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JNX Junex Inc.

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Share Name Share Symbol Market Type
Junex Inc. TSXV:JNX TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Junex Tests 180 Barrels of Oil per Day at its Galt No. 3 Well

31/07/2014 1:30pm

Marketwired Canada


Junex Inc. (TSX VENTURE:JNX) ("Junex" or the "Company") is pleased to announce
that it has recovered 180 barrels of oil over a 24-hour period (or an "initial
rate" of 180 barrels of oil per day) from a production test at its Galt No. 3
well. This well is on Junex's Galt Oil Property that is situated approximately
20 kilometers from the town of Gaspe in eastern Quebec. 


Mr. Peter Dorrins, Junex's President & Chief Executive Officer, remarked: "The
Galt No. 3 vertical well was tested to harvest more information about the
Forillon reservoir as part of finalizing the test design for the upcoming Junex
Galt No. 4 Horizontal well. While not being a stabilized rate that would
typically be much lower, we believe that this initial production rate in our
Galt No. 3 well, which has been shut-in since 2011, nonetheless provides an
indication as to the potential of the naturally-fractured Forillon reservoir on
our Galt Oil Property." 


Mr. Dorrins continued: "It is of note that the Galt No. 4 Horizontal well is
designed to intersect a larger number of open, near-vertical fractures than the
number of fractures encountered in the Galt No. 3 vertical well. Geological data
indicates that the oil is produced from the natural fractures and we are hopeful
that an increased number of open fractures, if encountered during drilling,
could translate into a higher production rate in the Galt No. 4 Horizontal well.
We foresee starting drilling operations at this location in the coming weeks."


The Junex Galt No. 4 Horizontal well, the first in a series of horizontal wells
planned for the next phase of the project, will be drilled from the existing
Junex Galt No. 4 vertical wellbore towards the Galt No. 3 well in the Forillon
Formation. 


Originally drilled in 2003, the Galt No. 3 vertical well is located on the same
structure as and approximately 2.5 kilometers from the Junex Galt No. 4 vertical
well. The Junex Galt No. 4 vertical well, drilled in 2012, confirmed the
presence of a 997 meter-thick oil column in the combined Forillon and Indian
Point formations (see September 25, 2012 press release), the impact of which was
a 27% increase in the total Oil Initially-in-Place ("OIIP") resource volumes for
the Galt Oil Property (see March 27, 2013 press release). 


Junex holds 70% interest in the 16,645 acre-sized Galt Oil Property and 100%
interest in the 36,816 acre-sized permit adjacent to the Galt Oil Property. The
adjacent 100% Junex acreage has not yet been independently evaluated for its
resource potential. 


Netherland, Sewell & Associates, Inc., ("NSAI"), a firm of worldwide petroleum
consultants based in Texas, has previously established their Best Estimate of
the total OIIP resources for the Forillon and Indian Point formations on Junex's
Galt Oil Property at 330 million barrels that includes Discovered Contingent
OIIP volumes of 36 million barrels and Undiscovered Prospective OIIP volumes of
294 million barrels (see press release from March 27, 2013 for details of the
NSAI report).


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 a significant
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. In parallel to its exploration efforts in Quebec and
expansion of its exploration activities elsewhere, the company operates a
drilling services division. 


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 2013 annual management's 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. 


Neither the 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. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Junex Inc.
Mr. Peter Dorrins
President & Chief Executive Officer
418-654-9661


Junex Inc.
Mr. Dave Pepin
Vice President - Corporate Affairs
418-654-9661

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