Transition report pursuant to Rule 13a-10 or 15d-10

Discontinued Operations

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Discontinued Operations
10 Months Ended
Aug. 31, 2014
Discontinued Operations [Text Block]
6.

Discontinued Operations

On November 26, 2014 a Purchase and Sale Agreement was entered into between Lexaria Corporation, and Cloudstream Belmont Lake, LP for the purchase and sale of oil and gas working interests, net revenue interests and other interests in Belmont Lake, Mississippi for total consideration of $1,400,000, which subject to adjustments as provided in the Purchase and Sale Agreement. The final purchase price was approximately $1400,000. The scheduled closing date of the Purchase and Sale Agreement is December 5, 2014.

Accordingly, the results of the Company’s former oil and gas business have been reported as discontinued operations for all periods presented.

Discontinued operations were comprised of :

      2014     2013     2012  
      (10-Month )   (10-Month )   (12-Month )
    $     $     $    
  Revenue   508,049     769,882     1,097,455  
  Natual gas and oil operating costs   (166,301 )   (251,390 )   (795,204 )
  Depletion   (161, 112 )   (282,533 )   (19,293 )
  Loss on disposition oil and gas property   (1,879,007 )   -     -  
  Income (loss) from discontinued operations   (1,698,371 )   235,959     282,958  

Assets and liabilities of discontinued operations held for sale included the following:

      Fiscal 2014     Fiscal 2013  
    $     $    
  Oil and gas properties-Proven   1,400,000     3,427,086  
  Total Assets   1,400,000     3,427,086  
               
  Assets retirement obligations   -     59,245  
  Total liabilities   -     59,245