Lexaria Finances Next Two Wells
29 7월 2010 - 4:51AM
Business Wire
Lexaria Corp. (the "Company” or “Lexaria") is pleased to
announce its preparedness for an upcoming oil well drilling
program.
Lexaria has raised sufficient funds to pay for its portion of
two upcoming directional oil wells in the Belmont Lake oil field.
From previously completed financings, the Company retained
sufficient cash to fund its 32% perpetual gross interest in these
two wells.
The Company was able to raise additional funds to also obtain an
additional 8% non-perpetual interest - at no cost to the Company –
through three assignment agreements. The Company assigned a 24%
non-perpetual gross interest limited to a 500% revenue payout to
three Assignees. These three assignment agreements provided the
fund providers with a 24% non-perpetual gross interest limited to a
500% revenue payout, in return for those Assignees contribution of
US$324,677.12. In this manner Lexaria was able to obtain its
additional 8% non-perpetual gross interest with no equity dilution
to shareholders and with no further debt incurred by the
Company.
The Chairman of the Company, and the Chief Scientific Advisor of
the Company, and an advisor to the Company, each participated in
the assignments.
As a result, Lexaria will earn a 32% perpetual gross interest in
these two wells to be drilled, as well as an 8% non-perpetual gross
interest limited to a 500% revenue payout. These interests are
fully funded.
The two wells will be drilled, weather permitting, in August or
September. The Company has decided not to drill the earlier
anticipated horizontal well at Belmont Lake at this time, due to
adverse weather conditions and higher horizontal well drilling
costs. One or more horizontal wells could still be drilled at
Belmont Lake at some later date.
The Company will provide additional news as it becomes
available.
About Lexaria:
To learn more about Lexaria Corp. visit
www.lexariaenergy.com.
ON BEHALF OF THE BOARD"Chris Bunka"Mr. Chris Bunka,
President
FORWARD-LOOKING
STATEMENTS
This release includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Statements which are not historical facts are forward-looking
statements. The Company makes forward-looking public statements
concerning its expected future financial position, results of
operations, cash flows, financing plans, business strategy,
products and services, competitive positions, growth opportunities,
plans and objectives of management for future operations, including
statements that include words such as "anticipate," "if,"
"believe," "plan," "estimate," "expect," "intend," "may," "could,"
"should," "will," and other similar expressions are forward-looking
statements. Such forward-looking statements are estimates
reflecting the Company's best judgment based upon current
information and involve a number of risks and uncertainties, and
there can be no assurance that other factors will not affect the
accuracy of such forward-looking statements. It is impossible to
identify all such factors but they include and are not limited to
the existence of underground deposits of commercial quantities of
oil and gas; cessation or delays in exploration because of
mechanical, weather, operating, financial or other problems;
capital expenditures that are higher than anticipated; or
exploration opportunities being fewer than currently anticipated.
There can be no assurance that expected oil and gas production will
actually materialize; and thus no assurance that expected revenue
will actually occur. There is no assurance the Company will have
sufficient funds to drill additional wells, or to complete
acquisitions or other business transactions. Such forward looking
statements also include estimated cash flows, revenue and current
and/or future rates of production of oil and natural gas, which can
and will fluctuate for a variety of reasons; oil and gas reserve
quantities produced by third parties; and intentions to participate
in future exploration drilling. Adverse weather conditions can
delay operations, impact production, and cause reductions in
revenue. The Company may not have sufficient expertise to
thoroughly exploit its oil and gas properties. The Company may not
have sufficient funding to thoroughly explore, drill or develop its
properties. Access to capital, or lack thereof, is a major risk.
Current oil and gas production rates may not be sustainable and
targeted production rates may not occur. Factors which could cause
actual results to differ materially from those estimated by the
Company include, but are not limited to, government regulation,
managing and maintaining growth, the effect of adverse publicity,
litigation, competition and other factors which may be identified
from time to time in the Company's public announcements and
filings.
The CNSX has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
Lexaria Bioscience (CSE:LXX)
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부터 12월(12) 2024 으로 1월(1) 2025
Lexaria Bioscience (CSE:LXX)
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부터 1월(1) 2024 으로 1월(1) 2025
