Lexaria Corp. - Exhibit 10.1 - Filed by newsfilecorp.com





	 	 
	September 7, 2010	Trading Symbol: LXRP: OTCBB
	 	LXX: CNSX


Successful New Oil Well 

(Vancouver, BC: September 7, 2010) - Lexaria
Corp. (the "Company” or “Lexaria") is very pleased to announce that the newly
drilled PP-F12-4 well has been successful in intersecting the same oil-bearing
formation as the two existing oil wells at Belmont Lake. 

As earlier announced, the PP-F12-4 is located
some 330 feet north of the PP-F12 well, which was the original discovery well
for the field. The new well encountered approx 26 feet of oil pay as confirmed
by field analysis, logs, and lab examination. The well is now being completed
and will undergo flow testing soon. Because Lexaria has previously made
significant investments into the infrastructure at Belmont Lake, it is expected
that we will be selling crude oil from this well in less than 3 weeks. 


The Company is encouraged by the fact that the
oil pay zone in the new PP-F12-4 is of effectively the same thickness as in the
original well, as it would not have been surprising if the oil pay thickness in
the new more northerly well might have been somewhat less. The Company will
investigate whether there might be room for any additional wells even further
north. 

The Company also completed the drilling of the
PP-F12-2 well, which was located some 1,100 feet to the south of the original
wells. The targeted sand formation was encountered as hoped, but was approx. 12
feet down-dip from the original well. Upon examination it was found to be
hydrocarbon bearing, but it contained natural gas and not oil. Because the
Company is sharply focused only on oil production at this time it was decided to
plug this well. 

Lexaria also announces that, following the
success of the PP-F12-4 well, another well will be drilled immediately. This
well, the PP-F12-5, is expected to have a down-hole location of some 330 feet to
the North of the currently producing PP-F12-3 well, and 330 feet to the East of
the new PP-F12-4 well. Since it is a step-out well from the existing producing
wells, it is considered very low risk and is designed to continue to optimize
cash flows from the known Belmont Lake oil field. 

Lexaria is examining the possibility of
additional new drill locations adjacent to the existing wells. Lexaria currently
holds a 40% gross working interest in the PP-F12-4 and PP-F12-5 directional
wells, and a 32% interest in the PP-F12 and PP-F12-3 wells. 

About Lexaria: 

To learn more about Lexaria Corp. visit
www.lexariaenergy.com. 



ON BEHALF OF THE BOARD 

"Chris Bunka" 

Mr. Chris Bunka, President 



FOR FURTHER INFORMATION PLEASE CONTACT: 

Lexaria Corp. 

Chris Bunka President/CEO/Chairman 

(250) 717 0377 



FORWARD-LOOKING STATEMENTS


This release includes
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended. Statements which are not historical facts are forward-looking
statements. The Company makes forward-looking public statements concerning its
expected future financial position, results of operations, cash flows, financing
plans, business strategy, products and services, competitive positions, growth
opportunities, plans and objectives of management for future operations,
including statements that include words such as "anticipate," "if," "believe,"
"plan," "estimate," "expect," "intend," "may," "could," "should," "will," and
other similar expressions are forward-looking statements. 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 road or
site conditions will be favourable for field work; no assurance that well
treatments will have any effect on oil or gas production; no assurance that oil
field interconnections will have any measurable impact on oil or gas production
or on field operations, and no assurance that the expected new well(s) will be
drilled or have any impact on the Company. 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. Current oil and gas production rates may not be
sustainable and targeted production rates may not occur. 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. 


The CNSX has not reviewed and does not accept responsibility for the adequacy
or accuracy of this release.