Lynden Energy (OTC Other: LVLEF; TSX-V: LVL) continues with a rapid oil and gas development program on its Wolfberry project located in the Permian Basin of West Texas. Since the last update in February, two additional wells have been drilled. One of the new wells has been completed and is expected to be tied into production in the next few days and the other should be completed in the next 3 weeks or so. A third new well is being drilled. Lynded in funding 50% of the costs to earn a 43.75% interest in the leases.
The Company currently has 8 gross producing Wolfberry Project wells. In the month of April the Company’s net production, before royalties, from the wells averaged 190 barrels of oil and 470 mcf of gas per day, or 268 barrels of oil equivalent per day (conversion ratio of 6 mcf of natural gas to 1 barrel of oil). Over the past 10 days, production from the wells averaged 168 barrels of oil and 473 mcf of gas per day, or 247 barrels of oil equivalent per day.