Lexaria buys oil-producing assets from Brinx
by MBJ Staff
Published: August 30,2011
WILKINSON COUNTY — Lexaria Corporation has acquired certain producing oil assets within its core operating area in Wilkinson County.
Vancouver, British Columbia-based Lexaria has purchased all of the 10 percent gross working interest held by Brinx Resources, Ltd. in the Belmont Lake Oil Field and in other oil and gas assets in the area. As a result of this acquisition, Lexaria now owns between 42 percent and 50 percent gross working interest in the four producing oil wells at Belmont Lake, and 42 percent in any future development wells to be drilled therein.
At the current time, plans are to drill two more PUD development wells at Belmont Lake this season, subject to a number of conditions.
Basic terms for the acquisition of the 10 percent gross working interest in the Belmont Lake Oil Field and assorted other nearby oil and gas assets are a purchase price of $400,000, of which $200,000 is paid, and another $200,000 payment is due by Nov. 12; and, the issuance of 800,000 shares of restricted common stock of Lexaria.
To sign up for Mississippi Business Daily Updates, click here.
Mississippi Economic Council
Mississippi Chambers of Commerce
Mississippi State Legislature
Mississippi Development Authority
Mississippi Economic Development Council
North Mississippi News
Social Security Disability Lawyer
Auto Accidents Lawyer
Top Posts & Pages
- Shale oil: market correction or longterm direction?
- Aluminum company rumored for Columbus: 'clock' is for website, not plant site
- MBJ exclusive: Jackson’s new airport CEO fulfills desire to taking on the top job
- J.McLaughlin to open in Highland Village next spring
- Hyatt-Place is Columbus’ newest hotel option
- Miss. surgeon sentenced in tax evasion case
- 'Blue Economy' important for Mississippi's future
- MARTIN WILLOUGHBY: Gary Herring building tomorrow by educating today
- Tanger Outlets involved in Southaven project