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May 17, 2007 VANCOUVER, BC — Lexaria Corp. (OTC BB: LXRA) (the "Company" or "Lexaria") is pleased to announce another successfully drilled natural gas well in Mississippi. The USA #1-37 well (RB F-1) located in Wilkinson County, reached a total depth of 3180 feet and encountered a Frio gas zone as earlier identified by Bright Spot 3D seismic technology. Porosity is in excess of 30%. This well is being completed and tested and will be connected to pipeline infrastructure in the area in preparation of beginning production. The USA #1-37 was the fifth well drilled in the Second Phase drill program in which Lexaria holds a 40% gross interest. Including the USA #1-37, there are 3 wells in this phase awaiting testing and/or connection to the pipeline; 1 well that is currently producing; and 1 well that was plugged and abandoned. The next well in this phase, the BR F-33, is being drilled now. From the earlier completed First Phase program in which Lexaria holds a 20% gross interest, 4 wells that were previously drilled are awaiting suitable field conditions to permit connection to the pipeline; 5 wells are currently producing; 1 well is temporarily suspended; and 2 wells were plugged and abandoned. In total, Lexaria has participated in 17 wells in Mississippi during the last 12 months, of which 6 are in production; 8 are waiting to go into production; and 3 wells were plugged and abandoned. “I am proud of our accomplishments after our first full year of busy field operations.” said Chris Bunka, President of Lexaria Corp. “We have benefited from a strong relationship with our experienced operator, Griffin & Griffin Exploration, and have enjoyed an 82% success rate to date. I want to extend my sincere thanks to our excellent people and partners, and wish us all continued success in the future.” 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. Contact: 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. |