As the Company reported on November 4, this is the first all-new well at Belmont Lake in three years.
The drill rig has arrived on site and drilling is about to commence. Assuming the well is successful, drilling and completion procedures should not require more than about 2 weeks.
It is hoped that a successful well would be in production in late December or early January, depending on many factors including field conditions.
The new 12-7 well is classified as a development well within the proven field, and is located immediately to the south-east of the original discovery well, the 12-1. The 12-1 well originally went into production in 2006 at approx. 102 barrels of oil per day (BPD). It was recompleted in May 2012, when it produced an average of 124 BPD during the next 30 days of production.
The Company also announces that the earlier announced Investor Relations contract with Carmel Advisors LLC has been cancelled on mutually agreeable terms and all compensation has been refunded.
Lexaria retains a 42% working interest in the 12-1 and 12-3 wells; a 50% working interest in the 12-4 well and 12-5 wells; and a 13.3% working interest in the 12-7 well.
