2009-08-10-2008-05-01-2008-05-01

Entered farm-out to accelerate exploration of Utica shale.

The Canadian subsidiary of an undisclosed U.S.-based independent gas producer has entered a farm-out agreement with Junex Inc., Quebec City, Quebec, (CDNX: JNX) in order to accelerate the exploration of the Utica shale in Quebec. The partner will pay to Junex an initial fee of US$1 million to acquire an option to earn an interest in the shale sections of 55,000 acres of land in the Contrecoeur area. In the event the partner elects to exercise the option it shall invest US$4 million in complete work commitments within a period of 18 months to become entitled to the assignment of up to a 60% working interest in the shale sections. Junex will retain the balance of the working interest following such assignment along with a 100% working interest in all the other geological formations, including the Trenton Black River. Junex will start drilling an exploration well before July.