LGX Oil + Gas Inc. announced audited consolidated earnings and operating earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company reported petroleum and natural gas sales, net of royalties of CAD 1,802,969 against CAD 3,854,256 a year ago. Funds used in operations were CAD 467,647 or CAD 0.01 per basic and diluted share against funds provided by operations of CAD 467,855 or CAD 0.01 per basic and diluted share a year ago. Net loss was CAD 13,717,497 or CAD 0.15 per basic and diluted share against CAD 41,300,437 or CAD 0.47 per basic and diluted share a year ago. Capital expenditures ­- Exploration and development was CAD 161,604.

For the year, the company reported petroleum and natural gas sales, net of royalties of CAD 10,420,067 against CAD 20,096,137 a year ago. Funds provided by operations were CAD 899,461 or CAD 0.01 per basic and diluted share against CAD 6,558,707 or CAD 0.07 per basic and diluted share a year ago. Net loss was CAD 35,655,004 or CAD 0.40 per basic and diluted share against CAD 42,922,011 or CAD 0.48 per basic and diluted share a year ago. Capital expenditures ­- Exploration and development was CAD 161,604. Net debt was CAD 30.4 million.

For the quarter, the company reported Crude oil and natural gas liquids production of 374 Bbls per day against 628 Bbls per day a year ago. Natural gas production was 1,199 Mcf per day against 1,446 Mcf per day a year ago. Barrels of oil equivalent production were 574 Boe per day against 869 Boe per day a year ago.

For the year, the company reported Crude oil and natural gas liquids production of 516 Bbls per day against 636 Bbls per day a year ago. Natural gas production was 1,211 Mcf per day against 1,350 Mcf per day a year ago. Barrels of oil equivalent production were 718 Boe per day against 861 Boe per day a year ago.