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October 16, 2009 VANCOUVER, BC — Lexaria Corp. (LXRP-OTCBB) (the "Company" or "Lexaria") announces that its newest well, the PP F-12-4, has not yet been spud but is expected to commence drilling in the next 2-3 weeks as weather conditions permit. Unseasonably wet conditions caused by heavy rainfall have prevented the drill rig from being able to access the drill site, which had been otherwise made ready for drilling operations. Approximately 11 inches of rain have fallen in the area during the past month. “We’re anxious to proceed with this well, but we can’t fight Mother Nature and we don’t want to blow our drilling budget,” said Chris Bunka, President of Lexaria. “We’ll get in there just as soon as things dry out enough to safely let our people get to work.” This well targets the same oil formation as the Company’s existing two producing oil wells in the field. If field conditions permit, this well will be drilled and completed as a horizontal well located approximately 330 feet to the North of the existing PP F-12 and PP F-12-3 oil wells. Assuming success, the well should be completed and tested and tied into production lines and tanks in November. About Lexaria Corp. Lexaria Corp. is an oil & gas company active primarily in Mississippi, where it holds between 32% and 60% gross working interests in various gas and oil projects. Lexaria routinely evaluates additional oil & gas projects and corporate opportunities. Contact: Forward-looking Statements 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, weather, operating, financial or other problems; capital expenditures that are higher than anticipated; or exploration opportunities being fewer than currently anticipated. There can be no assurance that expected oil and gas production will actually materialize; and thus no assurance that expected revenue will actually occur. There is no assurance the Company will have sufficient funds to drill additional wells, or to complete acquisitions or other business transactions. Such forward-looking statements also include estimated cash flows, revenue and current and/or future rates of production of oil and natural gas, which can and will fluctuate for a variety of reasons; oil and gas reserve quantities produced by third parties; and intentions to participate in future exploration drilling. Adverse weather conditions can delay operations, impact production, and cause reductions in revenue. The Company may not have sufficient expertise to thoroughly exploit its oil and gas properties. 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. |