Last C$0.07 CAD
Change Today -0.005 / -6.67%
Volume 910.3K
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lgx oil + gas inc (OIL) Snapshot

Open
C$0.08
Previous Close
C$0.08
Day High
C$0.08
Day Low
C$0.07
52 Week High
03/7/14 - C$0.60
52 Week Low
03/2/15 - C$0.07
Market Cap
6.2M
Average Volume 10 Days
353.8K
EPS TTM
C$-0.11
Shares Outstanding
88.7M
EX-Date
--
P/E TM
--
Dividend
--
Dividend Yield
--
Current Stock Chart for LGX OIL + GAS INC (OIL)

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lgx oil + gas inc (OIL) Details

LGX Oil + Gas Inc., a junior oil and natural gas company, is engaged in the exploration, development, and production of oil and natural gas 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: 03/24/14
Founded in 1987

lgx oil + gas inc (OIL) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: --
Chief Financial Officer and Vice President of...
Total Annual Compensation: --
Compensation as of Fiscal Year 2013.

lgx oil + gas inc (OIL) Key Developments

LGX Oil + Gas Inc. Provides Completion Results from Late 2014 Southern Alberta Drilling Activity

LGX Oil + Gas Inc. provided completion results from late 2014 southern Alberta drilling activity. LGX drilled two horizontal wells into the Big Valley (Three Forks) Formation (12-2-8-24W4 and 6-36-8-24W4). The total capital expenditures for the two wells came in on budget at approximately $14 million. The 12-2 well was drilled with a 1,402 m horizontal lateral and was completed with a 20 stage fracture stimulation. The well was put on production late November 2014 and averaged 315 Bbl per day of light oil for the first 30 days of production. LGX has a 100% working 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 6-36 well was drilled with a 1,134 m horizontal lateral and was completed with a 20 stage fracture stimulation. The well was put on production late November 2014 and averaged 185 Bbl per day of light oil for the first 30 days of production. Water cuts are higher than the offsetting wells, indicating that load fluid is still being recovered from the well and maximum oil productive capability has not been achieved to-date. LGX has a 100% working 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 latest two wells, combined with previous production results, confirm the Big Valley (Three Forks) Formation continues to be prospective in the area. LGX believes that 20+ sections its land are prospective for the Big Valley. Both wells encountered significant hydrocarbon shows in the overlying Banff Formation as indicated by drill cuttings, gas detector readings and strong oil "kicks" while drilling through the zone. The additional oil shows, as well as further geological and seismic interpretation and analysis, confirm the potential for a second play in the shallower Banff Formation. An operator with lands immediately offsetting LGX acreage to the north has achieved strong production results in the Banff Formation. Further drilling is required to confirm the extent of both plays and to hold lands under LGX's agreement with the Blood Tribe First Nation. Based on field estimates and subject to final, audited results, the company's average daily production in 2014 was approximately 860 Boe per day and the Company achieved a peak rate of production of over 1,200 Boe per day in December 2014. The average and exit rates of production were below previous guidance due to delays in completion timing as the 2014 wells were drilled from the same pad and completion operations could not commence until both wells were drilled.

LGX Oil + Gas Inc. Announces Unaudited Consolidated and Operating Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014

LGX Oil + Gas Inc. announced unaudited consolidated earnings and operating results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported petroleum and natural gas sales, net of royalties was CAD 4.33 million against CAD 4.819 million a year ago. Funds generated by operations was CAD 1.148 million or CAD 0.01 diluted per share against CAD 0.582 million or CAD 0.01 diluted per share a year ago. Net loss was CAD 1.074 million or CAD 0.01 diluted per share against CAD 8.27 million or CAD 0.09 diluted per share a year ago. Capital expenditures - exploration and development was CAD 5.87 million against CAD 1.697 million a year ago. For the nine months, the company reported petroleum and natural gas sales, net of royalties was CAD 16.24 million against CAD 12.87 million a year ago. Funds generated by operations was CAD 6.09 million or CAD 0.07 diluted per share against CAD 3.31 million or CAD 0.04 diluted per share a year ago. Net loss was CAD 1.62 million or CAD 0.02 diluted per share against CAD 12.551 million or CAD 0.14 diluted per share a year ago. Capital expenditures - exploration and development was CAD 8.3 million against CAD 2.538 million a year ago. Net debt and working capital deficit was CAD 21.84 million against CAD 9.19 million a year ago. For the quarter, the company reported crude oil and natural gas liquids production were 537 bbls per day against 567 bbls per day a year ago. Natural gas production was 1,360 mcf per day against 1,677 mcf per day a year ago. Barrels of oil equivalent production were 764 boe per day against 847 boe per day a year ago. Crude oil and natural gas liquids average realized price was CAD 92.22 per bbl against CAD 102.23 per bbl a year ago. Natural gas average realized price was CAD 4.03 per mcf against CAD 2.37 per mcf a year ago. Barrels of oil equivalent average realized price were CAD 71.99 per boe against CAD 73.13 per boe a year ago. Petroleum and natural gas sales netback was CAD 71.99 per boe against CAD 73.13 per boe a year ago. Royalties’ netback was CAD 10.36 per boe against CAD 11.28 per boe a year ago. Operating netback was CAD 27.98 per boe against CAD 15.76 per boe a year ago. For the nine months, the company reported crude oil and natural gas liquids production were 638 bbls per day against 586 bbls per day a year ago. Natural gas production was 1,318 mcf per day against 1,736 mcf per day a year ago. Barrels of oil equivalent production were 858 boe per day against 875 boe per day a year ago. Crude oil and natural gas liquids average realized price was CAD 94.57 per bbl against CAD 87.17 per bbl a year ago. Natural gas average realized price was CAD 4.77 per mcf against CAD 2.93 per mcf a year ago. Barrels of oil equivalent average realized price were CAD 78.81 per boe against CAD 64.19 per boe a year ago. Petroleum and natural gas sales netback was CAD 78.81 per boe against CAD 64.19 per boe a year ago. Royalties’ netback was CAD 9.47 per boe against CAD 10.32 per boe a year ago. Operating netback was CAD 37.34 per boe against CAD 23.07 per boe a year ago.

LGX Oil + Gas Inc. Enters into $30 Million Bank Facility; Spuds First Horizontal Well in 2014 Alberta Bakken Development Drilling Program; Revises Production Guidance and Provides Capital Spending Guidance for the Full Year 2014

LGX Oil + Gas Inc. entered into a new banking facility with the Alberta Treasury Branch consisting of a $20 million revolving demand credit facility and a $10 million non-revolving term credit facility. The features of the term credit facility include a two year committed term (subject to extension upon mutual consent) available in two tranches with full payment of the principle on maturity. The term credit facility is subject to financial and reserve-based covenants. The new facility replaces the previous $25 million facility. The revolving portion of the new facility is a borrowing base facility subject to annual review by the lender, with the next review scheduled for no later than May 31, 2015. The new credit facility provides the Company with a significant increase to its financial flexibility to conduct its operations. LGX Oil + Gas Inc. spud the first well (15-25-8-24W4) of a budgeted two well horizontal drilling program on August 13, 2014, targeting the Big Valley Formation with first production anticipated in the fourth quarter of 2014. This well offsets LGX's highly successful 14-2 well drilled late in 2013. LGX will now drill the 15-25 well at 100% working interest and expects to also drill the second well at 100% working interest. The company now expects to spud the second well in mid-September 2014 immediately following rig release of the first well with first production anticipated late in the fourth quarter of 2014. These wells were delayed slightly from the original budget due to the late arrival of the drilling rig. As a result of the above developments, the company now expects average production of approximately 1,000 Boe per day for 2014 with exit production of 1,500 Boe per day (exit production is approximately 67% higher than 2013 exit production guidance). The company revised its 2014 exit production guidance to 1,500 Boe per day from the previously announced exit production guidance of 1,400 Boe per day. To account for the increase in working interest as well as additional scope in the completions of the wells, the company now expects capital spending in 2014 to be approximately $18.5 million.

 

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