Bay Street News

Lilis Energy Announces Initial Results From Recent 3rd Bone Spring Well and Announces an Increase in Liquidity

Tiger #3H (3rd Bone Spring): IP 24 of 1,821 Boepd Borrowing Base Capacity Increased

HOUSTON, Dec. 13, 2018 (GLOBE NEWSWIRE) — 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 Tiger #3H has reached the 24-hour initial production rate. The Company has also obtained a Borrowing Base increase to $108MM effective December 7, 2018 as a result of its regularly scheduled fall redetermination process.

Tiger #3H – 3rd Bone Spring Highlights:

Other:

Ronald D. Ormand, Chairman and Chief Executive Officer, commented, “We are pleased to present initial results from the Tiger #3H well, providing another important data point and productive bench in the Northern Delaware Basin.  The development of the 3rd Bone Spring bench is especially encouraging due to the lower well costs and the attractive returns it offers.”

About Lilis Energy, Inc.

Lilis Energy, Inc. is a Houston-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 20,000 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; 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.  Investors 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.

Forward-looking statements regarding expected production levels are based upon our estimates of the successful completion of drilled wells on schedule.  Actual sales production rates from our wells can vary considerably from tested initial production (IP) rates and are subject to natural decline rates over the life of the well.

Contact:
Wobbe Ploegsma
V.P. Capital Markets & Investor Relations
210-999-5400, ext. 31