Lexaria Announces Mississippi Discovery

Lexaria Corp. on Thursday announced another successfully drilled natural gas well in Mississippi.

The USA #1-37 well (RB F-1) located in Wilkinson County, reached a total depth of 3180 feet and encountered a Frio gas zone as earlier identified by Bright Spot 3D seismic technology. Porosity is in excess of 30%. This well is being completed and tested and will be connected to pipeline infrastructure in the area in preparation of beginning production.

The USA #1-37 was the fifth well drilled in the Second Phase drill program in which Lexaria holds a 40% gross interest. Including the USA #1-37, there are 3 wells in this phase awaiting testing and/or connection to the pipeline; 1 well that is currently producing; and 1 well that was plugged and abandoned.

The next well in this phase, the BR F-33, is being drilled now.

From the earlier completed First Phase program in which Lexaria holds a 20% gross interest, 4 wells that were previously drilled are awaiting suitable field conditions to permit connection to the pipeline; 5 wells are currently producing; 1 well is temporarily suspended; and 2 wells were plugged and abandoned.

In total, Lexaria has participated in 17 wells in Mississippi during the last 12 months, of which 6 are in production; 8 are waiting to go into production; and 3 wells were plugged and abandoned.

"I am proud of our accomplishments after our first full year of busy field operations," said Chris Bunka, President of Lexaria Corp. "We have benefited from a strong relationship with our experienced operator, Griffin & Griffin Exploration, and have enjoyed an 82% success rate to date. I want to extend my sincere thanks to our excellent people and partners, and wish us all continued success in the future."

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 20% and 40% gross interests in various gas and oil projects. Lexaria routinely evaluates additional oil & gas projects and corporate opportunities.