Junex (TSX VENTURE:JNX) is pleased to announce an oil discovery in a well recently drilled with partners on its properties in the Permian Basin in Schleicher County, West Texas. During clean-up and swabbing operations following drilling, the well flowed at rates up to approximately 50 barrels of oil per hour over a 3 to 4 …
Having been active in this area since 2012, Junex owns an interest of 25% in this well and in the surrounding/neighboring acreage totalling approximately 2,219 gross acres.
This well, known as the Thornburg #11 well, was drilled to evaluate the Pennsylvanian-aged McKavitt (Canyon) Sandstone oil reservoirs and the deeper Strawn Lime in the Camar Field in Schleicher County. The interval currently being tested is the Strawn Lime interval. The McKavitt Sandstone intervals have not yet been tested in this well.
“We are quite pleased with this well that is a continuation of successes that we’ve achieved over recent years. These successes result from identifying prospective opportunities, some of which were underestimated by others, then acting on them using modern exploration and production methodologies. This latest result demonstrates the oil potential of the Strawn Lime on our some of our properties in Texas. The Strawn Lime is recognized as being a prolific oil and gas producing formation in the Permian Basin. In addition, well logs and drilling data indicate that the shallower McKavitt Sandstone intervals in the well are oil-bearing, which would be produced initially through primary oil production and, ultimately, these could be produced using enhanced secondary oil recovery methods designed to harvest additional oil from these reservoirs,” said Mr. Peter Dorrins, Junex’s President & CEO.
Mr. Dorrins continued: “The majority of our oil and gas portfolio is in Quebec where our current main focus is the Galt Oil Project. For some time we’ve also been targeting other jurisdictions where the pace of oil and gas project development is much faster than currently is the case in Quebec. This is part of our strategy of geographic diversification of our projects and investments.”
Junex is a junior oil and gas exploration company that holds exploration rights on approximately 5.2 million acres of land in the Appalachian basin in the Province of Quebec, including the Galt Oil Property on the Gaspé Peninsula in eastern Quebec, landholdings on Anticosti Island in the Gulf of St. Lawrence and landholdings in the St. Lawrence Lowlands between Montreal and Quebec City. 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 7 to 10 of Junex’s 2014 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.
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Mr. Peter Dorrins
President & Chief Executive Officer
Mr. Dave Pepin
Vice President – Corporate Affairs