Lexaria’s New Oil Well Exceeds Expectations
Ryan Allway
September 16th, 2014
News, Top News
[stockchart symbol=LXRP]
Lexaria Corp. [stockquote symbol=LXRP] (CNSX: LXX), an oil and gas company that diversified into the cannabis industry in early 2014, recently announced excellent oil production rates at its new PFF-12-7 oil well at Belmont Lake, Mississippi. As of September 12, 2014, the well was producing approximately 120 bbl/d with flow pressure indicating healthy reservoir pressures that surpassed expectations.
“Taken within the context of this conservative perforation technique and the restriction from the small choke size, I view the oil production rates from this well as even more positive,” said Lexaria Corp. President Chris Bunka in a recent press release the discussed the production estimates and developments. Only the upper eight feet of the well was perforated in order to stay above oil/water contact.
Lexaria retains a 42% working interest in the producing 12-1 and 12-3 wells, a 50% working interest in the suspending 12-4 and 12-5 wells, and a 13.3% working interest in the 12-7 well. In addition, the company’s management team is actively reviewing all possible ways of maximizing value from the Belmont Lake oil field assets in order to increase long-term shareholder value.
The cash flow generated from the company’s oil and gas operations should help accelerate its medical marijuana business plan. In July, the company announced that it received final municipal zoning approval for its joint venture with Enertopia Corp. [stockquote symbol=ENRT] (CSX: TOP). The two expect to submit a joint application to Health Canada in the near-term for a facility located in Burlington, Ontario.
“Approval by the City of Burlington for a medical marijuana production facility is an important step in the journey towards our goal of obtaining a license under Health Canada’s MMPR program and becoming an industry leader,” said Mr. Bunka in a press release discussing the developments back in July.
Shares of Lexaria Corp. jumped 2.47% in early trading on Tuesday, September 16, 2014 following the news release.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.Disclaimer: Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Emerging Growth LLC dba TDM Financial, which owns CannabisFN, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. Emerging Growth LLC dba TDM Financial, which owns CannabisFN, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. Emerging Growth LLC dba TDM Financial, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.cannabisfn.com/legal-disclaimer/.
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