Wednesday, April 04, 2012
Lynden Energy Corp. (TSX VENTURE:LVL) reports that the production, net to Lynden, from its 30 (12.86 net) Wolfberry Project wells was in excess of 500 barrels of oil equivalent per day, on average, in the 10 days ending March 31, 2012. The highest daily production during the period was 595 barrels of oil equivalent. Production is predominately oil, and is primarily from the Company's West Martin Project Area (Martin County) and the Wind Farms Prospect Area (Glasscock County).
Also contributing to the production is the Tubb A #1 well (0.355 net) which has produced approximately 90 barrels of oil per day, on average, in the 3 months since the well was tied in (excluding approximately 10 days for pump repair), and has produced in excess of 100 barrels of oil per day over the past 10 days. The Tubb A #1 well is the Company's first well in the 7,341 gross (6,956 net) acre Tubb Prospect Area (Howard County). Lynden's next Tubb Prospect Area well is scheduled to be spud in late April. Based on the success of the Tubb A #1 well, plans are currently being made for the accelerated development of the Tubb Prospect Area. Lynden is funding 40.625% of the cost of wells in the Tubb Prospect Area to earn a 35.55% working interest.
The Company is continuing with its aggressive Wolfberry Project development plan which calls for the drilling of 31 gross (12.97 net) Wolfberry wells in calendar 2012, of which 4 gross (1.75 net) wells have now been drilled, completed and tied-in to production.
On the Company's Mitchell Ranch Project, two new wells have been scheduled for drilling in the area of the Spade #17-1 in June / July with the objective of developing the Wolfcamp zone that is producing in the Spade #17-1. This zone is at a depth of approximately 5,000 feet.
The Company is also actively monitoring an ongoing multi-well vertical / horizontal drill program being carried out on the Mitchell Ranch Project term assignment acreage by a senior E & P company, as well as monitoring a significant increase in testing activity by other senior E & P companies to the south, and in close proximity to the Mitchell Ranch Project.
This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More
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