Lynden Energy stock trading halted

Lynden Energy's stock has been halted today pending news release.

CrownQuest sells Permian Basin package possibly valued at $350 to $450 million

CrownQuest Operating has completed the sale of 7,910 net acres possibly valued at $350 to $450 million. The land is located in Howard and Mitchell Counties in the Permian Basin.

This is significant news for Lynden Energy since they own a 50% share in a 100,000 acre ranch in Mitchell County. CrownQuest is their partner and owns the other 50%.

W&T completes Permian Basin Acquisition

W&T Offshore, Inc. announced that it has completed the purchase of 21,500 net acres for $366 million. This exceeds $17,000/acre for land with 27 million barrel equivalents proven and 26 million barrel equivalents of probable reserves.

Pioneer Resources conference call

Pioneer Resources had their conference call today. Here are some of the highlights.

- Early 20 acre well spacing is exceeding expectations and the 110,000 barrel type curve. They believe the Spraberry and Wolfcamp shale are causing the increased production and are now estimating a 140,000 barrell curve.

- Strawn is adding to reserves. Atoka is in being tested.

Antares Energy and Berry Petroleum announce Permian Basin acquisitions

Antares Energy released news yesterday stating that they acquired Wolfberry assets in Western Howard County for $62 million for 3,109 net acres. This acquisition equals $19,942/acre.

Also, Berry Petroleum announced that they have entered into agreements to purchase 6,000 net Wolfberry acres for $123 million. This equals $20,500/acre.

Two good comps for Wolfberry/Wolfcamp and Lynden Energy!

University Land Sale nets $249.8 million

The latest University Land Sale netted $249.8 million for 103,667 acres in West Texas. Most of that land lies in the Wolfbone and Wolffork plays in the Permian Basin. These leases equal over $2,400/acre. This is a great sign that companies are still willing to pay top dollar for unproven Permian Basin land.

Approach Resources announces update on Wolffork

Approach Resources released their 2010 reserves and an update on the Wolffork today. They are encouraged by their Wolffork wells. Their average IP’s from vertical wells in the Wolfberry are 50 Boe/d to 75 Boe/d. Approach has seen an almost 500% increase in their stock price in the past year mainly attributable to their success in the Wolfcamp shale.

Lynden Energy's Wolfberry wells are getting much better results than this and demonstrate the quality of their land and ability of their operator to successfully complete Wolfberry wells.