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Lux Energy Corp. (LUXE.OB) Updates Northwest Summit Prospect

Lux Energy Corp. said that it is completing the final title work and determining the best locations to drill on its oil and gas properties in Mississippi. The acreage is in an area that the company calls the Northwest Summit Prospect, and is prospective for the Lower Tuscaloosa trend.

Lux Energy Corp. said that the Northwest Summit Prospect is near existing oil and gas fields in the area, including Little Creek, Mallalieu and Brookhaven, which contained oil reserves of 64.3 million, 42.4 million and 59.1 million barrels, respectively. 

Lux Energy Corp. said that it has a minimum of 6 well locations on its Northwest Summit Prospect with average reserves of 450,000 barrels of oil per well, for a total of approximately 3 million barrels of estimated reserves.

Lux Energy Corp. recently purchased an interest in a producing oil and gas project in British Columbia, where development of up to 3 wells is expected during 2010. The company did not disclose the purchase price or reserve information on these properties.

Lux Energy Corp. is an oil and gas company with producing properties in Alberta and Oklahoma. The company has 5 natural gas wells and 2 oil wells currently in production.

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