VANCOUVER, BC--(MARKET WIRE)--Oct 8, 2007 -- Lexaria Corp. (OTC BB:LXRA.OB - News) (the "Company" or "Lexaria") -- Lexaria announces that it has given approval to drill two development wells adjacent to the PP F-12 discovery well. Permits have been acquired, site work is complete, mobilization is advanced, and the first of these wells, the PP F-12 #3, will commence drilling within the next two days. Immediately after drilling the PP F-12 #3, the rig will move to the PP F-12 #2. Both wells are expected to be drilled and completed before the end of October.
These two development wells will contribute to the understanding of this oil field as it relates to more complete development in 2008. Production and other data will be gathered and analyzed. Possible development plans for the field could also include horizontal drilling, which can result in production increases of 200% or more as compared to vertical wells in similar formations.
Additionaly, Lexaria is pleased to announce that the original discovery well, PP F-12, began production at approx. 7AM local time, on October 2. Using conservative well management techniques, we began production with an 11/64 choke, which is flowing 95 BOD, at 250 lbs. pressure. There has been no gas and no water production.
Lexaria Corp. holds a gross 30% working interest in the PP F-12 discovery well and all development wells drilled on its 160-acre lease. Lexaria also holds a gross 50% working interest in future wells in the Palmetto Point area, which surrounds on all sides the PP F-12 discovery well lease. All 32,000 acres of the Palmetto Point area have been shot with 3D seismic.
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.
Press Release #200722
Distributed by Filing Services Canada and retransmitted by Marketwire
Contact:
Contact:
Leonard MacMillan
1-800-287-2885
http://www.lexariaenergy.com
