finally an updatealmost forgot what these guys do its been so long! take a look at some of the pictures of the area they are drilling from the website. Almost a shame, this is probably one of the most beautiful areas I have ever scene - no wonder there is so much opposition to the drilling.
Lexam: Colorado Oil & Gas Update
Thursday April 3, 4:31 pm ET
COLORADO OIL & GAS CONSERVATION COMMISSION RENEWS LEXAM'S DRILLING PERMITS
TORONTO, ONTARIO--(MARKET WIRE)--Apr 3, 2008 -- LEXAM EXPLORATIONS INC. (CDNX:
LEX.V -
News)(Other OTC:
LEXEF.PK -
News)(Frankfurt:
D2Q.F -
News) is pleased to announce that the Colorado Oil and Gas Conservation Commission (COGCC) has renewed Lexam's permits to drill on the Baca Oil and Gas Project in south-central Colorado.
On April 1st, 2008, Lexam appeared before the COGCC in order to seek an extension to its state drilling permits that were originally granted last April. Lexam's request for an extension was opposed by Saguache County, where the Baca Project is located.
When deciding to grant Lexam an extension, the COGCC ruled that the Company had made good faith efforts to commence operations under the permits and the delay was outside of the Company's control. The permits will include possible terms and conditions from the Environmental Assessment study (EA) being completed by the United States Fish and Wildlife Service (USFWS) and does not allow for commercial production.
Lexam has also been informed by the USFWS that the comment period on the EA was completed on March 3rd, 2008. Once the USFWS has finished reviewing the public's comments, it will make a decision regarding the level of impact Lexam's proposed exploration activities will have on the federal land.
The USFWS decision, which should be delivered in the next month, is not whether Lexam has the right to conduct exploration activities, but determines the necessary measures to be taken in order to mitigate any possible surface disturbance, which may include conducting additional environmental studies. Unlike many oil and gas properties throughout the United States, Lexam owns the mineral and hydrocarbon rights beneath the Baca Project and does not lease them from the federal government.