SAN ANTONIO, March 26, 2018 /PRNewswire/ -- Lilis Energy, Inc. (NYSE American: LLEX), an exploration and development company operating in the Permian Basin of West Texas and Southeastern New Mexico, announced today its third party operated midstream system has commenced operations. In addition, the Company announced that its current production is in excess of 5,000 Boepd (75% liquids) and growing as the midstream system reaches maximum efficiency and additional wells currently in flowback and completion stage achieve peak production.
"Completing the implementation of our new midstream system operations and reaching our 5,000 net Boepd target are key milestones for the Company. These achievements exemplify the quality and dedication of our team. The implementation of our new midstream solution provides full take away capabilities to meet our current and future natural gas transportation needs across our properties while eliminating recent production curtailment constraints. In addition, we expect production to continue increasing in the near term once our midstream system reaches full operational efficiency and with the addition of new production from wells currently flowing back and undergoing completions," said Ron Ormand, Lilis' Executive Chairman.
"The Company remains focused in 2018 on delineation and de-risking of our acreage both geologically and geographically. We are currently in the process of flowing back and completing seven wells, including two Wolfcamp B wells in the eastern portion of our acreage, one Wolfcamp A and one Wolfcamp XY in our New Mexico acreage, a Wolfcamp XY well in Texas and two Wolfcamp B wells in the western portion of our Texas acreage. We expect to begin completing a well in the Bone Springs and an additional Wolfcamp B well in the western portion of Texas acreage by the end of the month. These wells will add to our production volumes and cash flow as well as provide important delineation benchmarks for the Company. Based on our operational capabilities, increasing production, and backlog of drilling and completion activities, we are very confident in our ability to reach our targeted 7,500 net Boepd exit rate for 2018," Mr. Ormand concluded.
Note: Production exceeded 5,000 boepd on March 24, 2018
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' current total net acreage in the Permian Basin is over 19,000 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.
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, risks related to the consummation of the Acquisition and the Company's ability to achieve the anticipated benefits of the Acquisition; the Company's ability to finance its continued exploration, drilling operations and working capital needs; the Company's 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"). 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