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Last C$0.07 CAD
Change Today -0.005 / -7.14%
Volume 1.4M
OIL On Other Exchanges
As of 3:58 PM 07/31/15 All times are local (Market data is delayed by at least 15 minutes).

lgx oil + gas inc (OIL) Snapshot

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08/26/14 - C$0.56
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lgx oil + gas inc (OIL) Details

LGX Oil + Gas Inc., a junior oil and natural gas company, engages in the acquisition, exploration, development, and production of oil and natural gas reserves primarily in Western Canada. The company produces light crude oil, natural gas liquids, and natural gas. Its principal properties comprise the Manyberries property, Alberta Bakken properties, and Armada property located in southern Alberta. The company is headquartered in Calgary, Canada.

1 Employees
Last Reported Date: 03/24/15

lgx oil + gas inc (OIL) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: --
Compensation as of Fiscal Year 2014.

lgx oil + gas inc (OIL) Key Developments

LGX Oil + Gas Inc. Appoints John Gunton to its Board of Directors

LGX 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.

LGX Oil + Gas Inc. Announces Significant Banff Completion Test Results

LGX Oil + Gas Inc. provide completion test results from recent southern Alberta activity. Big Valley (Three Forks) Formation production from the horizontal well at 6-36-8-24 W4M was isolated and the Banff Formation was completed with a 6 m perforated interval in the build section of the intermediate casing and stimulated with a small volume acid job. The Banff Formation has been flowing back for 159 hours and has produced in excess of 2,700 Bbl of light oil for an average daily rate of approximately 420 Bbl oil per day over the test period. Peak oil rates in excess of 800 Bbl per day have been measured during the flow back period. The 6-36 well is still flowing 130 Bbl of oil per day at a flowing pressure of 1,000 kPa with a 2% water cut from the un-frac'd Banff Formation. LGX has a 100% interest in the well prior to recovery of 200% of the drilling, completion, equipping and tie-in costs, at which point its interest will revert to 80%. The Company will continue the evaluation of the well through the LGX 1-2 battery. The positive test results from 6-36 Banff completion and the number of Banff oil shows and tests from previously drilled wells have validated the geophysical and geological model for the play. LGX estimates that up to 40 sections of LGX land offsetting the 6-36 well may be prospective for Banff oil production as well as the already established Big Valley play. LGX is a uniquely positioned, technically driven, junior oil and natural gas company with a proven management team committed to aggressive, cost-effective growth of light oil reserves and production combined with high impact exploration potential in southern Alberta. LGX's common shares trade on the TSX Venture Exchange under the symbol OIL.

LGX Oil + Gas Inc. Reports Unaudited Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2015

LGX Oil + Gas Inc. reported unaudited consolidated earnings and production results for the first quarter ended March 31, 2015. For the quarter, funds generated by operations were CAD 117,808 against CAD 3,067,758 a year ago. Net loss was CAD 2,445,766 or CAD 0.03 per basic and diluted share against income of CAD 179,661 a year ago. Capital expenditures (exploration and development) were CAD 651,357 against CAD 1,931,988 a year ago. Petroleum and natural gas sales, net of royalties were CAD 2,774,557 against CAD 6,419,719 a year ago. Revenue was CAD 3.02 million against CAD 7.09 million a year ago. For the quarter, the company produced crude oil and natural gas liquids of 609 Bbls per day against 734 Bbls per day a year ago. The company produced natural gas of 1,278 Mcf per day against 1,285 Mcf per day a year ago. Barrels of oil equivalent were 822 Boe per day against 948 Boe per day a year ago. The decrease was due primarily to lower production volumes in the Manyberries and Alberta Bakken areas due to natural declines as well as the company choosing to delay workover operations under the current pricing environment. This decrease was partially offset by the drilling and subsequent tie-in of two successful oil wells in the Alberta Bakken late in the fourth quarter of 2014.


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