Junex Inc

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Quebec City, Quebec-based Junex Inc. (TSXV: JNX) is a Canadian junior gas exploration company holding rights to more than 6 million acres of land located in the Appalachian basin in the Province of Quebec.

The company focuses on the Lorraine and Utica shale formations and the potential for the Trenton-Black River formation. Junex's leases are primarily in the Saint Lawrence Lowlands.

It is part of a joint ventrue to develop the St. Lawrence Lowlands with Forest Oil and Gastem. It also owns almost 8% of the common stock of Petrolia and 1% of Gastem.

According to a June, 2009 report Junex is participating in a complex farm out agreement with Fairlady Energy over the 54,363 acre Lowland's Nicolet Permit (#2002RS056). Under the agreement, Junex had the right to earn up to a 50% working interest in the property by drilling, coring and logging two earning wells to the base of the Utica shale prior to the end of 2009. The first of these wells, St-Gregoire #3, had already been drilled to a depth of 2,871 feet. Core samples retrieved during the drilling of the well identified the presence of gas. It had targeted the Lorraine and Utica shale formations on the upthrown side of the Yamaska Fault.

A 8.7 mile seismic survey has recently been completed. The results were to be used to help select a site for the second well there. The second one was planned go 5,250 feet deep with a 118 foot Utica shale core sample cut. The seismic was to be used for positioning this well on the Yamaska Fault Zone's downthrown side.

Update: A November, 2009 press release from Junex announced that the company had earned its 50% working interest in the Nicolet Permit by drilling the St-Gregoire #2 This is the aforementioned second well drilled to the base of the Utica shale formation. It had been drilled to a depth of 5311 feet and 140 feet of Utica shale cores cut. These had been saved and sent on to CBM Solutions for lab analysis. Subsequently, the analysis provided demostrated positive indicators for natural gas in both Lorraine and Utica shale cores. The positive readings in both wells reenforces the presence of gas in both the deeper parts and shallower parts of the permit.

• Jean-Yves Lavoie is the company's President and CEO.

• André Caillé, one-time head of Hydro-Québec, is a senior advisor to Junex.