LGX Oil + Gas Inc. provide an update regarding its activities on the Company's Southern Alberta Bakken acreage. LGX has drilled a vertical exploration well at 6-16-7-23 W4M to a total depth of 2,205 m ahead of schedule and under budget.

The well is located approximately nine miles south of LGX's 8-30 horizontal oil well which produces from the Big Valley Formation.

The 6-16 well encountered oil shows through the Big Valley Formation and other horizons and has been cored, logged and cased. The well cores and logs will be evaluated for further activity on the well, including a possible horizontal leg and/or completion.

To further the evaluation of the play, LGX has undertaken a 95 square mile 3D seismic program, centred over the Company's lands on the Blood reserve. Shooting and interpretation of the seismic program should be complete late 2012 and will be beneficial in directing 2013 development activities.

Tags: LGX Oil + Gas Inc.