Bowood Energy Inc. Completes Rights Offering, Changes its Name to LGX Oil + Gas Inc. and Consolidates Common Shares

CALGARY, Aug. 20, 2012 /CNW/ - Bowood Energy Inc. ("Company") is pleased to announce that it has completed its previously announced rights offering.  Pursuant to the rights offering, the Company issued a total of 10,639,827 pre-consolidation common shares at a price of $0.05 per share for gross proceeds of $531,991.35.

The Company is also pleased to announce that it has filed articles of amendment today to change its name to LGX Oil + Gas Inc. and consolidate its common shares on a 20 to 1 basis.  The consolidated common shares will commence trading on the TSX Venture Exchange at the opening of trading on August 22, 2012 under the symbol OIL.  The name change and consolidation were approved by the shareholders of the Company at a meeting held on July 5, 2012.  Following the consolidation, the Company will have a total of 30,278,660 common shares outstanding.

No fractional post-consolidation common shares will be issued and no cash will be paid in lieu of fractional post-consolidation common shares. Any fractional common shares resulting from the consolidation will be rounded to the nearest whole common share.

Letters of transmittal for the exchange of certificates of pre-consolidation common shares for post-consolidation common shares will be mailed to registered shareholders. Shareholders who do not have shares registered in their name, such as shareholders holding their shares through brokerage accounts, will not need to submit a letter of transmittal.

The Company is expected to release its second quarter results on August 28, 2012; concurrent with this release a new website (www.lgxoil.com), along with an updated corporate presentation is expected to be available.

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

SOURCE: Bowood Energy Inc.

Trent J. Yanko, P.Eng.
President + CEO

Matt Janisch
Vice President, Finance + CFO

4400, 525 - 8^th Avenue S.W.
Calgary, AB T2P 1G1

Telephone: [phone]