its actually 10/18/06 NR:
Junex also announces that a lawsuit has been instituted against it by
Fairlady Energy Inc. before the Québec Superior Court. In its action, Fairlady
is seeking the return of the Nicolet property and $100,000 in damages. At this
preliminary stage, Junex's defence has not been filed with the court. Junex
considers the action by Fairlady to be ill founded in fact and in law and
intends to defend the action vigorously.
The Nicolet property is the subject of a joint venture agreement entered
into between Junex and Fairlady in December 2001, whereby Junex acquired
Fairlady's interest in three oil and gas permits. Junex does not count the
Nicolet property as one of its major properties since it is only 22,000
hectares in areal extent (1.4%) compared to more than 1.6 million hectares
where the company holds some rights. Moreover, Junex is not currently carrying
out material operations on the Nicolet property and the property is not among
Junex's properties subject to the two separate agreements with U.S.-based
companies as announced by Junex in July 2006.
