Junex is Getting Back 100% Interest in 700,000 Acres of Land With Shale Gas Potential
Posted on: Tuesday, 5 February 2008, 09:01 CST
Junex Inc. (TSX VENTURE: JNX) announced today the signature of an agreement in order to terminate its Exploration Partnership with AMQUE U.L.C., which means that Junex is getting back 100% interest in 5 different blocks of permits located in the St. Lawrence Lowlands. These permits, for which the main geological targets are the Utica Shales and the Trenton/Black-River, are spanning over an area of more than 700,000 acres.
Junex and AMQUE U.L.C. had contracted the Exploration Partnership in July 2006. Since AMQUE U.L.C. failed to meet its minimum investment commitment, the parties terminated the Joint Venture and, in the context of this Termination agreement, Junex has received a financial compensation from AMQUE. Junex also kept an Overriding Royalties Interest of 1.5% in 1.8 million acres of land previously held by AMQUE and recently sold to Molopo Australia Limited.
"We are pleased to get back all the lands which were part of the deal with AMQUE and we are also pleased with the arrival of Molopo Australia Limited in Quebec. We believe that Molopo's expertise will enable them to accelerate the development of the Shale gas potential in the 1.8 million acres block of land in which we hold a 1.5% ORRI. We already have another active partnership with a Large US-based Independent producer in order to evaluate the Shale gas potential in Quebec and we now believe that we will be able to sign new favorable partnership agreements on these 700,000 acres of land we are getting back today" noted Junex's president, Mr. Jean-Yves Lavoie, P. Eng.
About Junex
Junex holds exploration rights on more than 6 million acres of land located in the Appalachian basin in the province of Quebec. Recent major discoveries in the United States and Eastern Canada have stimulated exploration in Quebec, which is located in a favourable geological setting for oil and gas discovery. Junex's strategy is to reduce exploration risks by entering into partnerships with other exploration companies. In parallel to its exploration efforts, Junex's goal is to achieve positive cash flows from its natural brine and drillings services operations. Junex also holds approximately a 9.4% interest in Petrolia (TSX VENTURE: PEA) and a 2.2% interest in Gastem (TSX VENTURE: GMR).
The TSX Venture Exchange has neither approved nor disapproved the information contained herein.
Contacts: Junex Inc. Mr. Jean-Yves Lavoie President 418-654-9661 Junex Inc. Mr. Dave Pepin Corporate Affairs 418-654-9661
SOURCE: Junex Inc.
Source: MARKET WIRE
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