LGX Oil & Gas, Inc. (ROAOF)

[Zabroski]

I still have a bunch of shares in my portfolio ????

[H8ster]

LGX Oil & Gas (formerly Bowood Oil & Gas)
LGX Oil & Gas Company Website
ROAOF (American Ticker)
OIL (Canadian Ticker)

[H8ster]

LGX Oil Gas Inc. Announces Significant Big Valley Well Test Results

CALGARY, Dec. 16, 2013 (Menafn - Canada NewsWire via COMTEX) --LGX Oil Gas Inc. ("LGX" or the "Company") is pleased to provide completion results from recent southern Alberta drilling activity. LGX's Big Valley (Three Forks) Formation horizontal well at 13-2-9-24 W4M was recently completed with a 20 stage hydraulic fracture stimulation and has achieved the following extended production test results.

The 13-2 well has been flowing back for 136 hours up a 4.5 inch diameter frac string and has produced 9,360 Bbl of 31 degree API light oil for an average daily rate of approximately 1,650 Bbl oil per day and 570 Mcf per day of associated solution gas for an oil equivalent rate of 1,745 BOE per day over the test period. Peak oil rates in excess of 3,500 Bbl per day have been measured during the flow back period. The 13-2 well is still flowing 85 Bbls of oil per hour and 700 Mcf per day of natural gas with a 10 percent water cut. LGX has a 100 percent interest in the well prior to recovery of 200 percent of the drilling, completion, equipping and tie-in costs, at which point its interest will revert to 80 percent. Please refer to important Reader Advisories at the end of this news release.

The Company plans to continue the evaluation of the well and has procured surface production equipment for installation post-flow back to facilitate a long-term production test. With the positive test results from 13-2 validating the geophysical and geological model, LGX estimates that up to 20 sections of LGX land offsetting the 13-2 well may be prospective for Big Valley and/or Banff oil production.

LGX Oil & Gas Inc Announces Significant Big Valley Well Test Results

[LGL8054]

Insider are doing the shorting Dime for Dime.

http://otcshortreport.com/index.php?index=ROAOF&action=view

[LGL8054]

We are going back to where we started below .05

[H8ster]

LGX Oil & Gas Webcast – SEPAC 2012 Fall Investor Showcase
Webcast – SEPAC 2012 Fall Investor Showcase

[LGL8054]

Oil drops $4 this AM

[LGL8054]

NO BID NO ASK at .93

[LGL8054]

Look at the share price from yesterday to today.
Securities fraud, also known as stock fraud and investment fraud, is a deceptive practice in the stock or commodities markets that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of securities laws.[1]

Securities fraud can also include outright theft from investors (embezzlement by stockbrokers), stock manipulation, misstatements on a public company's financial reports, and lying to corporate auditors.

Market manipulation is a deliberate attempt to interfere with the free and fair operation of the market and create artificial, false or misleading appearances with respect to the price of, or market for, a security, commodity or currency.[1] Market manipulation is prohibited in the United States under Section 9(a)(2)[2][3] of the Securities Exchange Act of 1934. The Act defines market manipulation as transactions which create an artificial price or maintain an artificial price for a tradeable securit

[Renee]

ROAOD changed to ROAOF:

http://www.otcbb.com/asp/dailylist_detail.asp?d=09/19/2012&mkt_ctg=NON-OTCBB

[LGL8054]

Now here comes STRATA OIL & GAS ( SOIGF )
Tell them you want 40 to 1 of there shares.

[LGL8054]

No BID no ASK

[LGL8054]

Canadian symbol for LGX OIL AND GAS INC (OIL.V)

[LGL8054]

ROAOF is no longer valid. It has changed to ROAOD.

[LGL8054]

I don't know where I got the idea that Bowood was going to merg with LEG but after talking to the LEG office I found out that they are a sister company only and they are managing Bowood only and no merge, they do own a big chunk of stock so they want it to be successful.

Rights Offering #1 you could have bought in the open market for less #2 you will still have a reverse split of 20 to 1 on the rights offering. #3 I think that you can buy Bowood stock much less down the line when the shareholders understand what is going on ( this is just another standard RS dump on the shareholders )and you will see the share price is going to the bottom.

LEG plans to put assets into Bowood some time later. I see the symbol may change and a couple years down the line "they may find a buyer or do a spin it off." in the mean while I sold most of my shares and will be siting on the sidelines. Good luck all.

[sumisu]

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

Press Release: Bowood Energy Inc. – 17 hours ago.. .

http://finance.yahoo.com/news/bowood-energy-inc-completes-rights-224300833.html

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.

[H8ster]

Time will tell.

[LGL8054]

LEG hopes to put assets in to Bowood like producing wells to create a income and groom Bow for a sale/merge or a spin off. Bow assets currently are leases and gas wells and the price of gas is low $2 to $3 and we should improve over time.

[LGL8054]

Rights Offering out today to buy 10% more shares at .05 / share, good until the 17 th.

[LGL8054]

Legacy Oil + Gas Inc. (LEG.TO)


6.79 Up 0.22(3.35%) 11:23AM EDT
Add to Portfolio
Profile Get Profile for:
Legacy Oil + Gas Inc.
525
Suite 4400
Calgary, AB T2P 1G1
Canada - Map
Phone: [phone]
Fax: [phone]
Website: http://www.legacyoilandgas.com

http://finance.yahoo.com/q/pr?s=LEG.TO+Profile

[LGL8054]

Legacy Oil + Gas Inc. (LEG.TO)
-Toronto

6.45 Up 0.26(4.20%) Aug 3, 4:00PM EDT
Add to Portfolio
Prev Close: 6.19
Open: 6.39
Bid: 6.45
Ask: 6.46
1y Target Est: 11.47
Beta: N/A
Next Earnings Date: 9-Aug-12LEG.TO Earnings announcement
Day's Range: 6.37 - 6.53
52wk Range: 4.80 - 12.98
Volume: 366,200
Avg Vol (3m): 1,138,810
Market Cap: 924.37M
P/E (ttm): 37.94
EPS (ttm): 0.17
Div & Yield: N/A (N/A)



Legacy Oil + Gas Inc. Provides Second Quarter 2012 Release DateCNW Group(Wed, Jul 18)
CANADA STOCKS-TSX may open higher on Europe hopesat Reuters(Tue, Jul 10)
Bowood Energy Inc. and Legacy Oil + Gas Inc. Announce Completion of Previously Announced Strategic TransactionCNW Group(Thu, Jul 5)
EnerCom, Inc. To Host The Oil & Gas Conference® 17 August 12-16, 2012PR Newswire(Mon, Jul 2)
UPDATE 2-Legacy Oil + Gas posts profit, output to rise this yearat Reuters(Mon, May 14)
CANADA STOCKS-TSX may open lower, Greece and China weighat Reuters(Mon, May 14)
Q1 2012 Legacy Oil + Gas Inc Earnings Release - Time Not SuppliedCCBN(Mon, May 14)
UPDATE 1-Legacy Oil + Gas posts profit on higher productionat Reuters(Mon, May 14)
Legacy Oil + Gas Inc. Announces First Quarter 2012 ResultsCNW Group(Mon, May 14)
Bowood Energy Inc. and Legacy Oil + Gas Inc. Announce Strategic Transaction to Create Alberta Bakken-Focused ProducerCNW Group(Mon, May 14)

» More Headlines for LEG.TO

[LGL8054]

Legacy Oil + Gas Inc. Provides Second Quarter 2012 Release Date
CNW GroupPress Release: Legacy Oil + Gas Inc. – Wed, Jul 18, 2012 6:29 PM EDT
Companies:

Legacy Oil + Gas Inc.

RELATED QUOTES
Symbol Price Change
LEG.TO 6.89 0.13


CALGARY , July 18, 2012 /CNW/ - Legacy Oil + Gas Inc. ("Legacy" or the "Company") (LEG.TO) announces that the Company will release its second quarter 2012 financial and operational results on August 9, 2012 .

Management will be holding a conference call for investors, financial analysts, media and any interested persons on Friday August 10, 2012 at 9:00 a.m. (MDT ) (11:00 a.m. EDT) to discuss the quarterly results.

The investor conference call details are as follows:

Participant Dial-In Number(s):

Operator Assisted Toll-Free Dial-In Number: [phone]
Local Dial-In Number: [phone]
Conference ID: 12788940

Note: In order to join this conference call, you will be required to provide the Conference ID Number listed above.

Legacy is a uniquely positioned, technically driven intermediate 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. Legacy's common shares trade on the TSX under the symbol LEG.

[LGL8054]

Neither Legacy nor Bowood undertakes any 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.

[LGL8054]

Bowood shareholders also approveda proposed name change of Bowood to LGX Oil + Gas Inc. and a proposed consolidation of the Bowood Shares on a( R/S ) 20 to 1 basis. Bowood will issue a further press release at such time as the reconstituted board of directors determines to implement such name change and consolidation.

[LGL8054]

Bowood Energy Inc. and Legacy Oil + Gas Inc. Announce Completion of Previously Announced Strategic Transaction
CNW GroupPress Release: Legacy Oil + Gas Inc. – Thu, Jul 5, 2012
Bowood Energy Inc.
Legacy Oil + Gas Inc.

RELATED QUOTES
Symbol Price Change
BWD.V 0.05 0.00


CALGARY , July 5, 2012 /CNW/ - Bowood Energy Inc. ("Bowood" or the "Company") (BWD.V) and Legacy Oil + Gas Inc. ("Legacy") (LEG.TO) are pleased to announce that the shareholders of Bowood, at the annual general and special meeting of shareholders held this morning, approved the previously announced strategic transaction with Legacy by a positive vote in excess of 92% of the votes cast. Bowood and Legacy are further pleased to announced that, following such approval, they have completed: (i) the sale of Legacy's southern Alberta assets, excluding assets in the greater Turner Valley area, to Bowood (the "Asset Purchase"); and (ii) the appointment of a new management team and certain new directors for Bowood.

Asset Purchase

The Asset Purchase consisted of the sale of Legacy's undeveloped land in southern Alberta, excluding assets in the greater Turner Valley area, to Bowood in exchange for 200,000,000 common shares of Bowood ("Bowood Shares"). The Asset Purchase included the Legacy/Bowood joint venture land, including the Big Valley oil wells drilled at Kipp and Spring Coulee. The Legacy farmin agreement with Bowood was terminated upon closing of the Asset Purchase. Following completion of the Asset Purchase, Bowood has 474,933,373 Bowood Shares outstanding, 42.1% of which are owned by Legacy.

New Management and Directors

Following completion of the Asset Purchase: (i) the former officers of Bowood resigned and were replaced by Trent Yanko as President and Chief Executive Officer, Matt Janisch as Vice-President, Finance and Chief Financial Officer and Mark Franko as Corporate Secretary; (ii) the board of directors of Bowood was reconstituted to be comprised of James Pasieka as Chairman, Trent Yanko , Chris Bloomer , Jim Welykochy and Neil Roszell ; and (iii) Legacy and Bowood entered into a management, technical and administrative services agreement on the terms previously disclosed.

Strategic Positioning

Upon closing of this transaction, Bowood becomes a high impact light oil exploration focused junior company with the dominant high working interest, operated position in the southern Alberta Bakken play, an exploration play that has attracted significant industry activity in recent years. The Company has 155,974 net acres of undeveloped land in the over-pressured oil window in the Alberta Bakken fairway, including a contiguous 60,512 net acre block on the Blood Tribe Reserve. It is expected that Bowood will evaluate potential acquisition opportunities to build an inventory of oil development drilling locations with the view of increasing the Company's cash flow to be able to fund a sustainable exploration program over a multi-year period

Other Matters

No securities were issued pursuant to the previously announced unit private placement and such private placement will not proceed. The new management of Bowood will review Bowood's ongoing capital requirements and available methods of financing and make such determinations as to the future financing of Bowood as it deems to be in the best interests of the Company.

Bowood intends to proceed with its previously announced rights offering to the Bowood shareholders. However, the previously announced anticipated exercise price of $0.12 per Bowood Share under the rights offering remains in excess of the current trading price of the Bowood Shares, limiting the current value of the rights offering to the Bowood shareholders. Bowood's new management will review the terms of the rights offering terms in light of current market conditions. Completion of the rights offering remains subject to the regulatory approval, including the approval of the TSXV.

At the shareholders meeting held this morning, the Bowood shareholders also approved a proposed name change of Bowood to LGX Oil + Gas Inc. and a proposed consolidation of the Bowood Shares on a 20 to 1 basis. Bowood will issue a further press release at such time as the reconstituted board of directors determines to implement such name change and consolidation.

Legacy has filed on SEDAR an early warning report respecting its acquisition of Bowood Shares pursuant to the Asset Purchase, a copy of which will be available for viewing under Bowood's profile on SEDAR or may be obtained by contacting Legacy as set out below.

Financial Advisors

GMP Securities L.P acted as financial advisor to Bowood with respect to the matters provided for in the Agreement. Haywood Securities Inc. acted as strategic advisor to Bowood with respect to the Agreement.

Macquarie Capital Markets Canada Ltd. and FirstEnergy Capital Corp. acted as co-financial advisors and National Bank Financial Inc. acted as strategic advisor to Legacy with respect to the Agreement.

Note Regarding Forward Looking Statements

This press release contains forward-looking statements. More particularly, this press release contains forward-looking statements concerning the anticipated evaluation of acquisition opportunities by new management, new management's review of ongoing capital requirements and available methods of financing and new management's review of the terms of the proposed rights offering.

The forward-looking statements are based on certain key expectations and assumptions, including expectations and assumptions concerning prevailing market conditions and access to capital. Although it is believed 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 Legacy and Bowood 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, risks related to volatility in market conditions and access to capital. The terms and timing of the proposed rights offering remain subject to finalization and receipt of all required regulatory approvals.

The forward-looking statements contained in this press release are made as of the date hereof and neither Legacy nor Bowood undertakes any 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.

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 release.

[LGL8054]

North American Energy the Unleashing

The United States, Canada and Mexico are awash in hydrocarbon resources: oil, natural gas and coal. The total North American hydrocarbon resource base is more than four times greater than all the resources extant in the Middle East. And the United States alone is now the fastest-growing producer of oil and natural gas in the world, says Mark P. Mills, an adjunct fellow with the Manhattan Institute.

It is time to appreciate the staggering potential economic and geopolitical benefits that facilitating the development of these resources can bring to the United States.

An affirmative policy to expand extraction and export capabilities for all hydrocarbons over the next two decades could yield as much as $7 trillion of value to the North American economy, with $5 trillion of that accruing to the United States, including generating $1 trillion to $2 trillion in tax receipts to federal and local governments.
Such a policy would also create millions of jobs rippling throughout the economy.
While it would require substantial capital investment, essentially all of that would come from the private sector.

The underlying paradigms embedded in American energy policy and regulatory structures are anchored in the idea of shortages and import dependence. A complete reversal in thinking is needed to orient North America around hydrocarbon abundance -- and exports.

In collaboration with Canada and Mexico, the United States could -- and should -- forge a broad pro-development, pro-export policy to realize the benefits of our hydrocarbon resources. Such a policy could lead to North America becoming the largest supplier of fuel to the world by 2030. For the United States, the single most effective policy change would be to emulate Canada's solution for permitting major energy projects: create a one-portal, one-permit federal policy for all permits.

Source: Mark P. Mills, "Unleashing the North American Energy Colossus: Hydrocarbons Can Fuel Growth and Prosperity," Manhattan Institute, July 2012.

For text:

http://www.manhattan-institute.org/html/pgi_01.htm

[LGL8054]

Bowood Energy Inc. Announces Private Placement and Provides Rights Offering Update

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
VIOLATION OF U.S. SECURITIES LAW.


Bowood Energy Inc. (TSX VENTURE:BWD) ("Bowood") is pleased to announce that it
has entered into an agreement with a syndicate of agents co-led by GMP
Securities L.P., Macquarie Capital Markets Canada Ltd. and FirstEnergy Capital
Corp. (the "Syndicate") providing for a private placement for gross proceeds of
up to $6.0 million (the "Financing"). Bowood is also pleased to provide an
update concerning its previously announced rights offering (the "Rights
Offering").


Financing

Pursuant to the Financing, the Syndicate will offer, on a commercially
reasonable efforts private placement basis, up to 120,000,000 units of Bowood
("Units") at a price of $0.05 per Unit for total gross proceeds of up to $6.0
million. Each Unit will consist of one common share ("Common Share") and one
warrant to purchase one Common Share at a price of $0.065 per Common Share for a
period of three years. There is no minimum subscription amount under the
Financing. Directors and officers of Bowood may participate as subscribers in
the Financing in amounts to be determined. Securities issued pursuant to the
Financing will be subject to a four month hold period.


Closing of the Financing is subject to customary conditions and regulatory
approvals, including the approval of the TSX Venture Exchange (the "TSXV").
Closing is expected to occur on or about July 27, 2012 and, in any event, will
occur following the record date for the Rights Offering such that subscribers
under the Financing will not be entitled to rights pursuant to the Rights
Offering.


The net proceeds of the Financing will be used to reduce outstanding
indebtedness under Bowood's credit facility, which may be subsequently redrawn
to fund capital expenditures and for general corporate purposes.


Rights Offering

Bowood intends to proceed with the Rights Offering as soon as it receives all
required regulatory approvals, including the approval of the TSXV. Once in
receipt of such approvals, Bowood will issue a further press release announcing
the record date (the "Record Date") and the expiry date (the "Expiry Date") for
the Rights Offering.


Although Bowood previously announced that the anticipated exercise price per
Common Share pursuant to the Rights Offering would be $0.12, Bowood will
proceed, subject to regulatory approval, with a reduced exercise price of $0.05
per Common Share to reflect current market conditions and the offering price
under the Financing.


Pursuant to the Rights Offering, each holder of a Common Share on the Record
Date will receive one transferable right (a "Right") for every Common Share
held. Every ten (10) Rights will entitle the holder to purchase one Common Share
at a price of $0.05 per Share until the Rights expire at 4 p.m. (Calgary time)
on the Expiry Date. The Rights Offering will include an additional subscription
privilege under which holders of Rights who fully exercise their Rights will be
entitled to subscribe for additional Common Shares, if available, that were not
otherwise subscribed for in the Rights Offering. There will be no standby
guarantee.


Legacy Oil + Gas Inc. has agreed not to participate in the Rights Offering with
respect to the 200,000,000 Common Shares that it acquired on July 5, 2012 and
will not be entitled to exercise, sell or convey any Rights. Accordingly, a
maximum of approximately 27,497,337 Common Shares will be issued pursuant to the
Rights Offering for aggregate gross proceeds of approximately $1.375 million.
Bowood will use the proceeds of the Rights Offering for general corporate
purposes.


Name Change and Consolidation

Subject to the approval of the TSXV, Bowood intends to change its name to LGX
Oil + Gas Inc. and complete a consolidation of its Common Shares on a 20 to 1
basis as soon as practicable following the Expiry Date under the Rights
Offering.


Conference Call

Bowood will conduct an investor conference call to discuss the corporate
strategy, Financing and Rights Offering. Bowood will issue a further press
release announcing the time and dial-in particulars for the conference call.

[LGL8054]

It's starting to happen...

In yesterday's biggest energy news, the Chinese supermajor CNOOC just bought out Canadian natural gas and oil producer Nexen for a 60% premium! That puts its P/E at 27.85.

(For comparison, ExxonMobil sports a P/E of 10; BP sports a value of 5.)

Look for more of these deals coming down the pike.

[LGL8054]

Headlines BWD.V


Bowood Energy Inc. Announces Private Placement and Provides Rights Offering UpdateMarketwire(Thu, Jul 12)

Bowood Energy Inc. and Legacy Oil + Gas Inc. Announce Completion of Previously Announced Strategic TransactionCNW Group(Thu, Jul 5)

Bowood Energy Inc. Announces Mailing of Information CircularMarketwire(Fri, Jun 8)

UPDATE 2-Legacy Oil + Gas posts profit, output to rise this yearat Reuters(Mon, May 14)

Bowood Energy Inc. and Legacy Oil + Gas Inc. Announce Strategic Transaction to Create Alberta Bakken-Focused ProducerCNW Group(Mon, May 14)

[LGL8054]

The Energy Revolution And Its Discontents

With all the gloomy economic news coming out of late,one bright spot flew under the radar last week:the United States is poised to be the proverbial center of the energy universe.

A recent study by Harvard Research Fellow Leonardo Maugeri found that the United States’ incredible shale reserves represent “the most important revolution in the oil sector in decades.”

Thanks to the technological revolution brought about by the combined use of horizontal drilling and hydraulic fracturing,the U.S. is now exploiting its huge and virtually untouched shale and tight oil fields,whose production – although still in its infancy – is already skyrocketing in North Dakota and Texas.

Few Americans are more cognizant of this energy revolution’s possibilities than those who live in the towns sitting above the nation’s largest shale formations. The Heritage Foundation traveled to Willison,North Dakota,above the massive Bakken shale,to hear first-hand how the oil boom there has improved residents’ lives.

[LGL8054]

Greed in the OIL PATCH

I plan to vote against the takeover of BOWOOD it is another screw the shareholders term of endearment.

Just look at the going price of the land oil lease value today per acre. If you buy something for a Dollar and the same lease is pushing $3000 and you don't sell it for one Dollar.

WHAT IS GOING ON ?




.

[LGL8054]

Legacy announced on May 14, 2012, the Company entered into an agreement to sell certain undeveloped lands and minor production in southern Alberta to Bowood Energy Inc. (“Bowood”) in exchange for 200,000,000 common shares of Bowood. The agreement stipulates, among other things, that Bowood’s management team would be replaced by Trent Yanko as President + CEO and Matt Janisch as Vice President, Finance + CFO and that Bowood would be managed by Legacy under a services agreement.

[LGL8054]

No BID, No ASK whats up?

[LGL8054]

PROXYVOTE.COM

You elected to receive security owner communications and submit voting
instructions via the Internet. This E-mail contains information specific to
your holding(s) in the corporation identified below. Please read the
instructions carefully before proceeding.

This is a NOTIFICATION of the:

BOWOOD ENERGY INC.
2012 Annual and Special Meeting of Security Owners.

MEETING DATE: July 5, 2012

For Holders as of: June 5, 2012

CUSIP NUMBER: 103066106

ACCOUNT NUMBER: *****915

CONTROL NUMBER: 292482192261

Internet voting is accepted up to 11:59 p.m.(ET) the day before the
meeting. Please refer to the proxy materials, available via the link(s)
below, to confirm if a cut off date applies to this solicitation. In the
event of a discrepancy between information contained in this e-mail and
the proxy material, the proxy material will prevail.

As your vote is very important, we need to receive your voting instructions
at least one business day before the voting cut-off time stated in the
information circular. Instructions received after the cut-off may not be
accepted by the tabulators.

You can enter your voting instructions and view the corporate materials at
the following Internet site. If your browser supports secure transactions
you will be automatically directed to a secure site.

http://www.ProxyVote.com

Note: If your E-mail software supports it, you can simply click on the
above link. To access www.ProxyVote.com, you will need the above CONTROL
NUMBER and the four digit PERSONAL IDENTIFICATION NUMBER (PIN) you enrolled
with at either www.ProxyVote.com or www.InvestorDelivery.com.

The relevant corporate materials can also be found at the following
Internet site(s):

Notice / Information Circular
http://www.bowoodenergy.ca/proxy

To view the above documents, you may need the Adobe Acrobat Reader. To
download the Adobe Acrobat Reader, click the URL address below:

http://www.adobe.com/products/acrobat/readstep2.html

About InvestorDelivery

You enrolled at InvestorDelivery.com by responding to a letter from a
corporation in which you hold securities.

To view, cancel or change your enrollment information, please go to
http://www.InvestorDelivery.com . You will need the enrollment number
below, and your four-digit PERSONAL IDENTIFICATION NUMBER (PIN).

If you have forgotten your PIN, you can have it sent to your enrolled
E-mail address by following the "Maintenance Instructions" at
www.InvestorDelivery.com.

Your InvestorDelivery Enrollment Number is: H000263953107

There are no charges for this service. There may be costs associated
with electronic access, such as usage charges from Internet access
providers and telephone companies, which must be borne by the security
owner.

Please do not send any e-mail to [e-mail]. Click on REPLY to send
any comments or questions about ProxyVote.com.

Be sure to include the original text and subject line of this message for
identification purposes.

AOL Users, please highlight the entire message before clicking reply.

[H8ster]

Producers Still Trying To Crack The Southern Alberta Bakken/Exshaw Nut

In 2010, the Bakken/Exshaw oil play near the Canada/United States border attracted fanfare in Alberta as producers quickly snapped up Crown land, which drew great optimism for its potential.

Two years later, producers are still trying to get a handle on the best way to drill the rocks in that area by using various completion techniques, as well as testing different zones.

The Bakken shale on the Montana side of the Alberta basin and its geological equivalent, the Exshaw shale on the Canadian side, are the same age: late Devonian to early Mississippian and of similar deposition to the Williston Basin Bakken shale, but are part of a separate geological system.

Canadian-side producers, noted a report earlier this spring by Scotia Capital, include Crescent Point Energy Corp.; Canadian Natural Resources Limited; Encana Corporation; Nexen Inc.; ExxonMobil Canada Ltd.; Murphy Oil Corporation; Shell Canada Limited; Argosy Energy Inc.; Blacksteel Energy Inc.; Bowood Energy Inc. (which has since announced a deal with fellow Bakken/Exhaw player Legacy Oil + Gas Inc. (DOB, May 14, 2012); DeeThree Exploration Ltd.; Pace Oil & Gas Ltd.; and PetroSpirit Resources Ltd. (a private company).

Companies developing the play in the U.S. include Anschutz Exploration Corporation (private); Newfield Exploration Company; Quicksilver Resources Inc.; Rosetta Resources Inc.; Abraxas Petroleum Corporation; Arkanova Energy Corporation; American Eagle Energy Inc.; Canadian company Compton Petroleum Corporation; Mountainview Energy Ltd.; Passport Energy Ltd.; Calgary-based Primary Petroleum Corporation; and Stone Energy Corporation.

"The Exshaw formation in Alberta and northern Montana is a dark, organic-rich shale -- an excellent source rock that has produced much of the oil found in conventional reservoirs in Alberta," said Brad Hayes, president of Petrel Robertson Consulting Ltd.

It is the same age as the Bakken shale in the Williston Basin of Saskatchewan and North Dakota and has many of the same properties. But there are two key attributes of the Bakken that have not been demonstrated yet in the Exshaw, he noted.

"First, the Bakken has a low permeability sandstone or siltstone bed in the middle that is a great tight oil reservoir, and is the target for horizontal drilling," Hayes said. "Secondly, the Bakken is overpressured in the Williston Basin, giving the reservoir more energy to produce oil. We see a tight siltstone in the Exshaw in places, and the small amount of well control suggests overpressuring to the west, but we haven't yet demonstrated these factors to be as well developed or extensive as in the Bakken."

Hayes said that companies exploring the Exshaw in southern Alberta and to the south in northern Montana are trying a variety of drilling and completion techniques to improve their understanding of the reservoir and to work out how best to produce it.

"The best methods -- horizontal length, number of fracs, pressures, proppants, et cetera -- may vary from place to place as the reservoir conditions vary," he noted. "We can't tell yet whether the Exshaw will be as good as the Bakken. My guess is that the early signs indicate a more difficult reservoir that won't be as productive.

"Experienced companies have been working this play for a couple of years now, and the lands are pretty tied up, but we are not seeing a lot of announcements of positive results yet," Hayes added. "Contrast that with the Duvernay, where we have heard some pretty big flow rates from many of the initial wells."

But, he noted, there's "too much money into the Exshaw play to give up on it.

"I think companies will continue to experiment and assess, although the pace may slow until bigger rewards are realized," Hayes said.

Rick Morgan, consultant, senior exploration analyst, with Canadian Discovery Ltd., said that in the Williston Basin geochemical studies indicate that the voluminous hydrocarbons generated have not been expelled from the source rocks, except to occasional porous fractions of the rock immediately overlying (Lodgepole) or underlying (Torquay, Sanish members of the Three Forks) the Bakken.

This forms the Bakken Petroleum System, which includes these adjacent zones and contains a tremendous resource in-place.

"Presumably, the situation is the same in the Alberta/Montana play to the west, with the Lower Banff, Exshaw and the Big Valley and Stettler members of the Wabamun comprising an Exshaw Petroleum System," Morgan said. "In the Williston Basin, the system deepens to the south, so most of the hydrocarbons were generated in North Dakota, and most of the production has been established there. In Alberta/Montana the system deepens to the southwest so the potential for generation in Alberta and Montana is probably about the same."

He added that the play is still in the early exploration stage.

"The wells put on production to date have not really been boomers with three of 22 wells reporting February production greater than 100 bbls of oil per day ... and the rest below 50 bbls of oil per day," Morgan said. "The main optimization method to date is the stratigraphic placement of wells in the various zones that make up the Exshaw Petroleum System.

"Murphy has recently announced success by placing wells in the Wabamun/Big Valley, rather than the Exshaw. This is really the hunt for where the sweet spots are. Optimization for effective stimulation programs is just beginning."

There is currently more production and drilling activity in Alberta than just over the border in Montana, not including Elm Coulee in the Williston Basin of eastern Montana, he added.

Canadian Discovery first reviewed the Bakken in 2005 when horizontal drilling in the zone had just started. At the time, about 500 wells in Saskatchewan, Manitoba, North Dakota and eastern Montana were producing a little over 11,000 bbls of oil per day from the zone. Now, more than 7,000 wells from the same administrations are producing over 560,000 bbls per day, mostly from North Dakota.

"That will not be easy to match. There have been some recent production and test results by Murphy, DeeThree and [TORC Oil & Gas Ltd.] that suggest the Alberta/Montana Exshaw may have some substance," Morgan said. "There are currently about 22 undrilled locations in southern Alberta targeting the Exshaw and six undrilled Exshaw locations in northwestern Montana. In a year or two, we may have a better idea of just how well it is going to stack up against the Bakken of the Williston Basin."

TORC, a private company, noted in an investor presentation that it has drilled seven successful southern Alberta wells to date, with a 78 per cent success rate (seven of nine). It has over 100 net prospective sections on the primary Monarch play.

DeeThree holds 200,000 acres in the Lethbridge area prospective for the Sunburst and Bakken.

The company reported that a Bakken horizontal well this year on its eastern block had an IP30 rate of 415 bbls per day. A second well flow-tested at 800 bbls per day, while a third and fourth well tested at 940 and 960 bbls per day, respectively. A total of 11 Bakken horizontal wells are to be drilled this year.

The company acquired 1,266 hectares at a February Crown sale for Sunburst. Current Sunburst oil production is 370 bbls per day.

Shell currently holds roughly 60,000 acres in the vicinity of Del Bonita in southern Alberta, said Stephen Doolan, a company spokesperson. The multinational plans to explore the potential of the Bakken frontier light, tight oil play in this area.

"To date we've drilled five wells in the Del Bonita area and have six additional wells licensed," he said. "We are continuously looking for new exploration opportunities. Any commercial operation must be economically viable, environmental responsible and socially sustainable, but it is too early to discuss our exploration activities."

Crescent Point has access to a significant land base in southern Alberta and has been pursuing several exploration projects in the area. During the first quarter, it drilled two (two net) wells to follow up on previously drilled unconventional exploration wells in the Alberta Bakken play. The wells are currently being evaluated. Plans for 2012 include drilling up to 19 net conventional and unconventional wells on these lands.

Penn West Petroleum Ltd. has roughly 80 sections in the Alberta Bakken play, noted Jason Fleury, senior manager of investor relations.

"We entered into the play focused on a different horizon which was more conventional in nature," he said. "While our results to date have been positive, we remain cautiously optimistic; this play is showing itself to be very much acreage- and area-specific."

Trent Yanko, president and chief executive officer of Legacy, said that the Alberta Bakken has the attributes of a light oil resource play, but it is still in the embryonic stage, which is the challenge.

"It's still early but we like technically what we are seeing," he said. "Industry has started to zero in and we are all converging on a solution.

"A number of our competitors have had very good well results that are starting to build but that's very typical in these plays. I think it kind of got overheated initially. People had these high expectations but it was something that's never been tried so it takes a little while.

"We want to stay in it. We want to keep the exposure for Legacy; we want the Bowood shareholders to have a chance to realize the potential they put into it."

Yanko added that there's likely going to be multiple play types and multiple zones.

"It's all for light oil. A lot of it looks like it's overpressured so it has a lot of these things you look for," he said. "I think the main success today has been in the Big Valley."

In an update on its Pondera-Teton prospect in northwest Montana, Calgary-based Primary said it has completed five 3D seismic programs covering around 95 square miles and one additional 37 square mile program is currently being permitted.

An initial six stratigraphic wells were drilled vertically into the upper Duperow formation, ranging in depth between 4,500 to 6,500 feet. All wells were cored across various sections of the Bakken System (Lower Lodgepole, Bakken, Three Forks and Big Valley/Upper Potlatch).

Oil and gas shows were identified on logs in multiple reservoir zones in all wells. Free oil was observed in one or more of the cores. Standard log suites were acquired in all wells and advanced log suites were acquired in five of the wells.

Two wells were cased, perforated and swab tested in the Bakken System and/or secondary zones, with fluid samples currently being analyzed.

Routine core analysis has been completed on four of the six wells to-date. Porosity up to 10.4 per cent and non-fractured permeability up to 0.3 millidarcy have been reported.

Geochemical analyses have been completed on select samples with additional analysis in progress. Sample analyses indicate a thermally mature Bakken System source rock in the oil window, with some zones where total organic content (TOC) reaches up to 17 per cent.

Special core analysis for the horizontal drilling program has been completed on select samples, with additional analysis in progress.

Three supplemental vertical wells were drilled into the upper Duperow formation, with one well cored across the Nisku formation. One well was cased, perforated and is currently being swab tested in the secondary conventional reservoir zones and/or Bakken System with results pending further review and analysis.

Primary has requested and has been granted by its joint venture partner continued operatorship for the balance of the drilling and completion operations in the Phase 1 program.

The company has started the horizontal drilling program and is anticipating at this time to drill three or four horizontal wells, each targeting a specific reservoir zone by the end of September. The company is also anticipating the conclusion of completion operations by the end of October.

Production testing will continue through to the end of the year, followed by the joint venture partner's Phase 2 election to spend a further US$41 million and earn an additional 17.5 per cent working interest in 2013.

"All of our land is in the Montana side of the fairway and it is south of the Blackfeet," said Mike Marrandino, president and chief executive officer. "It starts at the southern edge of the of the Blackfeet Indian Reservation, so we butt up against Anschutz, Rosetta and Newfield and then we go south from there.

"From the drilling that we've done to date, we feel that the Three Forks/Big Valley is a thicker formation than the Bakken, and I believe some of the wells that have been identified in southern Alberta have been more productive in the Wabamun or the Three Forks/BigValley than the Bakken."

Companies are currently working to establish the right completion techniques. "For our acreage on what we're doing on a development basis, we're going to want to see our completed well costs at under $5 million," Marrandino said.

"It's really trying to find out what works and so it's still a bit of a science project."

[jcolumbia]

Very nice post.
I only hold a small amount of shares, but would love some good decisions to be made.

[LGL8054]

I agree with you, Sounds good to me.

[schulzrobert]

Dear fellow investors,

I am trying to get in contact with other Bowood shareholders to compare notes and share views about the upcoming vote about the contemplated transaction with Legacy.

To summarize, I believe a) Bowood shareholders should vote against this deal and b) Bowood should find a new financial advisor and sell the company as a whole or in pieces to the best bidder.

Reasons I don't like the transaction:

1) The transaction does not address the funding issue of the company. Instead, Bowood will own more land which it can't develop because the transaction will not provide funding to drill even one well. Current management has no plan how to address the funding question and there is no commitment from Legacy for any funding in the future either.

2) The transaction structure is ill-conceived: the planned Rights Offering at $0.12 is not going to work if shares are trading below $0.12 (there is no backstop from Legacy or any other party).

3) The transaction is significantly diluting existing shareholders: Current shareholders will only own around 55% of the company post transaction (assuming no Rights Issue). Bowood currently has no capacity to assume a meaningful amount of debt financing and so the company will need to raise further equity. To drill a well costs around $7-10m, so Bowood will need $50-100m to just drill 5-14 wells on its undeveloped land. Assuming a $100m capital increase post transaction and assuming a subscription/issue price of $0.12/share would dilute current shareholders further down from 55% to 21% (or even lower when assuming a lower subscription price).

4) Legacy acquires control over Bowood at a negative premium: Legacy's undeveloped land is transferred to Bowood at around $350/acre while Bowood's market price is implying an undeveloped land value of around $150-200/acre (arrived at after deducting $15m of NPV10 for 1P reserves from Bowood’s Enterprise Value). If the value of $200/acre is applied to the land transferred by Legacy to Bowood and then divided by the number of shares Legacy receives, we get to an implied price paid per Bowood share of $0.07, a large discount to market. This makes no sense. Legacy should pay a premium to acquire control of Bowood (i.e. it should receive a lot less Bowood shares for transferring the land).

If the company would sell itself, assuming $350/acre as a potential value of Bowood's land, then Bowood's land would be worth around $37m. Adding $15m, Bowood's net present value for its proven oil and gas reserves, would result in a value per share of around $0.17. Note that land transactions in the region have taken place at values significantly above $350/acre and even Legacy paid a higher implied land value when entering in the JV with Bowood.

The point is that Bowood could likely be sold at a significant premium to its current share price while it is hard to see how the contemplated highly dilutive transaction would generate any shareholder value.

If you are a Bowood shareholder, I would look forward to get in contact (my email: schulzrobert10[at]gmail.com) to discuss views and what could be done to improve shareholder value.

Best regards,
Robert

[H8ster]

Its a give/take situation. Good for some, bad for others. There is the '1:10 rights offering' that, if you have extra money, you can ease the sting of the reverse split by having the right to buy more shares at a cheaper price (.12) and average down. For every 10 shares of Bowood, you get the opportunity (the right) to buy 1 share of BWD at .12.

As for the rest of the deal, by getting out of the farm out agreement with Legacy, Bowood regains 100% of all of its assets which will make it easier for them to sell the company to ANYONE! Before, their only option would of been selling to Legacy. Now, with Legacy owning 37% of the common stock, selling to another company is in their best interest as well as ours.

For me, all and all, I think its a decent deal. I think the 20:1 consolidation sucks. I think the 1:10 rights offering is OK. I will exercise the rights and buy what is possible.

Also, I'm glad to see that Bowood's management will be gone. Legacy, being at the controls, will do whats best for their 200 million shares, which in turn will be whats best for us. I hope.

[Pennybuster]

do you feel this is a good deal even with a 20 for 1 reverse split?

[LGL8054]

It is anticipated that the shareholders of Bowood will be asked to approve a change of Bowood's name to LGX Oil + Gas Inc. and a consolidation of the Bowood Shares on a twenty for one basis at the next meeting of shareholders.

[H8ster]

Bowood Strategic Rationale and Corporate Strategy

The combination of assets with the experienced Legacy team creates a high impact, light oil exploration focused junior with a dominant operated position and leverage to the emerging southern Alberta Bakken play, that is well positioned to emerge as a larger, stronger and balanced producer with the following attributes:


155,974 net acres of undeveloped land in the over-pressured oil
window in the Alberta Bakken fairway, including a contiguous
60,512 net acre block on the Blood Tribe Reserve
-- Multi-zone potential
-- Production of approximately 500 Boe per day
-- Proven management team with a track record of value creation in
junior companies
-- Well financed, improved access to capital
-- Access to the leading technical capabilities of a much larger
company

Bowood will be managed by Legacy's current management team and staff, under the terms of a Services Agreement, in exchange for a monthly fee. All key Legacy technical, land, accounting and field staff involved with the play since inception will continue to work the area. Legacy and Bowood have also agreed to an Area of Exclusion in which Bowood will have first priority over Legacy to
pursue any potential acquisition transaction. The Area of Exclusion covers all of southern Alberta south of Twp. 27, excluding an area around Legacy's Turner Valley field.

In addition to the two successful wells drilled to-date by Legacy and Bowood, recent disclosure by competitors in the play has underscored the potential of the southern Alberta Bakken play to become a significant multi-zone light oil resource play. New Management believes as a focused, pure play company, Bowood is well positioned to benefit from continued industry success while further delineating the potential of its significant undeveloped land base. New Management will also pursue a consolidation strategy within Bowood's core operating area of southern Alberta, increasing exposure to additional high impact light oil resource plays while also focusing on opportunities that build an inventory of oil development drilling locations complementary to the oil resource play exploration program.

[Pennybuster]

* Q1 shr C$0.01 vs Q1 shr loss C$0.02, last year

* Expects output to grow 29 percent in 2012

May 14 (Reuters) - Legacy Oil + Gas Inc posted a first-quarter profit on increased production and higher prices and forecast production to grow 29 percent in 2012.

The company's average production for 2011 was 12,650 barrels of oil equivalent per day.

Legacy Oil posted profit of C$1.3 million, or 1 Canadian cent per share, compared with a loss of C$2.9 million, or 2 Canadian cents per share, a year earlier.

Petroleum and natural gas sales, net of royalties, rose 37 percent to C$95 million.

Average production rose to 16,370 boe/d from 12,854 boe/d a year earlier.

The company's average realized price rose 7 percent to C$76.79 per boe.

Legacy's shares, which have fallen 30 percent so far in 2012, were down 5 percent at C$7.30 on Monday on the Toronto Stock Exchange.

[Pennybuster]

CALGARY , May 14, 2012 /CNW/ - Bowood Energy Inc. ("Bowood") (BWD.V) and Legacy Oil + Gas Inc. ("Legacy") (LEG.TO) are pleased to announce that they have entered into an agreement (the "Agreement") providing for: (i) the sale of Legacy's southern Alberta assets, excluding assets in the greater Turner Valley area, to Bowood (the "Asset Purchase"); (ii) the appointment of a new management team (the "New Management") and certain new directors of Bowood; (iii) a non-brokered private placement of units of Bowood (the "Private Placement"), and (iv) a rights offering to the Bowood shareholders (the "Rights Offering").

Asset Purchase

The Asset Purchase will consist of the sale of 68,581 net acres of Legacy's undeveloped land in southern Alberta, excluding assets in the greater Turner Valley area, to Bowood for 200,000,000 common shares of Bowood ("Bowood Shares"). The Asset Purchase includes the Bowood/Legacy joint venture land, including the Big Valley oil wells drilled at Kipp and Spring Coulee. The current Legacy farmin agreement with Bowood will be terminated upon closing of the transaction. Following the completion of the Asset Purchase, the Private Placement and the Rights Offering, Legacy will own approximately 37% of the outstanding Bowood Shares.

New Management

The current officers of Bowood will resign and the New Management will be appointed immediately following the completion of the Asset Purchase. The New Management will consist of Trent Yanko as President and Chief Executive Officer and Matt Janisch as Vice-President, Finance and Chief Financial Officer, each of whom will retain their current positions with Legacy. Mark Franko will be appointed Corporate Secretary.

The board of directors of Bowood will be reconstituted following completion of the Asset Purchase to be comprised of Trent Yanko as Chairman, James Pasieka, Chris Bloomer , Jim Welykochy and Neil Roszell. Chris Bloomer and Jim Welykochy are currently directors of Bowood.

The New Management has a solid track record of creating value in high-growth, junior oil and natural gas companies. Trent Yanko has over 23 years of experience in the founding, technical management and leadership of a number of private and public oil and natural gas companies. Mr. Yanko is currently President and Chief Executive Officer of Legacy, which has grown production from 500 Boe per day to more than 16,300 Boe per day in less than three years. Mr. Yanko was previously President and Chief Executive Officer of Mission Oil & Gas Inc., which grew from 500 Boe per day to more than 7,000 Boe per day in two years, primarily due to its success in the Bakken light oil resource play in southeast Saskatchewan. Before Mission, Mr. Yanko was Vice-President, Production of StarPoint Energy Ltd., helping grow production from 250 Boe per day to 9,000 Boe per day in 13 months.

Matt Janisch is currently Vice President, Finance and Chief Financial Officer of Legacy and has over 25 years of oil and natural gas and financial experience and was previously Executive Vice-President and Chief Financial Officer of Bow Valley Energy Ltd., an international oil and gas producer, and has 12 years of investment banking and equity research experience with BMO Capital Markets.

Mark Franko is a partner with the Calgary office of Heenan Blaikie LLP. He has practiced securities law since 1998 with a focus on mergers and acquisitions and private and public financings in the oil and natural gas sector. Mr. Franko is the Corporate Secretary of Legacy.

James Pasieka is a partner with the Calgary office of Heenan Blaikie LLP. He has extensive experience in structuring and negotiating transactions for capital projects, joint ventures, corporate financings, and mergers, acquisitions, and divestitures. Currently, Mr. Pasieka practices in all segments of the energy sector; in general corporate/commercial law; and in corporate finance, including early-stage and venture capital financing and mergers, acquisitions, and takeovers. He also has broad experience in Alberta's electricity sector. Mr. Pasieka is an officer and director of a number of public energy companies, including Legacy.

Chris Bloomer currently serves as Senior Vice-President and Chief Operating Officer of the Heavy Oil Business Unit as well as a Director of Petrobank Energy and Resources Ltd. Previously, he also held the position of CFO. Mr. Bloomer has been at Petrobank since 2002. Mr. Bloomer is also a director of Calmena Energy Services.

James Welykochy is a Professional Geologist with over 29 years experience in the oil and natural gas industry including over ten years experience in the energy capital markets. He is now a self-employed financial consultant to the oil and natural gas industry capital markets. Prior thereto, Mr. Welykochy served as Vice President, Corporate Development and Director of Ryland Oil Corporation from August 2008 until the sale of Ryland to Crescent Point Energy in August, 2010. Prior to joining Ryland, Mr. Welykochy served as Vice President of institutional sales for PI Financial Corp from February 2007 to August 2008 . Prior thereto Mr. Welykochy was an oil and natural gas research analyst with Genuity Capital Markets from January 2006 to February 2007 .

Neil Roszell is a Professional Engineer with over 20 years of experience in the oil and gas industry. Mr. Roszell is currently the President and Chief Executive Officer of Raging River Exploration, a junior oil and gas company trading on TSXV. Previously, Mr. Roszell has acted as a founder of four oil and natural gas companies and was instrumental in the growth of these junior companies from inception to their ultimate sale. Mr. Roszell was President and CEO of Wild Stream Exploration and Wild River Resources, President and COO of Prairie Schooner Petroleum and Vice President of Engineering of Great Northern Exploration.

Bowood Strategic Rationale and Corporate Strategy

The combination of assets with the experienced Legacy team creates a high impact, light oil exploration focused junior with a dominant operated position and leverage to the emerging southern Alberta Bakken play, that is well positioned to emerge as a larger, stronger and balanced producer with the following attributes:

155,974 net acres of undeveloped land in the over-pressured oil window in the Alberta Bakken fairway, including a contiguous 60,512 net acre block on the Blood Tribe Reserve
Multi-zone potential
Production of approximately 500 Boe per day
Proven management team with a track record of value creation in junior companies
Well financed, improved access to capital
Access to the leading technical capabilities of a much larger company

Bowood will be managed by Legacy's current management team and staff, under the terms of a Services Agreement, in exchange for a monthly fee. All key Legacy technical, land, accounting and field staff involved with the play since inception will continue to work the area. Legacy and Bowood have also agreed to an Area of Exclusion in which Bowood will have first priority over Legacy to pursue any potential acquisition transaction. The Area of Exclusion covers all of southern Alberta south of Twp. 27, excluding an area around Legacy's Turner Valley field.

In addition to the two successful wells drilled to-date by Legacy and Bowood, recent disclosure by competitors in the play has underscored the potential of the southern Alberta Bakken play to become a significant multi-zone light oil resource play. New Management believes as a focused, pure play company, Bowood is well positioned to benefit from continued industry success while further delineating the potential of its significant undeveloped land base.

New Management will also pursue a consolidation strategy within Bowood's core operating area of southern Alberta, increasing exposure to additional high impact light oil resource plays while also focusing on opportunities that build an inventory of oil development drilling locations complementary to the oil resource play exploration program.

Legacy Strategic Rationale

The Agreement consolidates Legacy's interest and control in the emerging southern Alberta Bakken light oil resource play. Through the Agreement, Legacy will maintain its exposure to the upside of this multi-zone play without the promoted drilling obligations under the Bowood/Legacy farmout agreement.

Legacy's interest in the southern Alberta Bakken play is considerably undervalued at Legacy's current market valuation. The Agreement creates the potential for Legacy shareholders to unlock and realize significant incremental value not currently reflected in Legacy's share price, through the ownership of the shares in a new pure play, high impact, light oil exploration company.

Legacy's technical, land, accounting and field operations team will continue to manage and operate the play, bringing continuity to the future operations on a cost-effective basis through the fees received from the Services Agreement.

Private Placement

Pursuant to the Private Placement, Bowood will issue up to 20,833,333 units ("Units") at a price of $0.12 per Unit (Bowood's closing price on May 11, 2012 ) for gross proceeds of up to $2.5 million to subscribers designated by Legacy. Each Unit will be comprised of one Bowood Share issued on a flow-through basis pursuant to the Income Tax Act (Canada ) and one share purchase warrant ("Warrant") entitling the holder to purchase one Bowood Share at a price of $0.18 for a period of five years. The Warrants will vest and become exercisable as to one-third upon the 20 day weighted average trading price of the Bowood Shares ("Market Price") equaling or exceeding $0.20 , an additional one-third upon the Market Price equaling or exceeding $0.25 and a final one-third upon the Market Price equaling or exceeding $0.30 .

The Units issued under the Private Placement will be issued to the New Management and other prospective service providers of Bowood and will be subject to contractual escrow with one-third of such Units released each six months following the closing date of the Private Placement. The proceeds of the Private Placement will be used to pay down debt and for general corporate purposes.

Rights Offering

The Rights Offering will be conducted by Bowood by way of a rights offering circular pursuant to which holders of Bowood Shares as at the record date for the Rights Offering (the "Record Date") will, in respect of each Bowood Share held, be issued one right. Each ten rights will entitle the holder to purchase one Bowood Share at an exercise price, subject to regulatory approval, of $0.12 , being equal to the price of the Units to be issued under the Private Placement. Legacy and subscribers for Units pursuant to the Private Placement will not be entitled to participate in the Rights Offering with respect to any securities acquired under the Private Placement. The Rights Offering is subject to applicable regulatory approval, including the approval of the TSXV. Maximum gross proceeds under the rights offering will be $3.3 million .

The Agreement

The Agreement is an asset purchase and sale and investment agreement dated May 13 , 2012. The Agreement contains a number of customary representations, warranties and conditions and provides for a mutual non-completion fee of $1,500,000 payable in certain circumstances. The Agreement will be filed on SEDAR by Bowood and will be accessible under Bowood's profile at www.sedar.com.

Shareholder and Stock Exchange Approvals

The completion of the matters provided for under the Agreement is subject to a number of conditions and approvals, including, but not limited to, the approval of the TSXV. The completion of the Asset Purchase and the Private Placement would result in the creation of a control person under the policies of the TSXV and, accordingly, must be approved by the shareholders of Bowood. The required disinterested shareholder approval may be obtained by Bowood either by receipt of written consents from holders of more than 50 percent of the issued and outstanding voting shares of Bowood (the "Written Consent") or by approval of an ordinary resolution passed at a meeting of the shareholders.

Pursuant to the Agreement, Bowood has agreed to use its best commercially reasonable efforts to obtain the Written Consent on or before May 31 , 2012. In the event that the Written Consent is not obtained on or before May 31, 2012 , Bowood has agreed to convene and hold a meeting of its shareholders on or before July 31, 2012 for the purposes of approving the Asset Purchase and the Private Placement.

It is anticipated that the shareholders of Bowood will be asked to approve a change of Bowood's name to LGX Oil + Gas Inc. and a consolidation of the Bowood Shares on a twenty for one basis at the next meeting of shareholders.

Closing

Provided that all of the conditions to close in the Agreement are satisfied or waived, it is anticipated that closing will occur by no later than June 1, 2012 in the event that the Written Consent is received or July 16, 2012 in the event that Bowood is required to convene a meeting of its shareholders.

Financial Advisors

GMP Securities L.P is acting as financial advisor to Bowood with respect to the matters provided for in the Agreement. GMP Securities L.P. has provided the board of directors of Bowood with an opinion that the consideration to be received by Bowood through the transaction is fair, from a financial point of view, to shareholders of Bowood. Haywood Securities Inc. is acting as strategic advisor to Bowood with respect to the Agreement.

Macquarie Capital Markets Canada Ltd. and FirstEnergy Capital Corp. are acting as co-financial advisors and National Bank Financial Inc. is acting as strategic advisor to Legacy with respect to the Agreement.

Board of Directors Recommendation

The board of directors of Bowood has determined that the transactions contemplated by the Agreement are in the best interests of its shareholders and has unanimously approved such transactions and recommends that the shareholders approve the Asset Purchase and Private Placement and execute the Written Consent. Any shareholder of Bowood wishing to obtain and execute the Written Consent should contact Bowood as set out below.

Each of the directors and officers of Bowood who, in the aggregate, control approximately 4.7% of the Bowood Shares, have entered into support agreements pursuant to which they have agreed, among other things, to approve the Asset Purchase and Private Placement.

Note Regarding Forward Looking Statements

This document contains forward-looking statements. More particularly, this document contains statements concerning the completion of the matters contemplated by the Agreement.

The forward-looking statements are based on certain key expectations and assumptions made by Legacy and Bowood, including expectations and assumptions concerning timing of receipt of required shareholder and regulatory approvals and third party consents and the satisfaction of other conditions to the completion of the matters contemplated by the Agreement.

Although Legacy and Bowood believe 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 Legacy and Bowood 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, risks that required shareholder, regulatory and third party approvals and consents are not obtained on terms satisfactory to the parties within the timelines provided for in the Agreement and risks that other conditions to the completion of the transactions are not satisfied on the timelines set forth in the Agreement or at all.

The forward-looking statements contained in this press release are made as of the date hereof and neither Legacy nor Bowood undertakes any 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.

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 release.
@yahoofinance on Twitter, become a fan on Facebook
click here
RELATED HEADLINES BY TICKER

UPDATE 2-Legacy Oil + Gas posts profit, output to rise this year - @ Reuters
CANADA STOCKS-TSX may open lower, Greece and China weigh - @ Reuters
Q1 2012 Legacy Oil + Gas Inc Earnings Release - Time Not Supplied - CCBN
UPDATE 1-Legacy Oil + Gas posts profit on higher production - @ Reuters
Legacy Oil + Gas Inc. Announces First Quarter 2012 Results - CNW Group


There are no comments yet

Top Stories »

JPMorgan CIO Drew Is First Casualty of $2B Trading LossAP

Ina Drew, a 30-year veteran of the company, will retire and be replaced by Matt Zames, the bank said.
Stocks on Wall Street Hit EarlyReuters
Facebook IPO: Biggest Risks and OpportunitiesDaily Ticker
Facebook’s Purchases May Hint at Its FutureNew York Times
Greece: Coalition Talks Drag on as Stocks TankAP

AdChoices

Recent Quotes
Portfolios

Recent Quotes Symbol Price Change % Chg
BWD.V
0.12 0.00 0.00%
BWD.V
Search for share prices
Save List to Portfolio »
Trading Center

Trade Free for 60 Days + Get up to $600 cash.

Trade Free for 60 Days Plus Get up to $500

Switch to Scottrade and Get $100 Back*
Compare Brokers »
Featured Content

Facebook Co-Founder Saverin Gives Up U.S. Citizenship
Bloomberg - Fri, May 11, 2012 1:51 PM EDT
JPMorgan’s $2 Billion Loss Stuns Wall Street
Breakout - Fri, May 11, 2012 12:24 PM EDT
Global Investors Favor Obama Over Romney: Poll
Daily Ticker - Fri, May 11, 2012 12:37 PM EDT

Yahoo! Finance on Facebook
YAHOO! FINANCE ON TWITTER

[Pennybuster]

Legacy Oil CEO Yanko To Be Bowood Chairman, CEO, President

[LGL8054]

High Supply
By Nick Hodge | Sunday, April 29th, 2012

Forget about oil...

For the next 673 years, anyway.

That's how much oil and natural gas a group of geologists recently learned how to unlock — right here in North America.

Word of their world-record breakthrough is already cascading through the economy.

The moment the public catches on, the share prices of the companies building it are virtually guaranteed to skyrocket.

Before this historic event catches fire in the press and the whole story blows wide open

[H8ster]

2011 Financials released.
Bowood 2011 Financial Report

[LGL8054]

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=74647766

[Pennybuster]

Chris



We are in the middle of our strategic alternatives review, a highly competitive process, as we want to evaluate the various options to capitalize the development of the play going forward. It is unfortunately too early in the process to know whether or not the outcome could involve a potential acquisitor or whether it will involve a different form of equity injection. We expect to provide shareholders with an update on the process in the next 4 to 6 weeks. Also, our year end 2011 financials will be released in late April, and our AGM will be in late July or early August.



Robert

[LGL8054]

We all know how New York feels about producing its shale resources.

The state has been a hotbed of opposition over hydraulic fracturing. And New Yorkers aren't the only ones disputing this drilling process...

Last week, the Province of Quebec placed a moratorium on the practice. If that ban stays in place, it means the 40 trillion cubic feet of natural gas beneath Quebec will never be extracted.

It's a missed opportunity for both places.

Hopefully Ohio will take a page out of Pennsylvania's playbook — because as you can see below, the Keystone State has seen tremendous success from the Marcellus since 2008: