Lynden Ventures Ltd.
TSX VENTURE : LVL

Lynden Ventures Ltd.

October 11, 2007 09:01 ET

Lynden Ventures Ltd.: Six Well Program Underway at Paradox Basin Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 11, 2007) - Lynden Ventures Ltd. (TSX VENTURE:LVL) reports that the first well of a six new well program on its Paradox Basin Project, located in southeast Utah, has been spudded. Subject to the timely receipt of landowner and government approvals, the six well program is expected to be completed in the second quarter of 2008. All six wells are targeting multiple zones, many of which have already been successfully completed and tied into production as part of the company's Paradox Basin Project.

Southern Prospect Area

The recently spudded well is a twin of an historical well that had been re-entered by the operator in early 2007. After completing multiple zones and encountering significant gas in the re-entry well, a mechanical problem occurred in the well preventing production. The new well site is within 100 metres of the Southern Prospect Area pipeline.

Also in the Southern Prospect Area, the operator is currently completing multiple zones in a recently re-entered well originally drilled in the early 1980's. It is anticipated that production from the well will be tied into the existing Southern Prospect Area pipeline by the end of October.

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.

Northern Prospect Area

In the Northern Prospect Area, subject to receiving government and landowner approvals, the operator's revised timeline is to begin the construction of a 15 mile gas pipeline by the end of the month. The route of the pipeline has been designed to optimize the tie-in of two previously re-entered historical wells and new wells. Five of the wells in the six well program are to be drilled in the Northern Prospect Area.

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.

About the Paradox Basin Project

The Paradox Basin Project includes two contiguous oil and gas prospect areas covering in excess of 1,525,000 acres established by Lynden, its working interest partners, and the project operator, a middle tier Texas-based oil and gas company with substantial experience in the area.

The Paradox Basin Project lease holdings cover in excess of 126,000 acres; 110,000 acres in the Northern Prospect Area and 16,000 acres in the Southern Prospect Area. The operator 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.

ON BEHALF OF THE BOARD OF DIRECTORS

LYNDEN VENTURES LTD.

Colin Watt, President and CEO

WARNING: This news release contains forward-looking information. The reader is cautioned that assumptions used in the preparation of such information, although considered accurate at the time of preparation, may prove incorrect. The actual results may vary materially from the information provided herein. Consequently, there is no representation by the company that the six well program will be completed in the second quarter of 2008, that production from the recently re-entered well will be tied into the existing Southern Prospect Area pipeline by the end of October, or that construction of a 15 mile gas pipeline in the Northern Prospect Area will begin by the end of October.

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)