LGX Oil + Gas Inc ROAOF

NEWS RELEASE PENDING: OILEXCO

[Karmanow]

 I have just spoken to Sue at Oilexco and confirmed a few things with her.
I did the talking and asked her to take notes and pass them on to Art/Rob/and Legal Counsel as she is not allowed to comment.  She indicated that "they are working on a news release right now, likely will be out early next week"

Firstly, I commended her for still taking phone calls and allowing me to express my concerns. I did let her know that I was not successful getting any response from Rob via email or phone re the water pumping issues at Nichol and Brenda, and expressed my concern that it is not only necessary it is legally responsible to communicate with your share holders whether the news is good or bad. This is a duty of the Board and it is not negotiable !!
I expressed the concern and disappointment from shareholders with the lack of communication and leadership from Oilexco over the last several months, and in particular in the last 48 hours.

I asked her to get clarification and have Oilexco make comments on the status of Shelley and the JV partnerships with Nexen and others as it relates to Oilexco going forward. I told her this was vital information as we need to know if we are going to be a shell or a company with assets?
I told her that we need to clearly know who owns Shelley and whether it is or is not part of the Premier Deal?

I let her know that she can get the Premier Deal off stockhouse.ca (posted last nite) and see why so many shareholders are concerned that it appears the deal is done, no escape clause for Oilexco and we still might owe RBS $300 million dollars? If the company has a plan we need to know that they are working on it and it is not over!

I also said to her to tell Art, "it is better to pay a fine for saying too much than have a life sentence for saying too little.."
glta        Keep you posted if Rob returns my call
Karma

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