Document:

MD Filed by Filing Services Canada Inc.  (403) 717-3898

July 28, 2010 

Trading Symbol: LXRP: OTCBB

    LXX:
CNS 

Lexaria Finances Next Two Wells

(Vancouver, BC: July 28, 2010) - Lexaria Corp. (the "Company” or “Lexaria") is pleased to announce its preparedness for an upcoming oil well drilling program.

Lexaria has raised sufficient funds to pay for its portion of two upcoming directional oil wells in the Belmont Lake oil field. From previously completed financings, the Company retained sufficient cash to fund its 32% perpetual gross interest in these two wells.

The Company was able to raise additional funds to also obtain an additional 8% non-perpetual interest - at no cost to the Company – through three assignment agreements. The Company assigned a 24% non-perpetual gross interest limited to a 500% revenue payout to three Assignees.  These three assignment agreements provided the fund providers with a 24% non-perpetual gross interest limited to a 500% revenue payout, in return for those Assignees contribution of US$324,677.12. In this manner Lexaria was able to obtain its additional 8% non-perpetual gross interest with no equity dilution to shareholders and with no further debt incurred by the Company.

The Chairman of the Company, and the Chief Scientific Advisor of the Company, and an advisor to the Company,each participated in the assignments.

As a result, Lexaria will earn a 32% perpetual gross interest in these two wells to be drilled, as well as an 8% non-perpetual gross interest limited to a 500% revenue payout. These interests are fully funded.

The two wells will be drilled, weather permitting, in August or September. The Company has decided not to drill the earlier anticipated horizontal well at Belmont Lake at this time, due to adverse weather conditions and higher horizontal well drilling costs. One or more horizontal wells could still be drilled at Belmont Lake at some later date.

The Company will provide additional news as it becomes available.

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) 765-6424

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 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.ex10_1.htm

EXHIBIT 10.1

 

WAIVER AGREEMENT

 

This WAIVER AGREEMENT (the “Waiver Agreement”) is made and entered into on the date set forth below by and between Boots & Coots, Inc., a Delaware corporation (the “Company”) and Jerry Winchester (the “Employee”), in connection with the proposed Agreement and Plan of Merger (the “Merger Agreement”) by and among Halliburton Company, a Delaware corporation (“Parent”), Gradient, LLC, a Delaware limited liability company and a wholly owned subsidiary of Parent (“Merger Sub”), and the Company, pursuant to which, among other things, the Company would merge with and into Merger Sub, with Merger Sub continuing as the surviving entity (the “Merger”).

WHEREAS, the Company and the Employee have entered into the an Amended and Restated Executive Employment Agreement dated as of June 29, 2009 (the “Agreement”);

WHEREAS, Section 22 of the Agreement provides that the Company shall provide an additional payment to the Employee in the event any excise taxes are imposed on the Employee under Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”) as a result of a change in control event involving the Company (the “Gross-Up Obligation”);

WHEREAS, the Company and the Employee desire to confirm and clarify their agreements regarding the Agreement and the Gross-Up Obligation as well as to provide for certain additional matters set forth herein;

NOW THEREFORE, in consideration of the mutual covenants set forth herein and other good and valuable consideration, the parties hereto agree as follows:

1.           The Company shall pay, or shall cause to be paid, to the Employee a lump sum cash payment of an amount not less than $1,000,000, and not to exceed $2,500,000 (the “Waiver Payment”), which shall be equal to the cash amount that would otherwise be payable pursuant to Section 13(c) of the Agreement in the event of an involuntary termination immediately following the Merger, as determined by the Compensation Committee of the Company and as agreed to by the Parent and accepted by the Employee, subject to applicable withholding requirements.  The Waiver Payment shall be paid immediately prior to the “Effective Time” as defined in the Merger Agreement.

2.           As of the Effective Time, the Employee irrevocably relinquishes and waives any and all rights and claims he may have pursuant to the Agreement; provided, however, that the Employee’s release of the Gross-Up Obligation is made subject to the Parent’s express assumption of the Gross-Up Obligation.  As of the Effective Time, the Company irrevocably relinquishes and waives any and all rights it may have pursuant to the Agreement.

3.           The right to the Waiver Payment is conditioned on the Employee’s employment with the Company or any subsidiary of the Company immediately prior to the Effective Time, and it is therefore intended that the Waiver Payment be exempt from the application of Section 409A of the Code pursuant to the short-term deferral exclusion, and the Waiver Agreement shall be administered accordingly.

4.           The Waiver Agreement shall be administered, interpreted and enforced under the internal laws of the State of Texas without regard to the principles of conflicts of laws thereof.

5.           Parent shall be a third party beneficiary of the Waiver Agreement and the obligations of the parties hereunder shall inure to the benefit of Parent and its subsidiaries.

6.           If any provision of the Waiver Agreement is determined to be invalid or unenforceable, it shall be adjusted rather than voided, to achieve the intent of the parties to the extent possible, and the remainder of the Waiver Agreement shall be enforced to the maximum extent possible.

7.           The Waiver Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall constitute one and the same instrument.  The parties hereto agree to accept a signed facsimile copy of the Waiver Agreement as a fully binding original.

[SIGNATURE PAGE FOLLOWS]

  

  

  

IN WITNESS WHEREOF, the Waiver Agreement has been executed and delivered by the parties hereto.

	  	BOOTS & COOTS, INC.	  
	  	a Delaware corporation	  
	  	  	  	  
	  	  	  	  
	  	
By

	
/s/ Cary Baetz

	  
	  	
Name:

	
     Cary Baetz

	  
	  	
Title:

	
     Chief Financial Officer

	  
	  	
Date:

	
     April 9, 2010

	  
	  	  	  	  
	  	EMPLOYEE	  
	  	
 

	
/s/ Jerry Winchester

	  
	  	
Jerry Winchester

	  
	  	
Date:  April 9, 2010ex10_2.htm

EXHIBIT 10.2

 

WAIVER AGREEMENT

 

This WAIVER AGREEMENT (the “Waiver Agreement”) is made and entered into on the date set forth below by and Boots & Coots, Inc., a Delaware corporation (the “Company”), Boots & Coots Services, LLC, a limited liability company (the “Employer”) and Dewitt H. Edwards (the “Employee”), in connection with the proposed Agreement and Plan of Merger (the “Merger Agreement”) by and among Halliburton Company, a Delaware corporation (“Parent”), Gradient LLC, a Delaware limited liability company and a wholly owned subsidiary of Parent (“Merger Sub”), and the Company, pursuant to which, among other things, the Company would merge with and into Merger Sub, with Merger Sub continuing as the surviving entity (the “Merger”).

WHEREAS, the Employer and the Employee have entered into an Amended and Restated Executive Employment Agreement dated as of June 29, 2009 (the “Agreement”);

WHEREAS, Section 22 of the Agreement provides that the Employer shall provide an additional payment to the Employee in the event any excise taxes are imposed on the Employee under Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”) as a result of a change in control event involving the Company (the “Gross-Up Obligation”);

WHEREAS, the Company ,the Employer and the Employee desire to confirm and clarify their agreements regarding the Agreement and the Gross-Up Obligation as well as to provide for certain additional matters set forth herein;

NOW THEREFORE, in consideration of the mutual covenants set forth herein and other good and valuable consideration, the parties hereto agree as follows:

1.           The Company shall pay, or shall cause to be paid, to the Employee a lump sum cash payment of an amount not less than $567,000, and not to exceed $1,247,400 (the “Waiver Payment”), which shall be equal to the cash amount that would otherwise be payable pursuant to Section 13(c) of the Agreement in the event of an involuntary termination immediately following the Merger, as determined by the Compensation Committee of the Company and as agreed to by the Parent and accepted by the Employee, subject to applicable withholding requirements.  The Waiver Payment shall be paid immediately prior to the “Effective Time” as defined in the Merger Agreement.

2.           As of the Effective Time, the Employee irrevocably relinquishes and waives any and all rights and claims he may have pursuant to the Agreement; provided, however, that the Employee’s release of the Gross-Up Obligation is made subject to the Parent’s express assumption of the Gross-Up Obligation.  As of the Effective Time, the Company and the Employer irrevocably relinquish and waive any and all rights they may have pursuant to the Agreement.

3.           The right to the Waiver Payment is conditioned on the Employee’s employment with the Company or any subsidiary of the Company immediately prior to the Effective Time, and it is therefore intended that the Waiver Payment be exempt from the application of Section 409A of the Code pursuant to the short-term deferral exclusion, and the Waiver Agreement shall be administered accordingly.

4.           The Waiver Agreement shall be administered, interpreted and enforced under the internal laws of the State of Texas without regard to the principles of conflicts of laws thereof.

5.           Parent shall be a third party beneficiary of the Waiver Agreement and the obligations of the parties hereunder shall inure to the benefit of Parent and its subsidiaries.

6.           If any provision of the Waiver Agreement is determined to be invalid or unenforceable, it shall be adjusted rather than voided, to achieve the intent of the parties to the extent possible, and the remainder of the Waiver Agreement shall be enforced to the maximum extent possible.

7.           The Waiver Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall constitute one and the same instrument.  The parties hereto agree to accept a signed facsimile copy of the Waiver Agreement as a fully binding original.

[SIGNATURE PAGE FOLLOWS]

  

  

  

IN WITNESS WHEREOF, the Waiver Agreement has been executed and delivered by the parties hereto.

	  	
BOOTS & COOTS, INC.

	  
	  	
a Delaware corporation

	  
	  	  	  	  
	  	
By

	
/s/ Jerry Winchester

	  
	  	
Name:

	
     Jerry Winchester

	  
	  	
Title:

	
     CEO

	  
	  	
Date:

	
     April 9, 2010

	  
	  	  	  	  
	  	BOOTS & COOTS SERVICES, LLC	  
	  	a limited liability company	  
	  	  	  	  
	  	
By

	
/s/ Jerry Winchester

	  
	  	
Name:

	
     Jerry Winchester

	  
	  	
Title:

	
     CEO

	  
	  	
Date:

	
     April 9, 2010

	  
	  	  	  	  
	  	EMPLOYEE	  
	  	  	
/s/ Dewitt H. Edwards

	  
	  	
Dewitt H. Edwards

	  
	  	  	  	  
	  	
Date:  April 9, 2010

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