LIC may get a pump whe PP closes WATCHING CLOSELY
Lexacal reaches agreement for oil sands treatment
2007-07-20 12:22 ET - News Release
Shares issued 12,613,991
LIC Close 2007-07-18 C$ 0.15
Mr. Robert Chase reports
LEXACAL'S WHOLLY OWNED SUBSIDIARY REACHES AGREEMENT ON DEVELOPING REMEDIATION OF OILSANDS DRILL CUTTINGS
Lexacal Investment Corp.'s wholly owned subsidiary, New West Drilling Fluids Inc., of Calgary, Alta., has reached an agreement with a private company to apply a remediation process to the treatment of oil sands cuttings. New West Drilling will be conducting laboratory and field testing to determine if the process is viable, and if so, will apply to the Alberta Energy and Utilities Board for regulatory approval to use the process in the treatment of oil sands drill cuttings. New West Drilling is in the process of treating waste drill cuttings provided by a number of oil sands operators.
We seek Safe Harbor.
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Lexacal arranges $750,000 private placement
2007-07-17 16:31 ET - News Release
Shares issued 12,613,991
LIC Close 2007-07-16 C$ 0.15
Mr. Robert Chase reports
LEXACAL INVESTMENT CORP. PROPOSES PRIVATE PLACEMENT
Lexacal Investment Corp. has proposed to complete a non-brokered private placement of up to five million units at a price of 15 cents per unit to accredited investors. Each unit will comprise one common share and one-half share purchase warrant exercisable at 20 cents per share and expiring two years after the closing date. The warrants forming part of this placement will have a provision that states that, after four months from the date of the placement, should the weighted average trading price of the shares exceed 35 cents per share for a period of 15 consecutive trading days at any time during the two-year period, the company may give notice to exercise. If not then exercised within 30 days, the warrants will expire. Closing is anticipated to occur on or about July 31, 2007.
The company plans to use the proceeds to retire term debt and for working capital purposes.
A finder's fee of 8 per cent may be payable on a portion of the private placement. In addition, an 8-per-cent finder's option to buy additional units for a period of one year from the date of closing may be granted on a portion of the private placement at the issue price.
The common shares and warrants comprising the units will be subject to a four-month hold.
We seek Safe Harbor.
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Lexacal unit to begin drilling for Petro-Canada
2007-06-07 18:43 ET - News Release
Shares issued 12,613,991
LIC Close 2007-06-06 C$ 0.11
Mr. Joe Scarlett reports
LEXACAL INVESTMENT CORP. ANNOUNCES COMMENCEMENT OF MAJOR PROJECT
Lexacal Investment Corp.'s wholly owned subsidiary, New West Drilling Fluids Inc., of Calgary, Alta., will commence a multiwell Athabasca oil sands drilling operation for Petro-Canada Inc., project name MRX, in Fort McKay on Friday, June 15, 2007.
New West will be using its patented Bitudril drilling fluids system, and will provide all drilling fluids engineering and supervision for the entire project.
The project consists of 40 horizontal well pairs and one horizontal re-entry for a total of 81 horizontal wells with measured depths of approximately 1,250 metres and horizontal sections approximately 800 metres in length. The project is scheduled for 18 months with approximate gross revenue of $3.8-million to New West.
New West is a full-service drilling fluids company to the oil and gas industry in Western Canada. Its products and services are unique to the industry because they are developed to address client-specific problems in drilling, completions and workovers. New West's products maximize efficiency while minimizing costs and environmental impact.
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