Junex Inc. says that, since shutting-in the well for pressure build-up about one week ago, technical data was collected at the surface as to the oil level and the pressure build-up in the well. These data indicate that a rapid pressure build-up has occurred since pumping the 2,017 barrels of light, sweet oil during the production test in the Galt No. 4 Horizontal well.
In addition, the oil level in the well is stable. It is Junex's opinion that these are indicative of an oil reservoir with very good reservoir characteristics.
In light of these new technical data, Junex will resume its production testing operations in its Galt No. 4 Horizontal well in the upcoming days once it reconfigures the surface pumping equipment with the aim to pump oil at a higher rate than 161 barrels of oil per day ("BOPD") previously recorded (see press release from January 27, 2015).