LGX Oil + Gas Inc. Announces Closing of Manyberries Light Oil Asset Acquisition

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CALGARY, Nov. 7, 2012 /CNW/ - LGX Oil + Gas Inc. ("LGX") (TSXV: OIL) is pleased to announce that it has completed its previously announced acquisition (the "Acquisition") of light oil assets in the Manyberries area of southern Alberta.  LGX paid $42.5 million in cash (subject to customary closing adjustments) and issued 4.07 million common shares to the vendor pursuant to the Acquisition.

With the closing of the Acquisition, the 49.5 million outstanding Subscription Receipts of LGX have been exchanged for an equivalent number of common shares for no additional consideration.

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.

SOURCE: LGX Oil + Gas Inc.

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

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

Telephone: [phone]
Fax: [phone]

Matt Janisch, P.Eng.
Vice-President, Finance + CFO

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

Telephone: [phone]
Fax: [phone]