Junex (TSXV:JNX) announced the divestiture of its 35.99% interest in the Haldimand property to focus on the Anticosti and Galt oil projects.
As quoted in the press release:
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.
Junex’s CEO, Jean-Yves Lavoie said:
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.