LGX Oil & Gas, Inc. (ROAOF)

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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