Lilis Energy Announces Prizehog BWX State Com #1H IP24 Rate

The Prizehog BWX State Com #1H is Lilis's sixth successful operating horizontal Wolfcamp B well in the Permian's Delaware Basin.  The Prizehog #1H's 4,720 ft lateral was completed with 24 stages of 200 ft plug-to-plug spacing with approximately 2,040 lbs. of sand per ft.  More importantly, this well is an additional data point that further delineates the Company's eastern most acreage. 

The Company plans to continue developing its New Mexico acreage with two additional wells scheduled in the first quarter of 2018.  The Company expects that it will likely target the Wolfcamp A formation for these wells.   In addition, the Company also plans to continue delineating its acreage geographically to the east and drilling additional benches in its Texas properties in the coming months.

The Company also announced gas sales for the Company's New Mexico properties commenced through its agreement with Lucid on November 16, 2017.  Lilis anticipates initial Texas production by December 15, 2017 and anticipates completed field production across all of its properties dedicated to Lucid by mid-January 2018. 

"We are extremely pleased with the results from the Prizehog BWX State Com #1H.  This well is further evidence of the significant productivity and potential of our eastern acreage.  We intend to continue delineating our acreage both geographically and geologically through testing of additional benches in upcoming wells.  We are also very pleased to see the initial gas sales under our new midstream partnership with Lucid," said Ron Ormand, Executive Chairman of Lilis.

About Lilis Energy, Inc.

Lilis Energy, Inc. is a San Antonio-based independent oil and gas exploration and production company that operates in the Permian's Delaware Basin, considered amongst the leading resource plays in North America.  Lilis's total net acreage in the Permian Basin is over 15,000 acres.  Lilis Energy's near-term E&P focus is to grow current reserves and production and pursue strategic acquisitions in its core areas.  For more information, please visit www.lilisenergy.com.

Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the federal securities laws. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company.  These risks include, but are not limited to our ability to replicate the results described in this release for future wells; the ability to finance our continued exploration, drilling operations and working capital needs; our anticipated future cash flows and ability to access other sources of liquidity; all the other uncertainties, costs and risks involved in exploration and development activities; and the other risks identified in the Company's Annual Report on Form 10-K and its other filings with the Securities and Exchange Commission (the "SEC").  Additionally, initial production rates are subject to decline over time and should not be regarded as reflective of sustained production levels.  In particular, production from horizontal drilling in shale oil and natural gas resource plays and tight natural gas plays that are stimulated with extensive pressure fracturing are typically characterized by significant early declines in production rates.  Readers are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements.  The forward-looking statements in this press release are made as of the date hereof, and the Company does not undertake any obligation to update the forward-looking statements as a result of new information, future events or otherwise.

SOURCE Lilis Energy, Inc.

Related Links

http://www.lilisenergy.com