DENVER, Sept. 21, 2016 /PRNewswire/ — Lilis Energy, Inc. (OTCQB: LLEX) today announced plans to spud its first two Wolfcamp horizontal wells in the Delaware Basin. Both wells will be Re-Entry horizontal completions, which utilize existing vertical wellbores by “cutting a window” and provide the Company with significant cost savings. The Company’s first well, the Bison #1H, is expected to be a 6,000 foot lateral and is targeting the Wolfcamp formation. The wellbore has been prepped and Lilis expects to commence drilling activities on or about October 1. After reaching Total Depth on the Bison #1H, the Company plans for the rig to move directly to the next Wolfcamp Re-Entry location, the Grizzly #1H.
After the conclusion of the drilling of the first two wells, the company plans to move forward with the completion phase. The Bison #1H will be targeting a planned proppant placement of 2,200 pounds per foot across 33 frac stages. The Company expects to announce initial test results before the end of the year.
The spudding of the Company’s first two Wolfcamp wells commences the 12 well Re-Entry horizontal development program targeting the Wolfcamp, Bone Springs and Avalon formations planned over the next 18 months.
About Lilis Energy, Inc.
Lilis Energy, Inc. is a Denver-based independent oil and gas exploration and production company that operates in the Permian’s Delaware Basin and in the Denver–Julesburg (DJ) Basin, considered amongst the leading resource plays in North America. Lilis’s total net acreage in the Permian Basin is approximately 3,800 acres, and total net acreage in the DJ is approximately 7,600 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 contact CorProminence LLC: (516) 222-2560 or visit www.lilisenergy.com.