Lexaria Corp. completed an equity financing and restructuring that will support ongoing operations.
After issuing 3.67 million new shares to complete the recent financing and partial debt settlement, Lexaria will have approximately 9.76 million shares issued and outstanding. There are a total of 500,000 stock options issued and outstanding.
Lexaria reports its existing wells continue to produce oil at the proven oil field, Belmont Lake. Using gas-lift technology, the field has been producing consistently. Belmont Lake is located in a flood plain of the Mississippi River and is subjected to seasonal flooding generally between January and May, most years. The company says utilization of a remote tank farm and gas compressor, injector and production pipelines and the gas-pressurized oil lift system have enabled oil production even during those times when the Mississippi River is at flood stage.
The company added that it is investigating possible methods and timing for drilling additional production well(s) as it looks to build oil production and cash flows.
Based in Vancouver, British Columbia, Canada, Lexaria is an oil and gas company active primarily in Mississippi, where it holds between 32 percent and 60 percent gross working interests in various gas and oil projects
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