Last C$0.50 CAD
Change Today -0.025 / -4.81%
Volume 22.9K
OIL On Other Exchanges
Symbol
Exchange
Venture
OTC US
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As of 3:40 PM 09/19/14 All times are local (Market data is delayed by at least 15 minutes).

lgx oil + gas inc (OIL) Snapshot

Open
C$0.52
Previous Close
C$0.52
Day High
C$0.52
Day Low
C$0.50
52 Week High
12/17/13 - C$0.79
52 Week Low
08/20/14 - C$0.44
Market Cap
43.9M
Average Volume 10 Days
36.3K
EPS TTM
C$-0.19
Shares Outstanding
88.7M
EX-Date
--
P/E TM
--
Dividend
--
Dividend Yield
--
Current Stock Chart for LGX OIL + GAS INC (OIL)

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lgx oil + gas inc (OIL) Details

LGX Oil + Gas Inc., a junior oil and natural gas company, is engaged in the exploration, development, and production of oil and natural gas primarily in western Canada. The company produces light crude oil, natural gas liquids, and natural gas. Its principal properties comprise the Manyberries property, Alberta Bakken properties, and Armada property located in southern Alberta. The company is headquartered in Calgary, Canada.

1 Employees
Last Reported Date: 03/24/14
Founded in 1987

lgx oil + gas inc (OIL) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: --
Chief Financial Officer and Vice President of...
Total Annual Compensation: --
Compensation as of Fiscal Year 2013.

lgx oil + gas inc (OIL) Key Developments

LGX Oil + Gas Inc. Enters into $30 Million Bank Facility; Spuds First Horizontal Well in 2014 Alberta Bakken Development Drilling Program; Revises Production Guidance and Provides Capital Spending Guidance for the Full Year 2014

LGX Oil + Gas Inc. entered into a new banking facility with the Alberta Treasury Branch consisting of a $20 million revolving demand credit facility and a $10 million non-revolving term credit facility. The features of the term credit facility include a two year committed term (subject to extension upon mutual consent) available in two tranches with full payment of the principle on maturity. The term credit facility is subject to financial and reserve-based covenants. The new facility replaces the previous $25 million facility. The revolving portion of the new facility is a borrowing base facility subject to annual review by the lender, with the next review scheduled for no later than May 31, 2015. The new credit facility provides the Company with a significant increase to its financial flexibility to conduct its operations. LGX Oil + Gas Inc. spud the first well (15-25-8-24W4) of a budgeted two well horizontal drilling program on August 13, 2014, targeting the Big Valley Formation with first production anticipated in the fourth quarter of 2014. This well offsets LGX's highly successful 14-2 well drilled late in 2013. LGX will now drill the 15-25 well at 100% working interest and expects to also drill the second well at 100% working interest. The company now expects to spud the second well in mid-September 2014 immediately following rig release of the first well with first production anticipated late in the fourth quarter of 2014. These wells were delayed slightly from the original budget due to the late arrival of the drilling rig. As a result of the above developments, the company now expects average production of approximately 1,000 Boe per day for 2014 with exit production of 1,500 Boe per day (exit production is approximately 67% higher than 2013 exit production guidance). The company revised its 2014 exit production guidance to 1,500 Boe per day from the previously announced exit production guidance of 1,400 Boe per day. To account for the increase in working interest as well as additional scope in the completions of the wells, the company now expects capital spending in 2014 to be approximately $18.5 million.

LGX Oil + Gas Inc. Reports Unaudited Consolidated Earnings and Production Results for the Second Quarter and Six Months Ended June 30, 2014

LGX Oil + Gas Inc. reported unaudited consolidated earnings and production results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported petroleum and natural gas sales, net of royalties of CAD 5,490,455 against CAD 4,156,240 a year ago. Funds generated by operations were CAD 1,874,662 or CAD 0.02 per basic and diluted share against CAD 1,609,234 or CAD 0.02 per basic and diluted share a year ago. Net loss was CAD 727,033 or CAD 0.01 per basic and diluted share against CAD 3,127,371 or CAD 0.04 per basic and diluted share a year ago. Capital expenditures - exploration and development were CAD 493,819 against CAD 361,856 a year ago. For the six months, the company reported petroleum and natural gas sales, net of royalties of CAD 11,910,174 against CAD 8,047,380 a year ago. Funds generated by operations were CAD 4,942,420 or CAD 0.06 per basic and diluted share against CAD 2,724,883 or CAD 0.03 per basic and diluted share a year ago. Net loss was CAD 547,372 or CAD 0.01 per basic and diluted share against CAD 4,280,996 or CAD 0.05 per basic and diluted share a year ago. Capital expenditures - exploration and development were CAD 2,425,807 against CAD 842,076 a year ago. For the quarter, the company reported crude oil and natural gas liquids of 646 Bbls per day compared with 578 Bbls per day a year ago. Natural gas was 1,307 Mcf per day against 1,729 Mcf per day a year ago. Barrels of oil equivalent was 864 Boe per day compared with 866 Boe per day a year ago. For the six months, the company reported crude oil and natural gas liquids of 690 Bbls per day compared with 595 Bbls per day a year ago. Natural gas was 1,296 Mcf per day against 1,768 Mcf per day a year ago. Barrels of oil equivalent was 906 Boe per day compared with 890 Boe per day a year ago.

LGX Oil + Gas Inc. Announces Unaudited Consolidated Earnings and Operating Results for the First Quarter Ended March 31, 2014

LGX Oil + Gas Inc. announced unaudited consolidated earnings and operating results for the first quarter ended March 31, 2014. For the quarter, the company's petroleum and natural gas sales, net of royalties was CAD 6,419,719 compared with CAD 3,891,140 a year ago. Funds generated by operations were CAD 3,067,758 or CAD 0.03 per basic and diluted share compared with CAD 1,115,649 or CAD 0.01 per basic and diluted share a year ago. Net income was CAD 179,661 compared with net loss of CAD 1,153,625 or CAD 0.01 per basic and diluted share a year ago. Capital expenditures (excluding acquisitions) were CAD 1,931,988 compared with CAD 480,220 a year ago. The company's net debt and working capital surplus (deficit) as at March 31, 2014 was CAD 18,495,587 against as at March 31, 2013 of 9,307,723. For the quarter, the company's crude oil and natural gas liquids 734 Bbls per day compared with 612 Bbls per day a year ago. Natural gas was 1,285 Mcf per day against 1,806 Mcf per day a year ago. Barrels of oil equivalent was 948 Boe per day compared with 913 Boe per day a year ago.

 

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