VANCOUVER, British Columbia, May 8, 2012 /PRNewswire/ -- Lexaria Corp (LXRP-OTCQB) (LXX-CNSX) (the "Company" or "Lexaria") is pleased to announce that a rig is on-site at the Belmont Lake Oilfield to perform workovers on the 12-1 and 12-3 wells. Fortunately, the Mississippi River has fallen below flood-stage earlier this spring than it has during the last several years, and as a result field access has already been achieved - nearly three months earlier than last year.
These were the first two wells put into production at Belmont Lake (12-1: October, 2007; 12-3: October, 2008) and had been scheduled for workovers in the Fall of 2011, but access was not possible then due to wet conditions from the early seasonal flooding.
The Operator moved a workover rig onto the site on May 1, and work on both wells is presently underway. Scheduled work includes additional perforations higher in the formation; re-positioning of the gas-lift system for more optimal flow; and the installation of higher-capacity flow lines designed to accommodate higher flow rates.
Additional field infrastructure work is also underway, consisting of the installation of a permanent metering and control assembly that allows for the supply of piped natural gas purchased from a permanent supply source. This will give the Belmont Lake field owners the ability to purchase gas from outside suppliers, or continuing to provide gas from our own gas supply-well.
All the work noted herein is expected to be completed during the month of May. Lexaria will report on the new oil production rates once the work is complete and production conditions show signs of stabilization.
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.lexariaenergy.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Chris Bunka CEO/Chairman
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 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 any funds even if the Canadian prospectus and US Registration Statement are both approved by the applicable authorities. 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.
The CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
SOURCE Lexaria Corp