VANCOUVER, BC, Aug 14, 2007 --Lexaria Corp. (OTCBB: LXRA) (the "Company" or "Lexaria")Lexaria announces that its latest drill program has begun.The new drill program has commenced and will focus on the 32,000 acre Palmetto Point area, which has been entirely shot with 3D seismic. The first well, the PP F-11, was spud on August 11 and should soon reach its targeted depth of not more than 3,700 feet. The PP F-11 and the subsequent wells to be drilled have been identified using Bright Spot 3D seismic data. It is the first of a series of identified targets in Mississippi for the summer/fall that are expected to have a high likelihood of success.
The entire Area of Mutual Interest (AMI) has over 7,500 miles of 2D seismic and 250 square miles of 3D seismic already shot which have identified over 100 drill targets. The immediate focus area, Palmetto Point, is a 32,000 acre area within the much larger AMI of over 200,000 acres. We are exploring for and anticipate encountering both oil and gas bearing zones in this drilling program. Lexaria owns a 50% gross interest in the wells in this new program.
The Company's Operator is preparing to flow-test the earlier drilled F12 oil well in Mississippi. The well was drilled to 4016 feet in December 2006. Lexaria owns a 30% interest in this well and any development drilling on this 160 acre lease.
The Company has also acquired an additional 5% gross working interest in certain wells located in Mississippi bringing the total interest in those wells to 45%. The interest is in seven wells and their offset areas drilled between August 3, 2006 and June 19, 2007. These wells are:
CMR-USA-39-14; Dixon #1; Faust #1 TEC; CMR-BR F-24; USA 1-37 Redbug #2; BR F-33; Randall #1
About Lexaria Corp.
Lexaria Corp. is an oil & gas company active in Mississippi, Oklahoma and in Alberta, Canada. The main focus currently is Mississippi, where it holds between 30% and 50% gross interests in various gas and oil projects. Lexaria routinely evaluates additional oil & gas projects and corporate opportunities.
Statements which are not historical facts are forward-looking statements. The Company makes forward-looking public statements concerning its expected future operations, performance and other developments. 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. It is impossible to identify all such factors but they include and are not limited to the existence of underground deposits of commercial quantities of oil and gas; cessation or delays in exploration because of mechanical, operating, financial or other problems; capital expenditures that are higher than anticipated; or exploration opportunities being fewer than currently anticipated. The Company may not have sufficient funding to thoroughly explore, drill or develop its properties. Access to capital, or lack thereof, is a major risk. 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.
Contact:
Leonard MacMillan
1-800-287-2885
www.lexariaenergy.com
