Lynden Energy Corp. (LVL) announced that the Miller Trust #101 and Mallard 23 #2 wells have been tied into production. The Mallard 23 #2 is currently producing at a rate of 83 bo/day and 344 mcf/day. The Miller Trust #101 is producing at a rate of 75 bo/day and 70 mcf/day. LVL states that they are especially encouraged by the initial results from the Miller Trust #101 given that they could not drill down to their target depth to test two deeper targets. Both wells are still returning completion fluid and we believe that flow rates can be expected to increase.
They also reported that the Harrell 34 #1 well has produced in excess of 6,500 barrels of oil and 14 mmcf of gas since being tied in. Their Roy 1 well has also been completed and scheduled to be tied into production shortly.
These are very encouraging results and we expect that this news will not go unnoticed by the market. At its current price of $0.41, this company is dramatically undervalued and a strong buy at these levels. LVL's opportunity for a large stock price appreciation is outstanding!