Petrolia, Québénergie Take Junex’s Interest In Quebec Project

Purchased 35.99% WI in 2,224 acre Haldimand project on Gaspe Peninsula in eastern Quebec.

Pétrolia, Rimouski, Quebec, (Toronto Venture: PEA) and its partner Québénergie have purchased all of the interests in the Haldimand project held by Junex, Quebec City, Quebec, (Toronto Venture: JNX) for C$3.1 million.

The assets include a 35.99 % interest in the 2,224 acre-sized Haldimand petroleum project on the Gaspe Peninsula in eastern Quebec. Pétrolia and Québénergie have now possess 100% ownership of the deposit, 50% for each company. The properties feature recoverable contingent oil resources are estimated at 7.7 million barrels over an area of 9 square kilometers.

The agreement releases Junex from the production penalties to which it was exposed by its failure to participate in recent work on the properties.

As a result of this transaction Pétrolia and Québénergie now own equal shares in the deposit and the surrounding properties. This agreement is in line with Pétrolia's policy of holding at least a 50% interest in the leases where it works and in the projects that it is developing.

Junex chief executive Jean-Yves Lavoie says, “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 Gaspesie oil projects...”