LGX Oil + Gas Inc. Reports Audited Consolidated Earnings and Production Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Earnings and Production Guidance for the Year 2015
For the year, funds generated by operations were CAD 6,558,707 or CAD 0.07 per basic and diluted share against CAD 4,432,350 or CAD 0.05 per basic and diluted share a year ago. Net loss was CAD 42,922,011 or CAD 0.48 per basic and diluted share against CAD 20,326,748 or CAD 0.23 per basic and diluted share a year ago. Capital expenditures (exploration and development) were CAD 17,478,051 against CAD 15,321,445 a year ago. Petroleum and natural gas sales, net of royalties were CAD 20,096,137 against CAD 17,387,700 a year ago. Capital expenditures - acquisitions and dispositions were CAD 220,000.
For the quarter, the company produced crude oil and natural gas liquids of 628 Bbls per day against 718 Bbls per day a year ago. Natural gas was 1,446 Mcf per day against 1,482 Mcf per day a year ago. Barrels of oil equivalent were 869 Boe per day against 965 Boe per day a year ago.
For the year, the company produced crude oil and natural gas liquids of 636 Bbls per day against 619 Bbls per day a year ago. Natural gas was 350 cMcf per day against 1,673 Mcf per day a year ago. Barrels of oil equivalent were 861 Boe per day against 898 Boe per day a year ago.
After anticipated reductions and savings on operating expenses and G&A and without giving effect to any production additions from drilling in 2015, the company expects to average 725 Boe per day of production in 2015.
The company expects to generate slightly positive funds flow from operations at current strip pricing for 2015.