Lynden to Sell US$19.3 Million of Oil and Gas Properties to Breitburn Energy Partners L.P.
23 Dicembre 2013 - 2:00PM
Marketwired
Lynden to Sell US$19.3 Million of Oil and Gas Properties to
Breitburn Energy Partners L.P.
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 23, 2013) -
Lynden Energy Corp. (TSX-VENTURE:LVL) reports that the Company's
wholly owned subsidiary, Lynden USA Inc., has entered into a
definitive agreement with BreitBurn Energy Partners L.P. of Los
Angeles, California, for the sale of the subsidiary's interest in
12 gross (4.7 net) Wolfberry Project wells and underlying leases
covering approximately 1,000 gross acres (403 acres net to Lynden
USA) for proceeds of US$19.3 million.
The sale is expected to close on, and have an effective date of,
December 30, 2013. The purchase price will be subject to customary
closing adjustments for a transaction of this type.
The Company's working interest in the wells to be sold ranges
from approximately 22% to 44%. The Company's working interest
partner in the assets has also recently entered into an agreement
to sell its interest.
The sale is in line with the Company's stated objective to sell
portions of its proven acreage in order to manage its working
capital position and to redeploy funds to its less developed and
unproven acreage, where the Company believes it can achieve the
best returns for shareholders.
Prior to this sale, the Wolfberry Project currently covers
approximately 17,978 gross (15,825 net) acres, equivalent to
approximately 6,466 acres net to Lynden's working interest, on
which the Company has 79 gross (33.0 net) wells tied-in and
producing.
The Company's current plans call for 28 gross (11.6 net)
Wolfberry Project wells to spud in calendar 2014. The Company does
not anticipate any change in the number of wells to be spud in
calendar 2014 as a result of this sale.
About Lynden
Lynden Energy Corp. is in the business of acquiring, exploring
and developing petroleum and natural gas rights and properties. The
Company has various working interests in the Wolfberry Project and
Mitchell Ranch Project, located in the Permian Basin in West Texas,
USA.
ON BEHALF
OF THE BOARD OF DIRECTORS |
LYNDEN ENERGY CORP. |
|
"Colin Watt" |
President
and CEO |
FORWARD-LOOKING STATEMENTS DISCLAIMER: This news
release contains forward-looking statements. The reader is
cautioned that assumptions used in the preparation of such
statements, although considered accurate at the time of
preparation, may prove incorrect, and the actual results may vary
materially from the statements made herein. Expectations of
spudding 28 gross (11.6 net) Wolfberry Project wells in calendar
2014 is subject to the customary risks of the oil and gas industry.
For a more detailed description of these risks, and others, see
http://lyndenenergy.com/risk-factors/.
Lynden Energy Corp.Colin WattPresident and CEO(604)
629-2991(604) 602-9311www.lyndenenergy.com
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