Lynden Energy Corp. (TSX VENTURE:LVL) (the "Company") reports that as a result of the expiry of a term assignment entered into in June 2011, approximately 34,000 leased acres in the Company's Mitchell Ranch Project has been returned to the Company and its working interest partner, CrownRock L.P.
As a result of the returned acreage, the Company's interest in the Mitchell Ranch Project has reverted back to the approximately 104,000 acres originally leased. The Company has a 50% working interest in the Mitchell Ranch Project. The entire 104,000 acre lease can be held by continuous development every 90 days, with the next well required to be spud prior to mid-June, 2014.
Locations for 4 to 6 vertical wells are currently being finalized for a new well program to be carried out between June and August 2014. The wells are expected to be in proximity to the Company's Spade 17 #1 well where several rounds of completions have been carried out over the past several years.
The new well program will incorporate the results of a recent 3D seismic program that has identified multiple pay opportunities in the Ellenburger, Mississippian Chert, Pennsylvanian Limestone, Cline Shale and Wolfcamp.
About the Mitchell Ranch Project
The Mitchell Ranch Project is located on the Eastern Shelf of the Permian Basin, West Texas. The project is contained within a historical ranch that lies to the immediate west of the Jameson oil field and is approximately 10 miles south-east of the latan oil fields. The Mitchell Ranch Project is focused on Permo-Pennsylvanian-aged detrital targets where the numerous opportunities across several pay zones, all of which are shallower than 8,000 feet in drilling depth.
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.
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 carrying out a 4 to 6 vertical well program between June and August 2014, and other 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
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Lynden Energy Corp. (604) 629-2991 (604) 602-9311 www.lyndenenergy.com