LGX Oil + Gas Inc. has spud the first horizontal well in its 2014 Alberta Bakken development drilling program, 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 and replaced its previous banking facility with a new $30 million banking facility.

LGX 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 percent working interest and expects to also drill the second well at 100 percent working interest.

Tags: LGX Oil + Gas Inc.