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.
Top Posts & Pages
- Chris McDaniel gets a thank you note from Travis Childers
- UPDATED: House subcommittee tosses discrimination elements from religious freedom bill
- States settle with manufacturers in DRAM price-fixing case
- Nehi Bottling Company has been a Cleveland fixture for 85 years
- Quapaw Canoe Company gains legislative support in battle with tax department
- Reactive Surfaces files lawsuit against Toyota in patent dispute
- The link between education and economic development
- Navy supercomputing power to grow
- Irby commits suicide after wife's prison release