Full Press Release Details
Lexaria Announces Well Recompletion
Kelowna, BC October 3, 2013 - Lexaria Corp (LXRP-OTCQB)
(LXX-CNSX) (the "Company" or "Lexaria") is pleased to report that work
is scheduled to begin next week on a recompletion procedure of the 12-4 well
located at Belmont Lake, Mississippi.
If successful, this recompletion is designed to replicate, as
much as is possible, the success enjoyed in May of 2012 when two older wells in
the field were similarly recompleted. That work resulted in the highest oil
production rates ever recorded at Belmont Lake oil field.
Recompletion of this 12-4 well includes new perforations; new
gravel-pack and sand screens and gas lift valves as well as a new packer and
tubing. It resembles a brand-new well in many ways.
When the 12-4 well was originally completed and placed on
production in October 2010, it produced 200 barrels of oil per day for the first
ten days of production. The production rate declined fairly rapidly and this
decline may have been caused by the migration of fine sands into the gravel pack
that subsequently restricted the flow of oil. It is hoped that the recompletion
will mitigate that problem in whole or in part.
Timing of field work is always subject to a number of
conditions beyond our control, however the Company expects the reworked 12-4
well to be completed and back into production before the end of October. The
Company will provide additional updates as the work is underway.
Lexaria owns a 50% working interest in the 12-4 well.
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
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FORWARD-LOOKING STATEMENTS
This release includes forward-looking statements. Statements
which are not historical facts are forward-looking 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. 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, weather, operating, financial or
other problems; capital expenditures that are higher than anticipated; or
exploration opportunities being fewer than currently anticipated. There can be
no assurance that road or site conditions will be favorable for field work; no
assurance that well treatments or workovers will have any effect on oil or gas
production; no assurance that oil field interconnections will have any
measurable impact on oil or gas production or on field operations, and no
assurance that any expected new well(s) will be drilled or have any impact on
the Company. There can be no assurance that expected oil and gas production will
actually materialize; and thus no assurance that expected revenue will actually
occur. There is no assurance the Company will have sufficient funds to drill
additional wells, or to complete acquisitions or other business transactions.
Such forward looking statements also include estimated cash flows, revenue and
current and/or future rates of production of oil and natural gas, which can and
will fluctuate for a variety of reasons; oil and gas reserve quantities produced
by third parties; and intentions to participate in future exploration drilling.
Adverse weather conditions including but not limited to surface flooding can
delay operations, impact production, and cause reductions in revenue. The
Company may not have sufficient expertise to thoroughly exploit its oil and gas
properties. 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 and there is no assurance that the Company will be able to raise required
working capital. Current oil and gas production rates may not be sustainable and
targeted production rates may not occur. 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 reworking of the 12-4 oil well will be
successful or lead to any improvement in oil production.
The CNSX has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release.