Lynden reported that its first Wolfberry well, the Harrell 34 #1, was tied into oil and gas production facilities late yesterday. The Harrell 34 #1, spudded in mid-November, was drilled to a total depth of 10,906 feet, and successfully fracture stimulated in 9 stages. The productive capability of the well is not known at this time.
In addition, the Miller Trust #101, Lynden's second Wolfberry well was spudded earlier this week and is expected to reach a total depth of 11,400 feet. The third Wolfberry well, the Mallard 23 #2, is scheduled to be spudded within the next week, and is expected reach a total depth of 10,750 feet. Both wells will 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 deeper targets will also be evaluated for completion.
Typical Wolfberry wells involve completions over a 2,500 to 3,000 foot gross interval, generally located between 7,000 and 10,500 feet, drilling depth. Lynden is earning a 43.75% interest in the Harrell 34 #1, Miller Trust #101 and Mallard 23 #2 by funding 50% of the cost of the wells.
The Wolfberry Project covers approximately 13,300 gross (12,063 net) acres in Glasscock, Howard, Martin, Midland, and Sterling counties of West Texas. Lynden's interest in the project ranges from 21.875% to 47.5%. The leases are contained within five prospect areas around which five areas of mutual interest ("AMI") have been established.
The Wolfberry Project is operated by CrownQuest Operating LLC of Midland, Texas, an operator with extensive knowledge and experience in operating in West Texas. In the last two years, CrownQuest has drilled or participated in over 40 new wells where the completion techniques associated with Wolfberry wells have been successfully applied in areas adjacent, or in proximity, to the AMIs.
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