QUEBEC CITY, QUEBEC--(Marketwire - Dec. 20, 2011) - Junex (TSX VENTURE:JNX) announces that it is focusing its efforts on its assets containing high oil potential through divestiture of its entire stake in the Haldimand project for proceeds of $ 3.1 million.

"This divestiture will strengthen Junex's 2011 balance sheet to a level of approximately $19 million in working capital. As a result, we will be fully funded to launch the next phase of our company's development with an emphasis on our Anticosti Island and Galt, in Gaspésie oil projects, where independent studies conducted by Netherland, Sewell and Associates Inc. (NSAI) of Texas indicate the presence of significant petroleum potential. In addition, we are continuing our evaluation of business opportunities outside of Quebec, most notably in the United States, "said Mr. Jean-Yves Lavoie, Eng., CEO of Junex.

Junex held a 35.99 % interest in the 2,224 acre-sized Haldimand petroleum project on the Gaspé Peninsula in eastern Quebec.

The company still holds about 1.9 million acres of petroleum and natural gas exploration permits located on the Gaspé Peninsula in eastern Canada and on Anticosti Island. Junex is currently finalizing its 2012 exploration strategy for Anticosti Island and plans to drill a new well on its Galt property next spring.

Oil potential of the Anticosti Project

Netherland, Sewell & Associates, Inc., ("NSAI"), a world renowned independent reservoir engineering firm based in Texas, has provided their Best Estimate of the undiscovered shale oil initially-in-place ("OIIP") volume for the Macasty Shale on all five of Junex's permits on Anticosti Island at 12.2 billion barrels. Junex holds 100% working interest in these five permits that total 233,275 acres in size. Please see the press release issued on September 28 2011 for details.

Oil potential of the Galt Project

On the other hand, NSAI has provided their Best Estimate of the total Oil-Initially-In-Place ("OIIP") resources at 260.2 million barrels for the Forillon Formation on the Galt Field property in which Junex holds a 50% working interest. This 260.2 million barrel figure includes Discovered Contingent OIIP volumes of 26.3 million barrels and Undiscovered Prospective OOIP volumes of 233.9 million barrels as tabulated below. Please see the press release issued on October 24 2011 for details.

Results from NSAI Reports

NSAI, a world renowned petroleum consulting firm was commissioned by Junex to conduct a resource assessment ("the Report") of the original oil-in-place (OOIP) and recoverable contingent and unrisked prospective oil resources to Junex's interest in the Forillon Formation for its acreage in Galt Field in the Gaspé Peninsula in Quebec and of the undiscovered petroleum initially-in-place (OIIP) to Junex's interest in the Macasty Shale on its acreage on Anticosti Island in Quebec. Using their expertise in evaluating other shale resource plays, NSAI 's evaluation includes detailed analysis of well data including a review of the core & lab analysis data, as well as 2D seismic data & mapping. All results have been prepared in accordance with the regulations pursuant to National Instrument 51-101, Standards for Disclosure for Oil and Gas Activities of the Canadian Securities Administrators.

Contingent resources are those quantities of petroleum that are estimated, as of a given date, to be potentially recoverable from known accumulations but for which the applied project or projects are not yet considered mature enough for commercial development because of one or more contingencies. The contingent resources estimated in the Report are contingent upon (1) the application of modern drilling and completion technology to establish significantly higher wellbore productivity (2) demonstration of the economic viability of project development, and (3) activity prior to expiration of the leases.

Undiscovered resources OIIP volumes are those quantities of petroleum that are estimated, as of a given date, to be contained in accumulations yet to be discovered. Prospective resources are those quantities of petroleum that are estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Unrisked prospective resources are estimated ranges of recoverable oil volumes assuming a petroleum discovery is made and are based on estimated ranges of undiscovered in-place volumes. If discovered, there is no certainty that the resources will be commercially viable or be able to produce any portion of the prospective resources.

No quantitative geologic risk assessment was conducted by NSAI for this acreage. Geologic risking of prospective resources addresses the probability of success for the discovery of petroleum volumes and without regard to the chance of development; this risk analysis is conducted independently of probabilistic estimates of petroleum volumes and without regard to the chance of development. Principal risk elements of the petroleum system include (1) trap and seal characteristics; (2) reservoir presence and quality; (3) source rock capacity, quality, and maturity; and (4) timing, migration, and preservation of petroleum in relation to trap and seal formation.

The OIIP in the Report was determined from a range of possible values for multiple parameters. These parameters were limited to the critical driving factors for both statistical and practical reasons. The probabilistic analysis performed by NSAI created cumulative probability distribution curves that defined a range of potential outcomes. As described in the Canadian Oil and Gas Evaluation Handbook (COGEH), the resulting probability distribution curves represent the low estimate, best estimate, and high estimate, which correspond to the P90, P50, and P10 probability estimates of hydrocarbon volumes, respectively. The probability that the quantities of oil actually in place will equal or exceed the estimated amounts is 90 percent for the low estimate, 50 percent for the best estimate, and 10 percent for the high estimate.

The resources evaluated in the Report were determined from a range of possible values for multiple parameters. These parameters were limited to the critical driving factors for both statistical and practical reasons. The range and number of parameters rely on the available direct and analog data from similar reservoirs in a more mature development stage. It will be necessary to revise these estimates as additional data become available. Also, estimates of resources may increase or decrease as a result of future operations.

About Junex

Junex is a junior oil and gas exploration company that holds exploration rights on approximately 5.2 million acres of land located in the Appalachian basin in the Province of Quebec. The company is in the heart of the Utica Shale gas discovery located in the St. Lawrence Lowlands. As of September 30, 2011, Junex has a working capital of more than 17.7 million dollars. In parallel to its exploration efforts, Junex's goal is to achieve positive cash flows from its natural brine and drilling services operations.

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 8 to 11 of Junex's 2010 annual management's discussion and analysis, which is available on SEDAR at 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 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.

Contact Information:

Junex Inc.
Mr. Jean-Yves Lavoie

Junex Inc.
Mr. Dave Pepin
Vice President - Corporate Affairs