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February 12, 2016 6:38 PM ET

Oil, Gas and Consumable Fuels

Company Overview of Legacy Oil + Gas Inc.

Company Overview

Legacy Oil + Gas Inc., together with its subsidiaries, acquires, explores, exploits, develops, and produces petroleum and natural gas properties in Canada. Its principal properties are located in Williston Basin in southeast Saskatchewan; and Turner Valley in southern Alberta. The company also holds interests in the Maxhamish property located in northern British Columbia; and the Elmworth property located to the northwest of Edmonton, Alberta. As of December 31, 2014, the company had a total proved plus probable reserves of 154.1 MMBoe. The company was formerly known as Glamis Resources Ltd. and changed its name to Legacy Oil + Gas Inc. in November 2009. Legacy Oil + Gas Inc. was incorporate...

4400, 525 – 8th Avenue SW

Calgary, AB T2P 1G1


Founded in 2005

171 Employees





Key Executives for Legacy Oil + Gas Inc.

Chief Executive Officer, President and Director
Age: 48
Chief Financial Officer and Vice-President of Finance
Vice President of Operations
Vice President of Legal, General Counsel and Corporate Secretary
Vice President of Land
Compensation as of Fiscal Year 2015.

Legacy Oil + Gas Inc. Key Developments

Legacy Oil + Gas Inc. Announces Executive and Board Changes

Legacy Oil + Gas Inc. announced the addition of John Gunton to the board of directors. Dr. Gunton is an independent businessman. He has over 40 years of industry experience in the search for and production of oil and natural gas throughout Canada and globally. His Canadian experience in the Western Canada Sedimentary Basin, the Williston Basin and the East Coast Offshore includes positions held at Shell Canada, Imperial Oil and several junior Canadian oil and gas companies. He also served as Managing Director, Geoscience of Waterous Securities Inc. (currently Scotia Waterous). LGX announces the resignations of James Pasieka, the Chairman and a director of the Company, and Mark Franko, Vice President, Legal and General Counsel.

Legacy Oil + Gas To Consider Strategic Options

The Board of Directors of Legacy Oil + Gas Inc. (TSX:LEG) had initiated a comprehensive process in February 2015, with the assistance of co-financial advisors FirstEnergy Capital Corp. and GMP Securities L.P., to evaluate asset sales, business combinations and other opportunities designed to unlock shareholder value.

Legacy Oil + Gas Inc. Announces Earnings and Operating Results for the First Quarter Ended March 31, 2015; Provides Capital Program Guidance for 2015

Legacy Oil + Gas Inc. announced earnings and operating results for the first quarter ended March 31, 2015. For the quarter, the company reported petroleum and natural gas sales, net of royalties of CAD 80.174 million against CAD 142.626 million a year ago. Funds generated by operations were CAD 27.698 million or CAD 0.14 per diluted share against CAD 82.304 million or CAD 0.51 per diluted share a year ago. Net loss was CAD 56.666 million or CAD 0.28 per diluted share against net income of CAD 2.441 million or CAD 0.02 per diluted share a year ago. Capital expenditures ­ exploration and development were CAD 44.520 million against CAD 140.338 million a year ago. For the quarter, the company reported crude oil production of 18,252 Bbls per day compared to 16,635 Bbls per day produced in the same period last year. Production of heavy oil was 47 Bbls per day against 54 Bbls per day produced last year. Production of natural gas was 23,061 Mcf per day against 14,730 Mcf per day produced last year. Production of natural gas liquids was 2,476 Bbls per day against 1,948 Bbls per day produced last year. Production of oil equivalent was 24,649 Boe per day against 21,092 Boe per day reported last year. The criteria that it has been using on capital program in 2015 is to ensure that it again living within cash flow in the first half and second half of the year, enjoying highest-IRR, highest-return, lowest-risk prospects. The company is on track to spend within cash flow in the first half of the year as it guided. It is spending about 65% of cash flow in second quarter, which should see land basically spending within cash flow in the first half of the year.

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