The Mitchell Ranch Project, acquired in early June, provides Lynden with the option to acquire a 50% working interest in 101,495 gross and net acres located in Coke, Mitchell, and Sterling counties of West Texas. All acreage is contained within a ranch that lies to the immediate west of the Jameson oil field and is approximately 10 miles south-east of the Iatan oil field.
The first well site is on the west side of the ranch and is less than 2 miles from a well that has produced in excess of 190,000 barrels of oil equivalent. The Mitchell Ranch Project is focused on Permo-Pennsylvanian-aged detrital targets along the eastern shelf of the Permian Basin where there are numerous opportunities across several pay zones, all of which are shallower than 8,000ft in drilling depth.
The second Mitchell Ranch Project well is anticipated to be spudded in approximately one week. The second location is on the eastern side of the property, approximately 4 miles north-west of the Jameson field, and 14 miles east of the Spade 17 #1.
In addition, the fifth well on Lynden’s Wolfberry Project, West Texas has been completed and is flowing back. A total of nine fracture stimulation stages were carried out in the completion of the well.
