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Lilis Energy Announces Prizehog BWX State Com #1H IP24 Rate
Prizehog BWX State Com #1H Reached 1,127 Boepd, 89% Liquids on 4,720 Foot Lateral

SAN ANTONIO, Nov. 28, 2017 /PRNewswire/ -- Lilis Energy, Inc. (NYSE American: LLEX), an exploration and development company operating in the Permian Basin of West Texas, announced today that the Prizehog BWX State Com #1H reached a 24-hour initial production rate of 1,127 Boepd on a three-stream basis, at 239 Boepd per 1,000 ft or 170 Bopd per 1,000 ft of lateral. The well currently is producing at 89% liquids with 71% oil on a three-stream basis.

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.

Delaware Basin Offset Well Results
Well Results, sorted by IP24/1000' (boe)










#

Operator

Well Name

IP24(boe)

IP24/

1000'
(boe)

IP24/

1000'
(bo)

%
Liquid

Lateral
Length

Zone










1

EOG

Hound 30 Federal704 H

4,528

647

498

77%

7,000

A

2

EOG

Neptune 10 St. Com 701H

5,327

628

465

74%

8,482

A

3

Matador

Totum #211H

2,247

514

401

78%

4,371

A

4

Lilis

Hippo #1H

1,917

467

346

74%

4,100

B

5

Lilis

Lion #1H

1,530

380

262

69%

4,025

B

6

EOG

Beowulf 33 St.Com 601H

2,765

379

330

87%

7,289

A

7

EOG

Noah Brunson 1H

3,124

334

n.a.

n.a.

9,340

B

8

Lilis

Grizzly #1H

1,323

322

209

65%

4,100

B

9

Felix

UL 4-21 #1H

1,302

307

n.a.

n.a.

4,200

B

10

Lilis

Bison #1H

2,014

292

219

75%

6,900

B

11

Felix

UL Sunshine Mesa 29-21 #1H

1,330

272

n.a.

n.a.

4,900

B

12

Lilis

PrizehogBWX State Com #1H

1,127

239

170

89%

4,720

B

13

Jagged Peak

UL 28-27 #1H

2,272

236

n.a.

n.a.

9,600

B

14

Lilis

WildhogBWX State Com #1H

997

219

188

86%

4,567

B

15

Felix

Falcon State 28-36 #1H

941

215

n.a.

n.a.

4,400

A

16

Jagged Peak

UL 4344-21 #1H

1,761

176

150

85%

10,000

B

17

Forge

UL 21 Pahaska #1H

748

174

150

86%

4,300

A

18

Jagged Peak

UL BeldinL J1211-17 #2HX

1,978

173

151

87%

11,400

B

19

Forge

UL 21 Bighorn #1H

1,621

172

146

85%

9,400

A

20

Endurance

Talco 9 26 35 Fed 3H

1,257

170

146

86%

7,391

A

21

Felix

UL Elk Park 21-21 #1H

768

168

n.a.

n.a.

4,600

B

22

Jagged Peak

UL 3031A-17 #1H

1,548

162

139

86%

9,500

B

23

Jagged Peak

UL 3031B-17 #1H

1,439

143

120

84%

10,000

B

24

Felix

UL 20 #1311H

1,376

142

n.a.

n.a.

9,700

A

25

RSP Permian

LudemanG #2603H

890

131

100

76%

6,813

XY

26

Jagged Peak

UL 2932-17 #1H

1,175

113

95

84%

10,400

B

27

Mewbourne

University B20 1 #W201PA

333

74

65

88%

4,499

C


Source: Company disclosure, DrillingInfo, Wood Mackenzie, RSP Permian investor presentation
Note: % liquids used to calculate IP24/1000' (bo) where % oil was not disclosed.
1.     Wolfcamp B excludes LLEX.

 

 

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.

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SOURCE Lilis Energy, Inc.

Wobbe Ploegsma, V.P. Finance & Capital Markets, 210-999-5400, ext. 31