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LGX Oil + Gas Inc. Announces Casing Southern Alberta Bakken Exploration Well and Initiation of 95 Square Mile 3D Seismic Program
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About this update from Permex Petroleum Corp.
[{"type":"text","content":"\n\n\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY\n CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW./\n\n\nCALGARY, Oct. 16, 2012 /CNW/ - LGX Oil + Gas Inc. (\"LGX\" or the\n \"Company\") (TSXV:OIL) is pleased to provide an update regarding its\n activities on the Company's Southern Alberta Bakken acreage.  LGX has\n drilled a vertical exploration well at 6-16-7-23 W4M to a total depth\n of 2,205 m ahead of schedule and under budget.  The well is located\n approximately nine miles south of LGX's 8-30 horizontal oil well which\n produces from the Big Valley Formation.  The 6-16 well encountered oil\n shows through the Big Valley Formation and other horizons and has been\n cored, logged and cased.  The well cores and logs will be evaluated for\n further activity on the well, including a possible horizontal leg\n and/or completion.\n\n\nTo further the evaluation of the play, LGX has undertaken a 95 square\n mile 3D seismic program, centred over the Company's lands on the Blood\n reserve.  Shooting and interpretation of the seismic program should be\n complete late 2012 and will be beneficial in directing 2013 development\n activities.\n\n\nLGX is a uniquely positioned, technically driven, junior oil and natural\n gas company with a proven management team committed to aggressive,\n cost‐effective growth of light oil reserves and production in large\n hydrocarbon in‐place assets and resource plays. LGX's common shares\n trade on the TSX Venture Exchange under the symbol OIL.\n\n\nThis press release shall not constitute an offer to sell, nor the\n solicitation of an offer to buy, any securities in the United States,\n nor shall there be any sale of securities mentioned in this press\n release in any state in the United States in which such offer,\n solicitation or sale would be unlawful prior to registration or\n qualification under the securities laws of any such state.\n\n\nFORWARD LOOKING STATEMENTS: This press release contains forward-looking\n statements. More particularly, this press release contains statements\n concerning potential further activity respecting the 6-16 well and the\n anticipated timing of the completion of the described 3D seismic\n program.  \n\n\nThe forward-looking ...