Lynden Energy Corp.: Initial Positive Results From First Tubb Prospect Well
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/30/12 -- Lynden Energy Corp. (TSX VENTURE: LVL) provides an update on its recently drilled Tubb A #1 Wolfberry Project well.
Tubb A #1 is located in Howard County, West Texas and is Lynden's first well in the 7,341 gross (6,956 net) acre Tubb Prospect Area. Lynden is funding 40.625% of the cost of wells in the Tubb Prospect Area to earn a 35.55% working interest.
The Tubb A #1 well was drilled to a total depth of 9,545 feet, and in late December 2011, 12 stages of fracture stimulation were carried out. In addition to several completion stages in the Wolfcamp formation, completions were also carried out in the deeper Cisco, Canyon, Strawn, Atoka and Mississippian formations.
In early January, the well was tied into production and has averaged 109 barrels of oil per day and 264 barrels of water per day in the 23 days since the well was tied-in. The well has also produced 106 mcf of gas per day in the eleven days since the measurement of gas began. Oil gravity from the Tubb A #1 is estimated to be 43 degrees API.
Initial results from the well have exceeded management's expectations and are suggestive of the significant development potential for the relatively untested Tubb Prospect Area. Successful results in the Tubb Prospect Area could allow for the drilling of approximately 170 gross wells, at 40 acre spacing, on currently leased acreage.
Lynden's next Tubb Prospect Area well is scheduled to be spud in April 2012. Development in the Tubb Prospect Area is expected to be focused on the Wolfcamp formation, and added pay in formations below the Wolfcamp.
The Tubb A #1 is part of Lynden's rapid oil and gas development program on its Wolfberry Project where the Company anticipates spudding 28 gross (12.0 net) Wolfberry Project wells in 2012.
ON BEHALF OF THE BOARD OF DIRECTORS
LYNDEN ENERGY CORP.
Colin Watt, President and CEO
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 the next Tubb Prospect Area well in April 2012, spudding 28 gross (12.0 net) Wolfberry Project wells in 2012, achieving additional successful results in the Tubb Prospect Area, 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 .
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.
Contacts:
Lynden Energy Corp.
Andrea Magee
(604) 629-2991
(604) 602-9311 (FAX)
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Datum: 30.01.2012 - 22:46 Uhr
Sprache: Deutsch
News-ID 109098
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VANCOUVER, BRITISH COLUMBIA
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Oil & Gas
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