Lynden Ventures Ltd.
TSX VENTURE : LVL

Lynden Ventures Ltd.

October 15, 2007 18:47 ET

Lynden Ventures Ltd.: Balance of $5 Million Private Placement Closes

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 15, 2007) - Lynden Ventures Ltd. (TSX VENTURE:LVL) reports that it has closed on the final C$492,910 of its previously announced $5 million non-brokered private placement. The $492,910 was raised by the issuance of 448,100 units at $1.10 per unit. Each unit consists of one common share and one half of a share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at a price of $1.50 until October 12, 2009.

The shares and warrants issued pursuant to the private placement, and any shares to be issued on exercise of the warrants are subject to a hold period expiring February 13, 2008.

In addition, the Company has granted 640,000 incentive stock options to certain of its directors, officers, employees and consultants. The stock options are exercisable at a price of $1.30 per common share for a period of five years.

About Lynden

Lynden Ventures Ltd. is a Canadian based oil and gas company with operations presently concentrated on gas prospects in the Paradox Basin, Utah. The Paradox Basin Project includes two contiguous oil and gas prospect areas totalling 1,525,000 acres. Lease holdings in the prospect areas cover in excess of 126,000 acres.

The operator, a middle tier Texas-based oil and gas company, is targeting gas production from shales and other Paradox Basin lithologies. The operator's exploitation program is based on commingling production from multiple zones, which has been successfully done by other operators in the Paradox Basin.

The 900,000 acre Northern Prospect Area includes leases covering in excess of 110,000 acres. Lynden has a 55% before payout working interest (41.25% after payout working interest) in an 80% net revenue interest in the Northern Prospect Area. The 625,000 acre Southern Prospect Area includes leases covering in excess of 16,000 acres. Lynden has a 25% before payout working interest (23.75% after payout working interest) in an 85% to 87% net revenue interest in the Southern Prospect Area.

ON BEHALF OF THE BOARD OF DIRECTORS

LYNDEN VENTURES LTD.

Colin Watt, President and CEO

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Lynden Ventures Ltd.
    Colin Watt
    President and CEO
    (604) 629-2991
    (604) 602-9311 (FAX)