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LGX Oil + Gas Inc. Announces 27 Percent Increase in 2013 Year-End Reserves, Growth in NAV Per Share, Strong Finding & Development Costs and Provides Operational Update on 14-2 Big Valley Well
CALGARY , March 18, 2014 /CNW/ - LGX Oil + Gas Inc. ("LGX" or the "Company") (TSXV: OIL)...
About this update from Permex Petroleum Corp.
[{"type":"text","content":"\n\n\nCALGARY, March 18, 2014 /CNW/ - LGX Oil + Gas Inc. (\"LGX\" or the\n \"Company\") (TSXV: OIL) is pleased to announce its 2013 year-end\n reserves and provide an operational update.\n\n\nThe financial and operational information contained below is based on\n the Company's unaudited expected results for the year ended December\n 31, 2013.\n\n\nHIGHLIGHTS\n\n\n\n2013 net asset value per share grew by 9 percent over 2012 to $1.27 per\n share\n\n\n2013 total proved plus probable finding and development costs (including\n change in future development costs) of $25.57 per Boe\n\n\nInitial reserve booking of 370 MBoe proved plus probable (gross) to 14-2\n Alberta Bakken well.  Play was also assigned two proved undeveloped\n locations plus two probable locations\n\n\nNetbacks from the Alberta Bakken play are expected to be in excess of\n $50.00 per Boe based on current pricing\n\n\nTotal proved plus probable reserves grew by 27 percent to 5.6 MMBoe (82\n percent oil and NGL's) at year end 2013 from 4.4 MMBoe (72 percent oil\n and NGL's) at year end 2012\n\n\n2013 production averaged 898 Boe per day, an increase of 209 percent\n over 2012 average production of 291 Boe per day\n\n\nReplaced 464 percent of production on a total proved plus probable basis\n\n\n\nRESERVES\n\n\nIn this press release, all references to reserves are to gross company\n reserves, meaning LGX's working interest reserves before deductions of\n royalties and before consideration of LGX's royalty interests.  The\n reserves were evaluated by GLJ Petroleum Consultants (\"GLJ\") in\n accordance with National Instrument 51-101 - Standards of Disclosure\n for Oil and Gas Activities (\"NI 51-101\") effective December 31, 2013. \n LGX's annual information form for the year ended December 31, 2013 (the\n \"AIF\") will contain LGX's reserves data and other oil and natural gas\n information as mandated by NI 51-101.  LGX is required to file the AIF\n on SEDAR on or before March 31, 2014. A copy of the AIF will be\n available under LGX's profile at www.sedar.com or at www.lgxoil.com.  The summary information provided below should be read in conjunction\n with the detailed information in the AIF.\n\n\nAs of December 31, 2013, LGX's total gross proved plus probable reserves\n base was 5,604 MBoe, an increase of 27 percent year over year.  Total\...