Becancour/Champlain acreage. This well reached its total depth in the Ordovician Utica Shale Formation with the bottomhole coordinates of the horizontal leg being approximately 900 meters from the surface location of the wellbore.
During 2009 and elsewhere in the Utica Shale Gas play in the St. Lawrence Lowlands, Junex plans to drill two wells on the neighboring Nicolet land block targeting the Utica Shale. Also, after receipt of the final laboratory analysis from Utica cores taken in the Junex St-Augustin-de-Desmaures well drilled near Quebec City, a fracture stimulation program of the well is planned for later this year. As at year-end 2008, Junex had approximately $27 million in its treasury with no debt. As such, the Company has the financial capacity to undertake its Lowlands program.
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