LGX Oil + Gas Inc. Enters into $25 Million Bank Facility

CALGARY, Nov. 29, 2012 /CNW/ - GX Oil + Gas Inc. ("LGX" or the "Company") (TSXV: OIL) is pleased to announce that it has entered into a new $25 million banking facility replacing the existing $7 million facility.   The new facility consists of a $20 million operating line and a $5 million acquisition/development line syndicated facility led by National Bank of Canada and includes Canadian Western Bank.  The facility is a borrowing base facility subject to semi-annual review by the syndicate, with the next review scheduled for no later than May 1, 2013.  The Company expects the facility will be in place by early December, subject to finalizing formal documentation. The closing of the previously announced bought deal financing along with the new credit facility provides the Company with significant financial flexibility to conduct its operations.

LGX is a uniquely positioned, technically driven, junior oil and natural gas company with a proven management team committed to aggressive, cost‐effective growth of light oil reserves and production in large hydrocarbon in‐place assets and resource plays. LGX's common shares trade on the TSX Venture Exchange under the symbol OIL.

SOURCE: LGX Oil + Gas Inc.

For further information:

Trent J. Yanko, P.Eng.
President + CEO

LGX Oil + Gas Inc.
4400, 525 - 8th Avenue S.W.
Calgary, AB T2P 1G1

Telephone: 403.441.2300
Fax: 403.441.2017

Matt Janisch, P.Eng.
Vice-President, Finance + CFO

LGX Oil + Gas Inc.
4400, 525 - 8th Avenue S.W.
Calgary, AB T2P 1G1

Telephone: 403.441.2300
Fax: 403.441.2017