Lynden Energy releases encouraging results fom Mitchell Ranch Spade 17 #1 well

Lynden Energy Corp. today announced "significant results from an uphole Wolfcamp completion in the Spade 17 #1 well on the Mitchell Ranch Project." In the last eight days since oil production began, the well has averaged 84 barrels of oil from only the upper zone interval. This is SIGNIFICANT news in that the Mitchell Ranch is largely an unproven area and 84 barrels far exceeds expectations. Should these results be confirmed by additional wells, Lynden's 50% share of the over 100,000 acre Mitchell Ranch could be worth several hundred million dollars (i.e. 50,000 acres x $10,000/acre = $500 million!)

"Management is extremely encouraged by the intial production volumes from this recent completion." The well is still unloading frac water and further improvement in IP rates could still occur.

Currently, at a stock price of $0.48/share, it appears that the only value recognized by the market is a portion of Lynden's Wolfberry assets. We believe that the Wolfberry assets alone are worth over $1.00/share. Once value for the Mitchell Ranch is realized, Lynden's stock price could be (and should be) several times what it is currently trading at!

This news is the type of news that won't go unnoticed, even for a company as unknown as Lynden. We expect Lynden to start attracting much more market attention with this news. Lynden presented at the recent Permian Basin Field Trip held by Canaccord Genuity further demonstrating that people are starting to pay attention to this company.

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.