Canadian upstream oil producer Lynden Energy (TSXV: LVL) announced on Monday that it will start drilling its first horizontal well in West Texas in May 2014.
The new well will be in the Midland basin, targeting the Wolfcamp “B” shale horizon. Lynden, meanwhile, is decreasing its interest in the in the lease because of a sale it made to BreitBurn Energy at the end of 2013. Lynden sold 12 of its wells to BreitBurn for $19.3 million, and five of them are included on this lease.
West Texas Oil
You may have heard about the West Texas Petroplex where horizontal drilling has gone from 10 wells to a massive 265. We’ve got a hot tip on a microcap company that stands to increase its output by 120 percent this year alone.