QUÉBEC CITY, QUEBEC–(Marketwired – May 25, 2017) – Junex inc. (The “Company” or “Junex”) (TSX VENTURE:JNX) announces that it has sold its 25% interest in a block of licenses located in Schleicher County, Western Texas for a cash amount of CAD$1,009,125.
“After having been involved in this project for several years, we concluded that it was time to divest ourselves of this investment in which we were a minority partner. The proceeds will contribute to the development of our Galt oil and natural gas production project, where we plan to drill at least one new horizontal well in 2017,” said Junex’s President and Chief Executive Officer, Mr. Jean-Yves Lavoie.
Junex has already received a drilling permit from the Quebec Department of Energy and Natural Resources for the Galt No 6 Hrz well and plans to start drilling later this summer.
About Junex
Junex is a junior oil and gas exploration company that holds exploration permits on more than 2.1 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, 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 18 to 22 of Junex’s 2016 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.
Mr. Jean-Yves Lavoie
President & Chief Executive Officer
418-654-9661
Junex Inc.
Mr. Dave Pepin
Vice President – Corporate Affairs
418-654-9661
