LGX Oil + Gas Inc. announces appointment of Receiver

CALGARY, June 7, 2016 /CNW/ - LGX Oil + Gas Inc. ("LGX", or the "Company") (TSXV: OIL) announces that the Court of Queens Bench of Alberta has granted the application of the Company's lender, to appoint Ernst & Young Inc. (the "Receiver") as receiver and manager over the assets, undertakings and property of LGX and its subsidiaries. The Receiver is charged with managing the day to day affairs of the Company during the period of its appointment and should be contacted with respect to any questions concerning the assets and liabilities of LGX and its subsidiaries.

Effective upon the appointment of the Receiver, all of the Corporation's directors have resigned as directors of the Corporation and its subsidiaries, as well all officers of the Company have been terminated.

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 LGX Oil + Gas Inc.

Ernst & Young Inc., 2200, 215 - 2nd Street S.W., Calgary, AB T2P IM4, Duncan MacRae, Phone: [phone], Email: [email protected]