Business
LGX Oil + Gas Inc. announces operations and corporate updates
CALGARY , July 6, 2015 /CNW/ - LGX Oil + Gas Inc. ("LGX" or the "Company") (TSXV: OI...
About this update from Permex Petroleum Corp.
[{"type":"text","content":"\n\nCALGARY, July 6, 2015 /CNW/ - LGX Oil + Gas Inc. (\"LGX\" or the \"Company\") (TSXV: OIL) is pleased to provide an update of the Banff completion results from the 6-36-8-24 W4M well and various corporate developments.\n\nAs previously announced, the Banff Formation was completed with a 6 m perforated interval in the build section of the intermediate casing of the 6-36 well and stimulated with a small volume acid job.  Pump and rods have been run in the well and the well is currently producing at approximately 230 Bbl oil per day with a high fluid level and low water cut.  The Company will optimize production from the well over the next few days. LGX has a 100 percent interest in the well prior to recovery of 200 percent of the drilling, completion, equipping and tie-in costs, at which point its interest will revert to 80 percent.  Please refer to important Reader Advisories at the end of this news release  \n\nLGX is pleased to announce 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, the Williston Basin and the East Coast Offshore includes positions held at Shell Canada, Imperial Oil and several junior Canadian oil and gas companies.  He also served as Managing Director, Geoscience of Waterous Securities Inc. (currently Scotia Waterous).  Dr. Gunton formed Discovery International Geoconsulting Inc., an advisory company that provided advisory services for 19 exploration and production projects in Canada and internationally from 1997 to 2012.  Dr. Gunton is a geologist and holds a B.Sc degree in geology (honours) from Durham University and a Ph.D. in geology from Queens University.\n\nThe Company has received termination notice of the Management, Administrative and Technical Services Agreement from Crescent Point Energy Corp. as successor to Legacy Oil + Gas Inc.  Obligations under this agreement terminate September 29, 2015 and after which LGX intends to have in place the necessary staff and contractors to manage the daily operations of the Company.  Also, LGX announces the resignations of James Pasieka, the...