SOURCE: Lexaria Corporation

March 19, 2007 09:00 ET

New Oil Discovery in Oklahoma

JACKSON, MS -- (MARKET WIRE) -- March 19, 2007 -- Lexaria Corp. (OTCBB: LXRA) (the "Company" or "Lexaria")

Lexaria is pleased to announce that the Isbill #2-36 well in Owl Creek Prospect, McCain County, Oklahoma has successfully encountered natural gas and oil.

Well logs and drill cuttings both are strongly indicative of potentially economic oil and gas shows. A drill stem test recovered gas at surface in 15 seconds, and oil at surface in 20 minutes from the pay zone which is at approximately 5,500 feet. The Bromide sand is providing between 8 and 10 feet of net pay with average porosities of 14%, and was encountered structurally high to the Powell #2-25 well. In addition there is a second potentially productive zone in the Upper Viola, which is not being tested at this time.

The Isbill #2 is a 40-acre offset to the productive Powell #2-25 well which continues to flow at approximately 120 bo/d some nine months after completion. The Powell #2-25 well, in which Lexaria does not have an interest, has produced over 33,000 barrels of oil and 9,000,000 cubic feet of gas since June 2006.

Lexaria has a 7.5% gross interest in the Isbill #2-36 (soon to be completed), and of the remaining drilling prospects on the Owl Creek property.

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 20% and 40% 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 has no official gas or oil reserves at this time and may not have sufficient funding to thoroughly explore, drill or develop its properties. 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 #200705

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