Lexaria reports highest-ever oil production
Wednesday, Feb 20, 2013
KELOWNA, British Columbia, Feb. 19, 2013 /PRNewswire/ -- Lexaria Corp. (OTCQB: LXRP) (the "Company" or "Lexaria") announces its highest levels ever, for oil production for the fiscal year ending October 31, 2012. Oil production, NET to the Company, at the Belmont Lake oil field located in Mississippi, was 17,540 barrels (approximately 47,217 gross field barrels) compared to 16,900 net barrels one year earlier.
During the Company's first quarter ending January 31, 2013, gross field production was approximately 11,002 barrels, compared to 6,863 barrels in the same period one year earlier.
In addition, the Company announces its Proved oil reserves as of October 31, 2012:
PROVED DEVELOPED reserves of 56,140 NET barrels with undiscounted cash flows of $3,869,983.60 or cash flows discounted at 10% of $3,072,722.71, plus;
PROVED UNDEVELOPED reserves of an additional 82,900 NET barrels with undiscounted cash flows of $6,661,981.02 or cash flows discounted at 10% of $5,022,890.70
For TOTAL PROVED reserves of 139,040 NET barrels with undiscounted cash flows of $10,530,964.62 or cash flows discounted at 10% of $8,098,613.41
These Proved reserves do not include any valuation for the Company's 130,000 acre land base; for any Probable reserves; for any Possible reserves; nor for any other Company assets outside of the Proved oil reserves located at Belmont Lake, Mississippi. Lexaria filed a Form 10K on January 28, 2013 with the Securities and Exchange Commission detailing the increased proved reserves.
SOURCE Lexaria Corp.
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