Lynden Energy Corp.
TSX VENTURE : LVL

Lynden Energy Corp.

April 28, 2008 09:00 ET

Lynden Energy Corp.: Appointment of Chairman; New Director

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 28, 2008) - Lynden Energy Corp. (TSX VENTURE:LVL) reports that Mr. Richard Andrews has joined the Company's Board of Directors and has been appointed Chairman. Mr. Andrews has also separately joined the Board of Directors and been appointed Chairman and Chief Executive Officer of the Company's wholly owned U.S. subsidiary, which holds the Company's interest in the Paradox Basin Project.

Management believes that Mr. Andrews' extensive experience in advising and raising funds for resource companies is well suited to the Paradox Basin Project and to future advancement of corporate objectives.

Upon his appointment Mr. Andrews stated, "I am extremely pleased to join the existing Lynden team and to become involved with a project with as much potential as the Paradox Basin Project, a project where significant milestones have already been met, including the establishment of a large acreage position and the construction of pipeline infrastructure. Lynden has the potential for significant near term revenue growth, and I look forward to helping the Company reach its objectives."

Additionally, the Company has granted 875,000 incentive stock options to certain of its directors, officers, employees and consultants. The stock options are exercisable at a price of $1.40 per common share for a period of five years.

Lynden 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 115,000 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, a strategy which has been successfully accomplished by other operators in the Paradox Basin.

The 900,000 acre Northern Prospect Area includes leases covering in excess of 100,000 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 15,000 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 ENERGY CORP.

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.

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

Contact Information

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