Canadian oil company announces new well

VANCOUVER, British Columbia, Nov. 15 (UPI) -- Vancouver, Canada-based Lexaria said its new well at the Belmont Lake Oil Field is exceeding production expectations.

The well was tested at 116 barrels of oil per day and is being connected to local facilities for production, expected to start within several days.

Complete field development is expected in 2008. Lexaria Corp. holds only 30 percent of the working interest in the Belmont Lake Oil Field. Lexaria also holds 50 percent interest in future wells in the Palmetto Point area, which surrounds Belmont Lake. All 32,000 acres of the Palmetto Point area have been shot with 3-D seismic studies to assess the reserves.

Lexaria is an oil and gas company active mostly in Mississippi, Oklahoma and Alberta, Canada. In Mississippi the company holds between 30 percent and 50 percent interests in various gas and oil projects.