SAN ANTONIO, March 27, 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 that the Grizzly #2H and the Lion #3H have reached 24-hour initial production rates. The Grizzly #2H and the Lion #3H are Lilis's ninth and tenth successful operating horizontal Wolfcamp wells in the Permian's Delaware Basin.
The Grizzly #2H reached an IP 24 rate of 1,576 Boepd (73% liquids), on a three-stream basis, equivalent to 333 Boepd per 1,000 ft. The Grizzly #2H was completed as a 4,734 ft. lateral with 24 stages using 197 ft. plug-to-plug spacing and approximately 1,956 lbs. of sand per ft.
The Lion #3H reached an IP24 rate of 1,756 Boepd (65% liquids), on a three-stream basis, equivalent to 373 Boepd per 1,000 ft. The Lion #3H was completed as a 4,701 ft. lateral with 22 stages using 213 ft. plug-to-plug spacing and approximately 1,966 lbs. of sand per ft.
The Grizzly #2H and the Lion #3H both continue the trend of Lilis producing some of the highest IP rates based on an IP per 1,000 ft. in the basin.
As recently discussed, the drilling program in 2018 will focus on the delineation of our acreage, both geographically and geologically. Lilis is also currently in various stages of completing / flowing back five wells, including:
- Two Wolfcamp wells in the eastern portion of the Texas acreage
- One Wolfcamp A well in New Mexico
- One Wolfcamp XY well in New Mexico
- One Wolfcamp XY well in Texas
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 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