LGX Oil + Gas Inc. Announces Significant Big Valley Well Test Results

About this update from Permex Petroleum Corp.

[{"type":"text","content":"\n\n\nCALGARY, Dec. 16, 2013 /CNW/ - LGX Oil + Gas Inc. (\"LGX\" or the\n \"Company\") (TSXV: OIL) is pleased to provide completion results from\n recent southern Alberta drilling activity. LGX's Big Valley (Three\n Forks) Formation horizontal well at 13-2-9-24 W4M was recently\n completed with a 20 stage hydraulic fracture stimulation and has\n achieved the following extended production test results.\n\n\nThe 13-2 well has been flowing back for 136 hours up a 4.5 inch diameter\n frac string and has produced 9,360 Bbl of 31 degree API light oil for\n an average daily rate of approximately 1,650 Bbl oil per day and 570\n Mcf per day of associated solution gas for an oil equivalent rate of\n 1,745 BOE per day over the test period. Peak oil rates in excess of\n 3,500 Bbl per day have been measured during the flow back period. The\n 13-2 well is still flowing 85 Bbls of oil per hour and 700 Mcf per day\n of natural gas with a 10 percent water cut. LGX has a 100 percent\n interest in the well prior to recovery of 200 percent of the drilling,\n completion, equipping and tie-in costs, at which point its interest\n will revert to 80 percent. Please refer to important Reader Advisories at the end of this news release.\n\n\nThe Company plans to continue the evaluation of the well and has\n procured surface production equipment for installation post-flow back\n to facilitate a long-term production test.  With the positive test\n results from 13-2 validating the geophysical and geological model, LGX\n estimates that up to 20 sections of LGX land offsetting the 13-2 well\n may be prospective for Big Valley and/or Banff oil production.\n\n\nIn addition, the Company and other producers have received notice from\n the Federal Minister of Environment of an Emergency Order for the Protection of the Greater Sage-Grouse pursuant to the Species at Risk Act (SARA) to address the imminent threats to the survival and recovery of the\n Greater Sage-Grouse, including protecting the habitat in southeast\n Alberta and southwest Saskatchewan identified in the order to help\n stabilize the Sage-Grouse population and begin its recovery.  The area\n encompassed by the order includes LGX's Manyberries property. LGX is\n reviewing the order and is in consultation with other oil and natural\n gas producers, the Minister of Environment, the Province of A...

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