Lynden Ventures Ltd.

Lynden Ventures Ltd.

September 24, 2007 09:00 ET

Lynden Ventures Ltd.: First Closing of $5 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 24, 2007) - Lynden Ventures Ltd. (TSX VENTURE:LVL) reports that it has closed a portion of its previously announced non-brokered private placement, raising gross proceeds of C$4,507,140 by the issuance of 4,097,400 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 September 21, 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 January 22, 2008. The Company paid consulting fees of $300,000 in association with the private placement. The balance of the private placement in the amount of $492,910 is expected to close by mid-October.

BlackRock Capital Management Inc. and State Street Research & Management Company, each a subsidiary of BlackRock, Inc. ("BlackRock"), serve as the investment advisors for all the placees in the private placement. BlackRock, headquartered in New York City, is one of the world's largest publicly traded investment management firms. As of June 30, 2007, assets under management were $1.230 trillion. The firm manages assets on behalf of institutions and individuals worldwide through a variety of equity, fixed income, cash management and alternative investment products.

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.



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)