Lexaria buys oil-producing assets from Brinx

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Published: August 30,2011

Tags: energy, mergers and acquisitions, Oil, oil and gas, oil fields, petroleum

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.

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