QUEBEC CITY, June 26, 2018 (GLOBE NEWSWIRE) -- Junex Inc. ("Junex") (TSX-V:JNX) held the annual general meeting of its shareholders last Thursday, June 21, 2018. At that meeting, a strong majority of shareholders approved the re-election of each of Junex’s directors, as well as the reappointment of its auditors.
Also at that meeting, Mr. Jean-Yves Lavoie, President and Chief Executive Officer of Junex, delivered a presentation to shareholders that provided information regarding the merger with Cuda Energy Inc. and the acquisition of oil assets in Wyoming. As outlined in the presentation, the new combined entity, to be named Cuda Oil and Gas Inc., is expected to exit 2018 with net production of 2,000 boe/d (60% oil and liquids) generating a cash flow net back of $28/boe based on strip pricing following successful execution of the development drilling program. The presentation is available on Junex’s website at www.junex.ca.
"We are pleased to provide our shareholders with an updated presentation that provides information on the merits of our merger with Cuda Energy including the combined management and board of directors’ track record of delivering strong shareholder returns through organic production and reserves growth. We believe that an active drilling program in Wyoming and Alberta will build a strong cash flow base that can be utilized to fund the future development of our large resource base in Quebec. Our combined asset base has the ability to generate short-term and long-term profitability for Junex shareholders while ensuring the continuity of projects in Quebec," said Mr. Lavoie.
For more information on this transaction, please see the press release issued on June 11, 2018.
This news release contains forward-looking statements relating to the transactions it describes (the “Transactions”). All statements other than statements of historical fact included in this release, are forward-looking statements that involve various risks and uncertainties and are based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management. In particular, forward-looking information included in this release includes (i) assumptions and expectations with regard to the Transactions and their completion and the anticipated benefits and advantages of the Transactions; (ii) the future prospects, including exploration potential, resulting from the Transactions and the ability to unlock value, (iii) production estimates and production growth rates, which assume accuracy of technical and geological information and analysis and may be impacted by unscheduled maintenance, labour and contractor availability; (iv) capital expenditures and other cash costs, which assume foreign exchange rates and accuracy of production estimates, and may be impacted by unexpected maintenance, the need to hire external resources and accelerated capital plans; (v) profits and free cash flow, which assume production and expenditure estimates and may be impacted by energy prices, production estimates, and the timing of payments, (vi) reserves and resources which are forward-looking statements by their nature involving implied assessment, and may be impacted by energy prices, future drilling results and operating costs and (vii) predictions as to the impact of gas extraction in the St. Lawrence lowlands. Risk factors that could prevent such forward-looking statements from being realized include ongoing permitting requirements and the ability to work with local populations and governments, the actual results of current exploration activities, market conditions, the availability and nature of alternative sources of energy, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of energy. Although Junex and Cuda have attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
Mr. Jean-Yves Lavoie
President and Chief Executive Officer