Lynden Ventures Ltd.
TSX VENTURE : LVL

Lynden Ventures Ltd.

August 27, 2007 09:00 ET

Lynden Ventures Ltd.: Paradox Basin Project Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 27, 2007) - Lynden Ventures Ltd. (TSX VENTURE:LVL) provides an update on operations on its Paradox Basin Project, located in southeast Utah.

Southern Prospect Area

In the Southern Prospect Area the operator has started the re-entry of a well originally drilled in the early 1980's to test for productive Pennsylvanian formations. The re-entry, anticipated completions and testing of the completed zones are expected to take approximately 40 days.

The well is in the vicinity of three recently re-entered wells, two of which are now producing into the newly built gas pipeline. 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 the operator is currently taking delivery of pipe for the construction of a 12 mile gas pipeline. Construction is expected to begin in mid to late September, subject to receipt of outstanding government and landowner approvals. The pipeline will initially tie-in the two existing Northern Prospect re-entry wells. The route of the pipeline has been designed to optimize the tie-in of wells planned to be drilled.

The operator also has a completion rig on the site of its first re-entry well in the Northern Prospect Area as part of ongoing work to evaluate an additional up-hole zone in the well. Results from the zone under evaluation are indeterminate at this date. 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 now 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.

To date, the operator has focused on the re-entry of suitable historical wells as a less expensive way of testing zones in advance of a multi-well drilling program that is expected to begin in the fall of 2007.

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)