LGX Oil + Gas Inc. Announces Significant Banff Completion Test Results

Source Press Release
Company LGX Oil + Gas Inc. 
Tags Production/Development, Upstream Activities
Date June 24, 2015

LGX Oil + Gas Inc. ("LGX" or the "Company") (TSXV: OIL) is pleased to provide completion test results from recent southern Alberta activity.  Big Valley (Three Forks) Formation production from the horizontal well at 6-36-8-24 W4M was isolated and the Banff Formation was completed with a 6 m perforated interval in the build section of the intermediate casing and stimulated with a small volume acid job.  The completion has achieved the following extended production test results:

The Banff Formation has been flowing back for 159 hours and has produced in excess of 2,700 Bbl of light oil for an average daily rate of approximately 420 Bbl oil per day over the test period.  Peak oil rates in excess of 800 Bbl per day have been measured during the flow back period.  The 6-36 well is still flowing 130 Bbl of oil per day at a flowing pressure of 1,000 kPa with a two percent water cut from the un-frac'd Banff Formation.  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.

The Company will continue the evaluation of the well through the LGX 1-2 battery.  The positive test results from 6-36 Banffcompletion and the number of Banff oil shows and tests from previously drilled wells have validated the geophysical and geological model for the play.  LGX estimates that up to 40 sections of LGX land offsetting the 6-36 well may be prospective for Banff oil production as well as the already established Big Valley play.

LGX is a uniquely positioned, technically driven, junior oil and natural gas company with a proven management team committed to aggressive, cost-effective growth of light oil reserves and production combined with high impact exploration potential in southern Alberta.  LGX's common shares trade on the TSX Venture Exchange under the symbol OIL.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd