HOUSTON, Jan. 10, 2019 (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 Company achieved its 2018 year-end exit rate target of 8,000 net Boepd. Lilis averaged 8,081 net Boepd from December 25 through December 31, 2018. The Company experienced continued improvement in third-party natural gas midstream performance as the fourth quarter progressed. The Company estimates it had in excess of 9,000 net Boepd of productive capacity as of December 31, 2018.
Ronald D. Ormand, Chairman and Chief Executive Officer, commented, “We were extremely pleased to finish 2018 having successfully achieved one of our top goals for 2018 by meeting our projected exit rate of 8,000 net Boepd. The Company will be diligently managing its financial position and capital deployment during this period of low commodity prices.”
Lilis will announce its 2019 capital budget and provide production guidance, as well as an operations update, later in the first quarter.
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.