CQM.H goes on the list.
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Junex Signs a New Agreement Regarding the Nicolet Permit in the St. Lawrence Lowlands
Wed May 21, 2008 8:17am EDT
QUEBEC CITY, QUEBEC, May 21 (MARKET WIRE) --
Junex (TSX VENTURE: JNX) is pleased to announce the signing of a Letter of Intent leading to an out of Court settlement of the litigation regarding the Nicolet property which covers 54,363 acres located in the heart of the St. Lawrence Lowlands basin. The majority of the Nicolet licence is located between the Yamaska growth fault and the Logan line, about mid-way between the Junex Becancour # 8 and Gastem St-Francois du
Lac # 1 wells, which have both been fracced by Forest Oil over the course of this past winter (see attached map:
here ).
This exploration permit was on dispute (see October 18, 2005 Press Release) and both Parties have agreed to an out of Court settlement with regard to the lawsuit as well as to an agreement on a new exploration agreement. In accordance with this agreement, Junex will be able to earn
a 50 % interest in the Utica and Lorraine Shale sections by conducting, within 18 months, two exploration wells on the the Nicolet licence. Junex will core these two wells in order to evaluate the rock properties and the gas potential of the Shale.
"We are pleased that this settlement will allow us to clarify our rights concerning a permit located in the heart of the recent developments that occurred in the Utica Shale. We believe that this agreement will allow us to define the potential of this permit and to create value for our
shareholders" stated the Junex President, Mr. Jean-Yves Lavoie, Eng.
About Junex
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. Several recent discoveries in the United
States and Eastern Canada have stimulated exploration in Quebec, whose sedimentary basin is located in a favourable geological setting for oil and gas discovery. Junex's strategy consists in entering into partnerships with other exploration companies in order to reduce exploration risks.. In parallel to its exploration efforts, Junex's goal is to achieve positive cash flows from its natural brine and drilling
services operations. Junex also owns approximately 9.4% of the issued and outstanding shares of Petrolia (TSX VENTURE: PEA) and 1.1% of the issued and outstanding shares of Gastem (TSX VENTURE: GMR).
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The settlement was for lands that Canadian Quantum Energy has an interest in. |
