LGX Oil + Gas Inc. Reports Unaudited Earnings and Production Results for the Second Quarter and Six Months Ended June 30, 2015
Aug 18 15
LGX Oil + Gas Inc. reported unaudited earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported petroleum and natural gas sales, net of royalties of CAD 2,888,312 compared to CAD 5,490,455 a year ago. Funds generated by operations were of CAD 649,917 or CAD 0.01 per diluted share compared to CAD 1,874,662 or CAD 0.02 per diluted share a year ago. Net loss was CAD 3,816,602 or CAD 0.04 per diluted share compared to CAD 727,033 or CAD 0.01 per diluted share a year ago. Capital expenditures on exploration and development were of CAD 490,035 compared to CAD 493,819 a year ago.
For six months, the company reported petroleum and natural gas sales, net of royalties of CAD 5,662,869 compared to CAD 11,910,174 a year ago. Funds generated by operations were of CAD 767,725 or CAD 0.01 per diluted share compared to CAD 4,942,420 or CAD 0.06 per diluted share a year ago. Net loss was CAD 6,262,368 or CAD 0.07 per diluted share compared to CAD 547,372 or CAD 0.01 per diluted share a year ago. Capital expenditures on exploration and development were of CAD 1,141,392 compared to CAD 2,425,807 a year ago.
The company reported production results for the second quarter and six months of 2015. For the quarter, the company reported production of Crude oil and natural gas liquids of 465 Bbls per day compared to 646 Bbls per day a year ago. Production of natural gas was of 1,270 Mcf per day was 1,307 Mcf per day a year ago. Production of barrels of oil equivalent was of 677 Boe per day compared to 864 Boe per day.
For six months, the company reported production of Crude oil and natural gas liquids of 537 Bbls per day compared to 690 Bbls per day a year ago. Production of natural gas was of 1,274 Mcf per day was 1,296 Mcf per day a year ago. Production of barrels of oil equivalent was of 749 Boe per day compared to 906 Boe per day.
LGX Oil + Gas Inc. Provides Operational Update
Jul 29 15
LGX Oil + Gas Inc. provided further operational updates on the 2015 drilling commitments and production results from recent southern Alberta activity. LGX has executed an agreement with Kainai Energy Limited Partnership by its general partner Kainai Energy Corp. (Kainai) whereby Kainai and LGX shall cooperate on a reasonable commercial efforts basis to seek approval from the Blood Tribe Chief & Council (Blood Council) to continue LGX's contiguous 94.75 section Petroleum and Natural Gas lease #OL-6360 (Blood Lease) beyond the end of its primary term of September 30, 2015 for a further five year term. The Blood Lease currently provides for an obligation to commence drilling two wells on the Blood Lease on or before September 30, 2015 (the Drilling Commitment). LGX and Kainai have also agreed to cooperate to seek an amendment to the Blood Lease that allows for a payment, waiver, or other forbearance to be made in lieu of Drilling Commitment. If the amendment is obtained Kainai shall become responsible for fulfilling, at its sole cost, risk and expense, the obligations under the Blood Lease as amended. If Kainai satisfies the amended obligations pursuant to the Blood Lease, LGX shall assign Kainai an additional 30% working interest in an undeveloped portion of the Blood Lease excluding thereout all production and reserves. Post the assignment, LGX will retain a 100% working interest (80% after a 200% payout) in the production and reserves, retain an 80% working interest in the 16.75 sections of land surrounding the Company's drilling activity and have a 50% working interest in the remaining 78 sections of the Blood Lease. The recently re-completed well at 6-36-8-24 W4M in the Banff Formation has been producing at an average daily rate of approximately 315 Bbl oil per day in its first 30 days of production and has produced a total of 12,000 barrels of oil. The 6-36 well is still producing in excess of 350 Bbl of oil per day with less than a 1% water cut and a high fluid level 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%. Please refer to important Reader Advisories at the end of this news release. The positive test results from the 6-36 Banff completion, sustained production from recent competitor offsets and the number of Banff oil shows and tests from previously drilled wells across the area 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 for the already established Big Valley play.
LGX Oil + Gas Inc. Appoints John Gunton to its Board of Directors
Jul 6 15
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.