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Lux Energy Enters Into Negotiations for a Substantial Position in "E" Well at Its West Central Alberta Project

^{Published on 2010-01-07 06:50:34 - Market Wire}
 

CALGARY, AB--(Marketwire - January 7, 2010) - Lux Energy Corp. (OTCBB: [ LUXED ]), an oil and gas production and exploration company, today announced that it is negotiating an agreement with the Operator of its West Central Alberta project near Edmonton to acquire a substantial working interest in the "E" well. Lux Energy currently owns positions in A, B, C and D wells in adjoining oil and gas leases.

"E" well is a priority target supported by 3D seismic structure definition. The "E" well is at an offset location to the Company's previously drilled "C" well. The "C" lease is successfully producing with secondary gas credits. This location is a topographic high where fluids naturally migrate, as was witnessed in "C" well. The operator's engineers and technicians prospect that the "E" well should encounter substantial liquids in the target reservoir. The operator points out that the "C" well is free-flowing and not yet stimulated but is successfully producing. This bodes well for the prospects of "E" well. The gathering systems and production facilities are on location and in operation, therefore the well completion can transfer to production status immediately. Revenue and cash flow are a critical feature of this "E" project.

Shane Broesky, President of Lux Energy Corp., comments, "The petroleum engineering and geological surveys of the 'E' lease indicate a superior opportunity. It is the Company's primary target in the Barhead prospects and we are optimistic that this unique opportunity to participate in this proven field will be of great benefit to Lux Energy."

Lux Energy Corp. is an oil and gas production and exploration company focusing on developing oil and gas resources in North America. Further information and news releases are available at [ www.luxenergycorp.com ].

Safe Harbor Statement:

This press release may contain certain forward-looking statements within the meaning of Sections 27A & 21E of the amended Securities and Exchange Acts of 1933-34, which are intended to be covered by the safe harbors created thereby. Although Lux Energy Corp. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, there can be no assurance that these statements included in this press release will prove accurate. This press release includes forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, and also includes selected operating results presented without the context of accompanying financial results. These forward-looking statements include, among others, statements with respect to our objectives and strategies to achieve those objectives, as well as statements with respect to our beliefs, plans, expectations, anticipations, estimates or intentions. These forward-looking statements are based on our current expectations. We caution that all forward-looking information is inherently uncertain and actual results may differ materially from the assumptions, estimates or expectations reflected or contained in the forward-looking information, and that actual future performance will be affected by a number of factors, including economic conditions, technological change, regulatory change and competitive factors, many of which are beyond our control. Therefore, future events and results may vary significantly from what we currently foresee. We are under no obligation (and we expressly disclaim any such obligation) to update or alter the forward-looking statements whether as a result of new information, future events or otherwise.