Lynden Energy (OTC Other: LVLEF; TSX-V: LVL) continues with a rapid oil and gas development program on its Wolfberry Project where the Company now has 19 gross (8.1 net) wells tied-in and producing. The Company’s share of production, after royalties, from these wells has averaged approximately 423 barrels of oil equivalent over the last 30 days. Production is predominantly oil (approx. 72%). In addition to these wells, the Company has 2 gross (0.9 net) wells that have been drilled and are awaiting tie-in or completion, and an additional 6 gross (2.5 net) wells are expected to spud before December 31, 2011. Current plans call for 31 gross (13.2 net) Wolfberry Project wells to spud in 2012.
At Mitchel Ranch, there is a single lease covering approximately 103,400 gross and net acres, located in Coke, Mitchell, and Sterling counties of West Texas. The Company has a 50% working interest in the 67,400 acres located in the northern portion of the ranch and a 1.25% overriding royalty interest in the 36,000 acres that are subject to term assignment with a large, independent exploration and production company. The Company currently has one (0.5 net) producing well on the project, the Spade 17 #1, where several rounds of completions have been carried out to determine a development plan for the project. The most recent completion was undertaken in late May, and targeted a Lower Wolfcamp zone between 4,900 and 5,000 feet. In the 125 days since oil production from this interval began, the well has averaged 53 barrels of oil per day. This is the third oil productive interval in this well.