Lynden Energy Corp. reports that the recently tied-in Harrell 34 #1, the Company's first Wolfberry well, has produced an average of 138 barrels of oil and 277,000 cubic feet of gas per day over the first fourteen days of production. Preliminary results for the Harrell 34 #1 exceed the range of expectations for a typical Wolfberry well. The ultimate productive capability of the well remains unknown at this time.
In addition, Miller Trust #101, the Company's second Wolfberry well, has been drilled to a total depth of 10,404 feet and is currently being cased and logged. Due to conditions in the hole, it was not possible to drill to the original target depth of approximately 11,400 feet to test two of the well's deeper targets. The well was, however, drilled through the Spraberry and Wolfcamp formations, the two zones which typically comprise a Wolfberry well. The Miller Trust #101 is scheduled for fracture stimulation in the second week of February.
The Mallard 23 #2, the Company's third Wolfberry well, has been drilled to a total depth of 10,415 feet, and is currently being cased and logged. The Mallard 23 #2 is scheduled for fracture stimulation in the third week of February.
The Company's fourth Wolfberry well, the Roy 1, is scheduled to be spudded in the second week of February. Lynden is earning a 43.75% interest in the Harrell 34 #1, Miller Trust #101, Mallard 23 #2, and Roy 1 by funding 50% of the cost of the wells.
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 10,500 feet, drilling depth.
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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