LGX Oil + Gas Inc ROAOF

RE: and for you G40...

[KeithR39]

1- "Are you saying Haywood expects ultimate P&P to be 50mm bbls?" The position of Haywood is clear. And I remind you that you quoted that in your last posts: From the Haywood report, "...reservoir modelling by Oilexco and its consultants indicates that as much as 50% of the oil in the Brenda fields may be recovered. While current engineering estimates of proved and probable reserves are low (approximately 20.8 million barrels), we can see a case for ultimate reserves in Brenda of more than 50 million barrels..." 2- "Keith, current estimates of P&P are estimated at 20.8mm bbls." false. You probably missed this NR recently upgrading the reserves from 21.8mm to 31mm: NOVEMBER 4, 2005 Oilexco Announces Increased Reserves CALGARY, ALBERTA--(CCNMatthews - Nov. 4, 2005) - Oilexco Incorporated (TSX:OIL) (AIM:OIL) ("Oilexco") announces that it has received a reserves report as of September 30, 2005 for Oilexco's interest in the Nicol Field located in the UK North Sea. The report by Sproule International Limited ("Sproule Report") was prepared for the purpose of evaluating Oilexco's Petroleum and Natural Gas reserves in accordance with reserve definitions and standards outlined in the Canadian Oil and Gas Evaluation Handbook (COGEH), which are compliant with National Instrument 51-101 (NI 51-101). Oilexco successfully appraised the Nicol Field located in Block 15/25a in April and May of this year with the well 15/25a-13 and two side tracks 15/25a-13Z and 15/25a-13Y. Oilexco working interest in the Nicol field is 70%. The following tables summarize the reserves and values as presented in the Sproule Report: /T/ ------------------------------------------------------------------------ Remaining Oil Reserves Mbbls ------------------------------------------------------------------------ Gross Company Gross Company Net ------------------------------------------------------------------------ Proved Undeveloped 8,600 6,020 6,020 ------------------------------------------------------------------------ Probable 5,100 3,570 3,570 ------------------------------------------------------------------------ Total, Proved plus Probable 13,700 9,590 9,590 ------------------------------------------------------------------------ Possible 5,200 3,640 3,640 ------------------------------------------------------------------------ Total 18,900 13,230 13,230 ------------------------------------------------------------------------ ------------------------------------------------------------------------ ------------------------------------------------------------------------ Net Present Values of Future Net Revenue Forecast Prices and Costs As of September 30, 2005 After UK Taxes ------------------------------------------------------------------------ At 0% At 5% At 10% At 15% M$CDN M$CDN M$CDN M$CDN ------------------------------------------------------------------------ Proved Undeveloped 130,994 108,503 91,229 77,659 ------------------------------------------------------------------------ Probable 89,279 67,957 53,814 44,016 ------------------------------------------------------------------------ Total, Proved plus Probable 220,273 176,460 145,042 121,676 ------------------------------------------------------------------------ Possible 90,742 63,586 47,389 37,081 ------------------------------------------------------------------------ Total 311,015 240,045 192,431 158,757 ------------------------------------------------------------------------ ------------------------------------------------------------------------ /T/ The additions to Oilexco's reserves reported as at December 31, 2004 are significant as Oilexco's interest in the Nicol Field was not included in any previous reserve evaluation. Proved Reserves have increased 52%, Probable Reserves have increased 38%, with total Proved plus Probable Reserves increasing by 46%. The reserve valuations have also increased dramatically due to increased crude oil prices from those at December 31, 2004. Net Present Values of Future net Revenue for total Proved plus Probable reserves, based on Sproule's Forecast Prices as of September 30th, 2005 at 0%, 5%, 10%, and 15% discount rates have increased over those reported as at December 31, 2004 by 53%, 59%, 66%, and 72% respectively. The Sproule Report does not include any other reserves previously evaluated, only Oilexco's interest in the Nicol Field. Oilexco's reserves for the year ended December 31, 2004 were reported in the Annual Information Form ("AIF") of Oilexco Incorporated for the year ended December 31, 2004, dated March 31, 2005. A copy of the AIF can be found on Oilexco's website www.oilexco.com, and within Oilexco's Canadian regulatory filings located on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com. In addition to the updated reserves at Nicol, Oilexco also announces that Sproule International Limited has also been engaged, by the Reserves Committee and management of Oilexco Incorporated, to be the ongoing Independent Reserves Evaluator of Oilexco Incorporated. "Sproule's long history and experience in Canada and worldwide should give confidence to Oilexco's stakeholders going forward" said Arthur Millholland, CEO speaking on behalf of Oilexco's Reserves Committee. Comparability Oilexco's Petroleum and Natural Gas reserves are prepared in accordance with National Instrument 51-101; Standards for Disclosure for Oil and Gas Activities, which sets out requirements and standards for disclosure by Canadian reporting issuers engaged in oil and gas activities. Oilexco's Petroleum and Natural Gas reserves may not be comparable to reserves of companies outside of Canadian jurisdiction which are prepared in accordance to standards other than those required under National Instrument 51-101. Details of National Instrument 51-101, along with accompanying Canadian Oil and Gas disclosure standards can be found on the website of the Alberta Securities Commission at www.albertasecurities.com. FOR FURTHER INFORMATION PLEASE CONTACT: Oilexco Incorporated Arthur S. Millholland President [phone] or Oilexco Incorporated Brian L. Ward Chief Financial Officer [phone] or Oilexco Incorporated Gerry L. Roe Chief Operating Officer [phone] Website: www.oilexco.com