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.
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.