Lynden Energy Reports Financial Results for the Nine Months Ended March 31, 2014

Lynden Energy Corp. (TSX VENTURE:LVL) (the "Company") reports its third quarter
2014 results. Highlights for the nine months ended March 31, 2014 (the "Current
Period"), compared to the nine months ended March 31, 2013 (the "Prior Period"),
include:




--  Total production increased 143% to 404,889 boe (1,478 boe/d) 
--  Gross revenues, net of royalties, increased 159% to $21,692,901 
--  Sale of 12 gross (4.7 net) Wolfberry wells, to BreitBurn Energy Partners
    L.P. for $19.3 million, effective December 30, 2013.  
--  Mitchell Ranch Project returned to its original 104,000 acre size (50%
    working interest) 



Production for the nine months ended March 31, 2014 totaled 404,889 boe (1,478
boe/d). Production for the three months ended March 31, 2014 totaled 107,249 boe
(1,192 boe/d), a decrease of 25% over production in the three months ended
December 31, 2013. Production volumes in the three months ended March 31, 2014
have decreased primarily as a result of the sale of producing wells to BreitBurn
on December 30, 2013. 


An active Wolfberry drilling program in the three months ended March 31, 2014
has resulted in significant production growth with oil and gas produced at the
wellhead from the Company's Wolfberry wells over the past fourteen days
averaging in excess of 1,150 barrels of oil equivalent net to the Company (after
the deduction of royalties).


Financial Results for the 9 months and 3 months ended March 31, 2014

This news release should be read in conjunction with the Company's consolidated
financial statements for the nine months ended March 31, 2014 and the notes
thereto, together with the MD&A for the corresponding period, which are
available under the Company's profile on SEDAR at www.sedar.com. All monetary
references in this news release are to U.S. dollars unless otherwise stated. 


Results of Operations 

The Company reported net earnings of $14,884,187 (Prior Period - $11,108,632)
and total comprehensive income of $14,128,040 (Prior Period - $11,255,571) for
the Current Period. Significant components of the Current Period net earnings
were revenues of $21,622,461; gain on disposition of property, plant and
equipment of $10,214,019; depletion and depreciation of $6,805,452; and income
tax expense of $5,636,044. The Company's fully diluted net earnings per common
share for the Current Period was $0.12 (Prior Period - $0.10).


Petroleum and Natural Gas ("P&NG") Revenue

The Company reported gross P&NG revenues of $28,307,375 (Prior Period -
$18,010,917) for the Current Period, all from its Wolfberry wells. In
conjunction with the gross revenues, the Company reported royalties paid of
$6,614,474 (Prior Period - $4,401,937) and paid production and operating
expenses of $3,495,018 (Prior Period - $2,372,429) for the Current Period. The
Company also incurred $6,805,452 (Prior Period - $5,301,519) of depletion and
depreciation for the Current Period. Average realized prices for the Current
Period were $96 per barrel ("Bbl") of oil and $5.08 per thousand cubic feet
("Mcf") of natural gas, compared to $86 per Bbl of oil and $4.77 per Mcf of
natural gas for the Prior Period. The natural gas selling price is reflective of
the thermal value of gas and associated products sold. 


The Company reported gross P&NG revenues of $7,418,919 for the three months
ended March 31, 2014 ("Q3/2014") compared to $5,766,998 for the three months
ended March 31, 2013 ("Q3/2013"). In conjunction with the gross revenues, the
Company reported royalties paid of $1,742,216 (Q3/2013 - $1,437,162) and paid
production and operating expenses of $1,346,208 (Q3/2013 - $866,900) for
Q3/2014. The Company also incurred $2,089,320 (Q3/2013 - $1,815,587) of
depletion and depreciation for Q3/2014. Average realized prices for Q3/2014 were
$93 per Bbl of oil and $6.46 per Mcf of natural gas, compared to $87 per Bbl of
oil and $4.56 per Mcf of natural gas for Q3/2013.


Liquidity

The Company has a $100 million reducing revolving line of credit. Effective
March 31, 2014, the line of credit had a $25 million borrowing base. There is
currently $15.75 million drawn on the line of credit. The Company has received
conditional approval to an increase in the borrowing base to an amount of $32
million, subject to the completion of customary documentation and title review
by June 30, 2014.


Total anticipated capital expenditures for the balance of calendar 2014 (June 1
to December 31, 2014) are anticipated to be $18.4 to $19.4 million. 


The Company's capital budget is subject to change depending upon a number of
factors, including economic and industry conditions at the time of drilling,
prevailing and anticipated prices for oil and gas, the availability of
sufficient capital resources for drilling prospects and the Company's financial
results.


The Company anticipates financing the majority of its capital expenditures
through operating revenues, draw downs on the line of credit, and cash on hand
at March 31, 2014 of approximately $12.8 million.


Operations Highlights 

Midland Basin - Vertical Well Development

The Company continues to carry out a rapid oil and gas vertical well development
program on its Midland Basin acreage, and the Company now has 85 gross Wolfberry
(34.55 net) wells tied-in and producing. Production of oil and gas at the
wellhead from the wells over the past fourteen days has averaged in excess of
1,150 barrels of oil equivalent net to the Company (after royalties).


The Company's current plans call for 12 gross (4.93 net) Wolfberry wells to spud
in the balance of calendar 2014 (June 1 to December 31, 2014). 


Midland Basin - Horizontal Well Development

The Company's Midland Basin acreage also has potential to be developed with
horizontal wells. Numerous industry participants are actively testing various
formations within the Wolfberry interval for their development potential. On May
1, 2014, the Company reported that its first horizontal well, the Wolcott
253-1H, had been spud on a 1,127 acre lease in northern Martin County, West
Texas. The well had a targeted lateral length of approximately 6,200 feet and is
being operated by a Midland, Texas based company (the "Operator"). The well is
targeting the Wolfcamp "B" horizon, which has been successfully tested in
horizontal wells by several companies in the Midland Basin, including the
Operator.  


As of the date of this report, the well has been successfully drilled and cased,
and is currently waiting on completion. The Company currently anticipates an
additional horizontal well will be spud on the lease prior to December 31, 2014.
 


Mitchell Ranch Project

The Company's Mitchell Ranch project covers approximately 104,000 acres of P&NG
leases located primarily in Mitchell County, West Texas. In July 2011, the
Company and its working interest partner completed a term assignment with a
large, independent exploration and production company, covering approximately
35,000 acres of the 104,000 acre Mitchell Ranch Project, located generally in
the southern portion of the ranch. On March 31, 2014, the term assignment
acreage was returned to the Company and its working interest partner.


The Company has a 50% working interest in the approximately 104,000 acres of the
Mitchell Ranch Project.


The Company currently has one (0.5 net) producing well on the Mitchell Ranch
Project, the Spade 17 #1, where several rounds of completions have been carried
out. The most recent completion was carried out in mid-February 2014. Initial
results have indicated that a Wolfcamp zone productive in wells to the immediate
north-west of the Mitchell Project acreage is also present and prospective in
and around the area of the Spade 17 #1.


During the Current Period, the Company received $76,109 of net revenue from
sales from the Spade 17#1 well. The Mitchell Ranch Project is in the exploration
and evaluation stage and as such, the net revenues have been credited to
capitalized costs.


Four new wells are scheduled to be spud over the next several months, with the
first well expected to spud imminently. The wells are expected to be in general
proximity to the Company's Spade 17 #1 well. The new well program will
incorporate the results of a recent 3D seismic program that has identified
multiple pay opportunities in the Ellenburger, Mississippian Chert,
Pennsylvanian Limestone, Cline Shale and Wolfcamp. 


About Lynden 

Lynden Energy Corp. is in the business of acquiring, exploring and developing
petroleum and natural gas rights and properties. The Company has various working
interests in the Permian Basin in West Texas, USA and in the Paradox Basin,
located in the State of Utah, USA. 


NI 51-101 requires that we make the following disclosure: we use oil equivalents
(boe) to express quantities of natural gas and crude oil in a common unit. A
conversion ratio of 6 mcf of natural gas to 1 barrel of oil is used. Boe may be
misleading, particularly if used in isolation. The conversion ratio is based on
an energy equivalency conversion method primarily applicable at the burner tip
and does not represent a value equivalency at the wellhead. 


FORWARD-LOOKING STATEMENTS DISCLAIMER: This news release contains
forward-looking statements. The reader is cautioned that assumptions used in the
preparation of such statements, although considered accurate at the time of
preparation, may prove incorrect, and the actual results may vary materially
from the statements made herein. Expectations of spudding 12 Wolfberry wells, 1
Midland Basin horizontal well, and 4 Mitchell Ranch Project wells from June 1 to
December 31, 2014, and expected timelines relating to oil and gas operations are
subject to the customary risks of the oil and gas industry, and are subject to
the company having sufficient cash to fund the drilling and completion of these
wells. Expectations of obtaining upward borrowing base revisions on the line of
credit are subject to the customary risks of the oil and gas industry, and are
subject to drilling and completing successful wells, and prevailing and
anticipated prices for oil and gas, as well as being at the discretion of the
lender. For a more detailed description of these risks, and others, see
www.lyndenenergy.com/risk-factors/. 


ON BEHALF OF THE BOARD OF DIRECTORS

LYNDEN ENERGY CORP. 

Colin Watt, President and CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Lynden Energy Corp.
[phone]
[phone] (FAX)
www.lyndenenergy.com