Lexaria Corp. report that work will begin soon for a new oil well to be drilled at the Belmont Lake Field, Mississippi. This is the first all-new well at Belmont Lake in three years.

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 new 12-7 well will be located in an east-central quadrant of the expected reservoir that has to date been untapped by oil production and the Company expects success in this location. The 12-7 well is located the furthest to the east of any of the existing or currently planned wells in the field, so has the potential to test and drain large new areas of the Belmont Lake Field.

Tags: Lexaria Corp.