SOURCE: Lexaria Corporation

October 22, 2007 09:00 ET

Lexaria Corp. -- Oil Production & Drilling Updates in Mississippi & Oklahoma

VANCOUVER, BC--(Marketwire - October 22, 2007) - Lexaria Corp. (OTCBB: LXRA) (the "Company" or "Lexaria") announces that the drilling of the PP F-12 #3 well has reached total depth and has been logged. Production casing is being set in anticipation of oil production. Completion operations including a flow test will be conducted as soon as possible and results reported at that time.

The original discovery well in the Belmont Lake oil field, the PP F-12, is producing oil at an increased rate of flow as compared to its original production test. The well is producing on an 11/64th choke, currently at the rate of slightly more than 110 barrels per day. This compares to the original flow test rate which was approximately 100 BO/D, on a 12/64th choke.

Lexaria, in conjunction with its partners, has decided to examine the expected future production data from the PP F-12 #3 well prior to making a final decision on the timing and specific location of the next well to be drilled into this Belmont Lake oil field.

In Oklahoma, Lexaria expects to spud within 48 hours a new oil development well at Owl Creek. The new well is named the Powell #3 well and will target the same zones as the successful Powell #2 (in which Lexaria does not have an interest). The Powell #2 has been producing oil since June, 2006 and is currently producing over 120 BOE/D. Information regarding the status of the Powell #3 well will be provided as it becomes available.

About Lexaria Corp.

Lexaria Corp. is an oil & gas company active in Mississippi, Oklahoma and in Alberta, Canada. The main focus currently is Mississippi, where it holds between 30% and 50% gross interests in various gas and oil projects. Lexaria routinely evaluates additional oil & gas projects and corporate opportunities.

Statements which are not historical facts are forward-looking statements. The Company makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors but they include and are not limited to the existence of underground deposits of commercial quantities of oil and gas; cessation or delays in exploration because of mechanical, operating, financial or other problems; capital expenditures that are higher than anticipated; or exploration opportunities being fewer than currently anticipated. The Company may not have sufficient funding to thoroughly explore, drill or develop its properties. Access to capital, or lack thereof, is a major risk. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements and filings.

Press Release #200723

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