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

THIS POST WAS ORIGINALLY PUBLISHED ON THIS SITE Click Here To Read Entire Article

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.

(PRNewsfoto/Lilis Energy, Inc.)… (PRNewsfoto/Lilis Energy, Inc.)…

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)

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