LGX Oil + Gas Inc. Announces Casing Southern Alberta Bakken Exploration Well and Initiation of 95 Square Mile 3D Seismic Program

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CALGARY, Oct. 16, 2012 /CNW/ - LGX Oil + Gas Inc. ("LGX" or the "Company") (TSXV:OIL) is pleased to provide an update regarding its activities on the Company's Southern Alberta Bakken acreage.  LGX has drilled a vertical exploration well at 6-16-7-23 W4M to a total depth of 2,205 m ahead of schedule and under budget.  The well is located approximately nine miles south of LGX's 8-30 horizontal oil well which produces from the Big Valley Formation.  The 6-16 well encountered oil shows through the Big Valley Formation and other horizons and has been cored, logged and cased.  The well cores and logs will be evaluated for further activity on the well, including a possible horizontal leg and/or completion.

To further the evaluation of the play, LGX has undertaken a 95 square mile 3D seismic program, centred over the Company's lands on the Blood reserve.  Shooting and interpretation of the seismic program should be complete late 2012 and will be beneficial in directing 2013 development activities.

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 in large hydrocarbon in‐place assets and resource plays. LGX's common shares trade on the TSX Venture Exchange under the symbol OIL.

This press release shall not constitute an offer to sell, nor the solicitation of an offer to buy, any securities in the United States, nor shall there be any sale of securities mentioned in this press release in any state in the United States in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements. More particularly, this press release contains statements concerning potential further activity respecting the 6-16 well and the anticipated timing of the completion of the described 3D seismic program. 

The forward-looking statements contained in this document are based on certain key expectations and assumptions made by LGX, including: (i) with respect to potential further activity respecting the 6-16 well, expectations and assumptions concerning the geological characteristics of the formations intersected by the well and the anticipated benefits and results of any further activity; and (ii) with respect to the anticipated timing of the described 3D program, expectations and assumptions concerning the availability of services and the time necessary to complete the program.

Although LGX believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because LGX can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, a determination that any particular activity with respect to the 6-16 would be uneconomic, the potential for delays in the completion of the described 3D seismic program and risks associated with the oil and natural gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks) Certain of these risks are set out in more detail in LGX's Annual Information Form which has been filed on SEDAR and can be accessed at www.sedar.com.

The forward-looking statements contained in this document are made as of the date hereof and LGX undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

SOURCE: LGX Oil + Gas Inc.

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

LGX Oil + Gas Inc.
4400, 525 - 8th Avenue SW
Calgary, AB  T2P 1G1

Telephone: [phone]
Fax: [phone]

Matthew L. Janisch, P.Eng.
Vice-President, Finance + CFO

LGX Oil + Gas Inc.
4400, 525 - 8th Avenue SW
Calgary, AB  T2P 1G1

Telephone: [phone]
Fax: [phone]