The company has acquired all of the 10% gross working interest held by Brinx in the Belmont Lake oil field in Wilkinson County and in other oil and gas assets in the area.
With this acquisition, Lexaria now holds between 42% and 50% gross working interest in the four producing oil wells at Belmont Lake, and 42% in any future development wells to be drilled therein.
The terms for the acquisition include a purchase price of $400,000 and the issuance of 800,000 shares of Lexaria’s restricted common stock.
Lexaria president Chris Bunka said the purchase of these assets will produce an immediate increase in the company’s oil revenue and an increase in its proved oil reserves.
