QUEBEC CITY, QUEBEC--(Marketwire - May 21, 2008) - 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:
http://media3.marketwire.com/docs/ju... ).
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.
