Lynden: TD Reached at Wolfberry Project
Lynden reported that three new Wolfberry Project wells have been recently drilled to their target depths in the Mississippian formation. All three wells have been cased and are ready for completion in the 'typical' Wolfberry formations as well as in the deeper Strawn, Atoka and Mississippian limestone and shale formations. All three wells had encouraging oil and gas shows during drilling.
Two of the wells are scheduled for fracture stimulation in late December and the third is scheduled for early January. All three wells are in close proximity to production infrastructure and are expected to be tied-in shortly after stimulation.
Two of the new wells are in the Lynden's West Martin prospect area located primarily in Martin County, West Texas. Lynden is funding 50% of the cost of the two wells to earn a 43.75% working interest. Lynden has an interest in leases in the West Martin prospect area covering approximately 5,286 gross (4,899 net) acres. Eleven additional Wolfberry wells are scheduled to be drilled in the West Martin prospect area in 2011. Lynden currently has two producing Wolfberry wells in the West Martin prospect area.
One of the new wells is located in the Wind Farms prospect area in Glasscock County, West Texas. Lynden is funding 50% of the cost of the well to earn a 43.75% working interest. Lynden has an interest in leases in the Wind Farms prospect area covering approximately 3,350 gross (2,373 net) acres. Five additional Wolfberry wells are scheduled to be drilled in the Wind Farms prospect area in 2011. Lynden currently has one producing Wolfberry well in the Wind Farms prospect area.
Wolfberry wells primarily target oil (and gas) production from the Spraberry and Wolfcamp formations, which are of Permian age and informally grouped to form the "Wolfberry" interval or zone. Secondary targets are also being evaluated for completion as part of Lynden's Wolfberry Project. Typical Wolfberry wells involve completions over a 2,500 to 3,000 foot gross interval, generally located between 7,000 and 11,000 feet, drilling depth.