LGX Oil + Gas Inc. reported unaudited consolidated earnings and production results for the first quarter ended March 31, 2015. For the quarter, funds generated by operations were CAD 117,808 against CAD 3,067,758 a year ago. Net loss was CAD 2,445,766 or CAD 0.03 per basic and diluted share against income of CAD 179,661 a year ago. Capital expenditures (exploration and development) were CAD 651,357 against CAD 1,931,988 a year ago. Petroleum and natural gas sales, net of royalties were CAD 2,774,557 against CAD 6,419,719 a year ago. Revenue was CAD 3.02 million against CAD 7.09 million a year ago.

For the quarter, the company produced crude oil and natural gas liquids of 609 Bbls per day against 734 Bbls per day a year ago. The company produced natural gas of 1,278 Mcf per day against 1,285 Mcf per day a year ago. Barrels of oil equivalent were 822 Boe per day against 948 Boe per day a year ago. The decrease was due primarily to lower production volumes in the Manyberries and Alberta Bakken areas due to natural declines as well as the company choosing to delay workover operations under the current pricing environment. This decrease was partially offset by the drilling and subsequent tie-in of two successful oil wells in the Alberta Bakken late in the fourth quarter of 2014.