SAN ANTONIO, Jan. 8, 2018 /PRNewswire/ — Lilis Energy, Inc. (NYSE American: LLEX), an exploration and development company operating in the Permian Basin of West Texas, announced today that the Tiger #1H has reached a 24-hour initial production rate of 1,803 Boepd on a three-stream basis, at 439 Boepd per 1,000 ft. or 242 Bopd per 1,000 ft. of lateral. The well is currently producing at 72% liquids on a three-stream basis.
The Tiger #1H is Lilis’s seventh successful operating horizontal Wolfcamp B well in the Permian’s Delaware Basin. The Tiger #1H’s 4,108 ft. lateral was completed with 21 stages of 200 ft. plug-to-plug spacing with approximately 2,060 lbs. of sand per ft. The Tiger #1H has one of our highest IP rates based on an IP per 1,000 ft.
The Company has begun selling gas in Texas and commenced full production operations in New Mexico in December under its Lucid midstream agreement, which we expect to be fully operational by mid-February. Complete implementation of the Lucid midstream system should alleviate the Company’s recent production curtailment issues and provide capacity for all currently planned future development.
“The Tiger #1H continues the trend of Lilis producing top performing wells in the Delaware Basin. This well is our seventh successful horizontal well, one of the top wells in the Delaware basin on an IP per 1,000 ft., and further evidence of the value our acreage. We are encouraged with the progress on the Lucid midstream system, including the initial sales of gas in Texas and look forward to full implementation in the near term. We also intend to increase focus on delineating our acreage both geographically and geologically through testing of additional benches in 2018. In the first quarter, we expect to complete one well and commence drilling another well on our eastern acreage. We also intend to commence drilling wells in the Wolfcamp A, the Wolfcamp XY and the 2nd Bone Springs,” said Ron Ormand, Executive Chairman of Lilis.
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’s total net acreage in the Permian Basin is over 16,200 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.