Legacy Oil + Gas Inc. announces light oil corporate and asset acquisitions, increase to 2013 guidance and initiation of crude oil hedging program

About this update from Permex Petroleum Corp.

[{"type":"text","content":"\n\n\n\n\n\nCALGARY, April 3, 2013 /CNW/ - Legacy Oil + Gas Inc. (\"Legacy\" or the\n \"Company\") (TSX:LEG) is pleased to announce the acquisition of light\n oil assets within the Company's core areas (the \"Asset Acquisition\")\n from a senior producer and the acquisition of Villanova Oil Corp.\n (\"Villanova\"), a Saskatchewan based private oil company, (together, the\n \"Acquisitions\"), an increase to Legacy's production guidance for 2013\n and initiation of a crude oil hedging program.\n\n\nSUMMARY OF THE ACQUISITIONS\n\n\nThrough the Acquisitions, Legacy is acquiring high quality, high\n netback, light oil assets focused in the Company's southeast\n Saskatchewan and Turner Valley core areas for total consideration of\n $108.6 million in cash (subject to certain adjustments and including\n assumed net debt) and 13.9 million Legacy common shares.  The producing\n properties are predominately operated with high working interests, 3D\n seismic coverage and control of key producing infrastructure and are\n associated with a light oil prospective undeveloped land base.  The\n Acquisitions also add several key sections of land in Legacy's\n Taylorton and Pinto core areas.\n\n\nThe Acquisitions have the following combined characteristics:\n\n\nCurrent Production\n\n \n \n \n \n\n1,775 Boe/d (90 percent light oil, average 39o API)\n\n \n \n \n \n \n \n\nProved plus Probable Reserves (1):\n\n \n \n \n \n\n9.1 MMBoe\n\n \n \n \n \n \n \n\nProved plus Probable RLI:\n\n \n \n \n \n\n14.0 years\n\n \n \n \n \n \n \n\nUndeveloped Land:\n\n \n \n \n \n\n32,522 net acres\n\n \n \n \n \n \n \n\n3D Seismic\n\n \n \n \n \n\n225 square kilometers\n\n \n \n \n \n \n \n\nTotal Development Drilling Locations:\n\n \n \n \n \n\n194 gross, 82.6 net (65 percent unbooked)\n\n \n \n \n \n \n \n\nOperating Netback (2):\n\n \n \n \n \n\n$60.00 per Boe\n\n\nReserves are Gross Company Reserves evaluated by GLJ Petroleum\n Consultants Ltd. (\"GLJ\") as at December 31, 2012 for Villanova and the\n prorated share of Legacy's reserves ...

More updates from Permex Petroleum Corp.