Home » NEWS » Banking & Finance » Lexaria lands new financing

Lexaria lands new financing

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


… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About Wally Northway

Leave a Reply