Lynden Energy to Spud First Horizontal Well
17 Marzo 2014 - 1:00PM
Marketwired
Lynden Energy to Spud First Horizontal Well
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 17, 2014) -
Lynden Energy Corp. (TSX-VENTURE:LVL) (the "Company") reports that
it anticipates spudding its first horizontal well in May on a 1,127
acre lease (the "Lease") in northern Martin County, West Texas. The
well has a targeted lateral length of approximately 6,200 feet and
will be operated by a Midland, Texas based company (the
"Operator"). The well will target the Wolfcamp "B" horizon, which
has been successfully tested in horizontal wells by several
companies in the Midland Basin, including the Operator.
Pursuant to a recently executed purchase and sale agreement with
an effective date of February 1, 2014 between the Company, as
seller, and the Operator, as purchaser, the Company's working
interest in the Lease and the five vertical wells on the Lease has
decreased from 30.625% to 20.0%. As a result of prior Company
obligations on the Lease, the Company will be funding 24.375% of
the cost of the initial horizontal well, and subsequent wells, on
the Lease. Net production lost to Lynden from the reduced interest
in the wells sold is less than 10 barrels of oil equivalent per
day.
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.
NI 51-101 requires that we make the following disclosure: we use
oil equivalents (boe) to express quantities of natural gas and
crude oil in a common unit. A conversion ratio of 6 mcf of natural
gas to 1 barrel of oil is used. Boe may be misleading, particularly
if used in isolation. The conversion ratio is based on an energy
equivalency conversion method primarily applicable at the burner
tip and does not represent a value equivalency at the wellhead.
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 its first horizontal well in May 2014, and expected
timelines relating to oil and gas operations, are subject to the
customary risks of the oil and gas industry, and are subject to the
company having sufficient cash to fund the drilling and completion
of these wells. For a more detailed description of these risks, and
others, see http://lyndenenergy.com/risk-factors.
ON BEHALF OF THE BOARD OF DIRECTORS
LYNDEN ENERGY CORP.
Colin Watt, President and CEO
Lynden Energy Corp.Colin Watt(604) 629-2991(604)
602-9311www.lyndenenergy.com
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