The well, which is located at Belmont lake, township 2 North – range 4 West of Wilkinson country, Mississippi, has been drilled in section 41.
The newly drilled well that is operated by Griffin & Griffin Exploration, was encountered oil and yellow fluorescence from 3,140.5ft to 3,162 ft with recovered oil samples grading as high as 33 API.
Lexaria president Chris Bunka said the PPF-12-7 is the fifth successful well at Belmont lake field.
"We have high expectations for this well and believe it will be an important contributor to the overall success of this field," Bunka added.
The company noted that the permeability is very high across the entire sampled area, ranging from 3,100 millidarcies to as high as 4,750 millidarcies.
The high permeability could be indicative of a positive flow test, according to Lexaria’s technical consultants, while sand has a permeability of about 1,000 millidarcies, for comparison.
Lexaria is preparing to complete the well and install production equipment and flow lines, while new production facility is planned as part of the overall 12-7 completion process that is separate from the existing production facility, which controls production from the pre-existing four Belmont Lake wells.
Lexaria holds 42% working interest in the 12-1 and 12-3 wells and a 50% working interest in the 12-4 and 12-5 wells, as well as 13.3% working interest in the 12-7 well.
