A Visit to Calgary – Part 3
Lexington Energy Services Inc. (OTCBB: LXES)
Lexington Energy Services – What They Do
Lexington Energy has developed a highly efficient, low cost method for drilling core samples out of the oil sands of Alberta. Exploration coring is required for the massive amount of land poised for development in Alberta’s oil sands. Alberta’s oil sands have yet to produce three per cent of their reserves and it is estimated that one quarter of their area is currently in development.
Drilling companies must be diligent in their location for exploration. Lexington Energy provides the means of determining where the richest oil sands deposits are located in the vast province of Alberta – the three known fields are roughly the size of Florida. By drilling in a grid pattern, Lexington Energy can provide information on the extent of the oil sands deposit in a particular area.
Lexington Energy’s drilling subsidiary Lexcore is paid a day rate three times the rate of regular rig for coring because their system is faster and accomplishes more than the standard core drilling.
Lexington Energy charges approximately $45,000 (Canadian) a day for their coring services. Ten-foot sections of dirt are analyzed from a depth specified by the client up to a depth of 2300 feet.
The first two of Lexington Energy’s drilling/coring systems begin work in Alberta’s oil sands this week.
Lexington Energy and Core Samples
Lexington is contracted by drilling companies to explore specific areas. With their mobile drilling platform, Lexington Energy is able to drill core samples which provide an accurate accounting of the potential reserves below the surface.
In some areas of the world there are electronic means of doing this. However, these methods don’t work in the oil sands, which need Lexington Energy to help explore the area.
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