Mr. Jean-Yves Lavoie reports

JUNEX INC. DETERMINES THAT UTICA OFFER DOES NOT CONSTITUTE SUPERIOR PROPOSAL

Junex Inc. has determined that the unsolicited offer announced on July 3, 2018, from Utica Resources Inc. to acquire all of the outstanding common shares of Junex does not constitute a superior proposal as defined in the arrangement agreement dated June 8, 2018, between Junex and Cuda Energy Inc. That determination follows a comprehensive review of the Utica offer by the board of directors of Junex and its special committee, with the assistance of financial and legal advisers.

The board remains of the view that, as stated in Junex's press release of June 11, 2018, Junex's shareholders will benefit from the following attributes of the entity resulting from the arrangement between Junex and Cuda:

• A strong liquidity position with $15-million of unrestricted cash which will be focused on the development of light oil assets in Wyoming and an additional $7.5-million of capital dedicated to the development of the Galt project in Quebec;
• Experienced management team with an established record of delivering strong shareholder returns driven by organic production and reserves growth;
• Premium sweet 40-degree American Petroleum Institute light oil focused asset base in Wyoming with low-risk infill vertical drilling and several deeper zones that have already been proven economic;
• Top quartile operating netbacks forecasted to average approximately $33 (Canadian)/barrel of oil equivalent in the second half of 2018 based on strip pricing;
• 1,200 boe/d low-decline productive capacity growing to 2,000 boe/d by the end of 2018;
• Targeting up to 100-per-cent production growth spending approximately cash flow at current strip prices;
• A focused portfolio of quick payout low-risk drilling opportunities targeting the Shannon formation in Wyoming;
• Exposure to two large resources in Quebec through the Galt light oil project and approximately 1.0 million gross acres of land prospective for Utica shale gas;
• Increased market capitalization providing for enhanced liquidity.

In addition to the attributes outlined above, the board believes that an active drilling program in Wyoming and Alberta will build a strong cash flow base for the combined company that can be utilized to finance the development of Junex's large resource base in Quebec. The board is confident that the combined management team, including certain members of the Cuda team who have actively developed Utica gas in Ohio and West Virginia, have both the operational expertise and community relationships to develop Junex's assets in an efficient manner with the support of the citizens of Quebec.

The board would also like to clarify certain misleading statements made in the press release issued by Utica on July 4, 2018. Although Utica stated that its offer represented a premium for Junex shareholders, Utica's proposed cash price of 42 cents per Junex share represents a 7.5-per-cent discount to the volume-weighted average price of Junex's common shares on the TSX Venture Exchange from the date of announcement of the arrangement agreement on June 11, 2018, up to the last closing price before Utica made its offer (June 29, 2018).

About Junex Inc.

Junex is a Quebec SME that seeks to be a catalyst in accessing Quebec's oil and gas resources, while ensuring that their development becomes an important means of creating collective wealth for Quebeckers. Junex's operations are conducted in a responsible manner, in strictest compliance with the rules, laws and regulations that govern oil and gas activities. To that end, every day it takes all measures to minimize the environmental impact of its activities.

We seek Safe Harbor.