(the “Company” or “Lexaria”) is pleased to report of new developments at the Belmont Lake oil
field in Mississippi.
Well PPF-12-7 was drilled in December 2013 but was never put into production due to seasonal delays. Lexaria is pleased to report that field work is currently underway with the goal of placing this well into production as soon as possible. Unless there are unexpected complications, this new well is expected to be in production and cash-flowing within roughly 30 days.
The PPF-12-7 sidewall core analysis indicated 19-20 feet (true vertical depth) of oil bearing pay. Oil and yellow fluorescence was encountered with recovered oil samples grading as high as 33 API. Permeability was very high across the entire sampled area, ranging from 3,100 millidarcies to as high as 4,750 millidarcies. For comparison, sand has a permeability of approx. 1,000 millidarcies. Lexaria’s technical consultants believe the high permeability could be indicative of a positive flow test.
Work is now underway to finish completion of the well and install production equipment and flow lines. A new production facility is planned as part of the overall 12-7 completion process that is separate from the existing production facility that handles production from the pre-existing four Belmont Lake wells. The new production facility will require shorter flow lines, is topographically higher, and less prone to seasonal high water fluctuations, which together should lead to more efficient and reliable full-year production.
More information, including eventual flow test results, will be released when available. Griffin & Griffin Exploration, LLC is the operator of the well which was drilled in Section 41, Township 2 North – Range 4 West of Wilkinson Country, Mississippi.
Lexaria retains a 42% working interest in the producing 12-1 and 12-3 wells; a 50% working interest in the suspended 12-4 and 12-5 wells; and a 13.3% working interest in the 12-7 well. Lexaria is actively reviewing all possible ways of maximizing value from the Belmont Lake oil field assets.
Lexaria’s shares are quoted in the USA with symbol LXRP and in Canada with symbol LXX. The company searches for projects that could provide potential above-market returns.
To learn more about Lexaria Corp. visit www.lexariabioscience.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Chairman & CEO
This release includes forward-looking statements. Statements which are not historical facts are forwardlooking statements. The Company makes forward-looking public statements concerning its expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, including statements that include words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will,” and other similar expressions are forward-looking statements. Such forward-looking statements are estimates reflecting the Company’s best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. Access to capital, or lack thereof, is a major risk and there is no assurance that the Company will be able to raise required working capital. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company’s public announcements and filings.
There is no assurance that the medical marijuana, CBD sector, or alternative health businesses will provide any benefit to Lexaria, or that the Company will experience any growth through participation in these sectors. There is no assurance that existing capital is sufficient for the Company’s needs or that it will need to attempt to raise additional capital. There is no assurance that any cannabinoid-based product will promote, assist, or maintain any beneficial human health conditions whatsoever. No
statement herein has been evaluated by the Food and Drug Administration (FDA). ViPovaTM products are not intended to diagnose, treat, cure or prevent any disease.
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release