Out of this amount, proved reserves were 1.28 million barrels of oil and 3.70 billion cubic feet of gas.
All of the reserves reported are attributable to the company’s Wolfberry Project, located in the Permian Basin, Texas.
Lynden is seeking to expand its Wolfberry Project by upgrading the reserves through development drilling and by acquiring additional acreage.
Lynden expects three new Wolfberry Project wells to be spudded soon in which the company is funding 50% of the cost of the three wells to earn a 43.75% working interest.
Wolfberry wells primarily target oil (and gas) production from the Spraberry and Wolfcamp formations, which are of Permian age and informally grouped to form the ‘Wolfberry’ interval or zone.
Secondary targets are also being evaluated for completion as part of Lynden’s Wolfberry Project.
