Lynden Energy (OTC OTher: LVLEF; TSX-V: LVL) proved plus probable reserves are estimated to be 8.25 million barrels of oil and 22 billion cubic feet of gas. Of this amount, proved reserves were 1.28 million barrels of oil and 3.7 billion cubic feet of gas, the estimated NPV of which was calculated to be $64.0 million.
As a result of the recently completed financing, the Company seeks to expand its Wolfberry Project by upgrading the reserves through development drilling and by acquiring additional acreage. The Company expects three new Wolfberry Project wells to be spudded within the next ten days. Lynden is funding 50% of the cost of the three wells to earn a 43.75% working interest. Additional wells are expected to be spudded before the end of the year. The Company also expects to maintain an aggressive pace in developing its Wolfberry Project in 2011.
All of the Company’s activities should result in plenty of positive news flow and additional interest in the stock.