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Lilis Brings DUCs Online, Gets Oilier Q1; May Add Another Rig in 2H19

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   |    Thursday,April 25,2019

Lilis Energy reported its Q1 2019 results.

Gets +52% Oilier in Q1; May Add Another Rig in 2H19

- Q1 Production: 6,058 BOEPD (up +75% YOY / Oil production up +52% YOY)

• Oil production of 3,530 Bop/d, above the mid-point of Lilis guidance range of 3,400 -3,600 Bop/d

• NGL production of 827 Bbls/d compared to guidance of 800-1,000 Bbls/d

- May Add Another Rig in 2H19: Favorable commodity prices and attractive contract pricing provide the Company with increased flexibility to add another rig in the second half of 2019

Brings DUCs Online; Zipper Fracs Pay Off with Strong Results

The Company had six DUCs at year-end 2018. During the first quarter of 2019, the Company brought on the Oso #1H, which is currently in flowback, and completed the Haley #1H and Haley #2H in early April.

Both Haley wells utilized zipper frac completions and have seen some of the Company's most encouraging results to date.

Flowback:

• Oso #1H Target: Upper WC A
• Haley #1H Target: Lower WC A
• Haley #2H Target: Upper WC A

Completing:

• NE Axis #2H Target: Lower WC A. Frac completed, 43 stages, 1.5 mile lateral
• NW Axis #2H Target: Lower WC A
• Kudu A #2H Target: Lower WC B. To be zipper frac stimulated, when Kudu B #2H is drilled and cased, will be a dual frac completion with the Kudu B #2H
• Ox #1H Target: Upper WC B. Preparing for stimulation

Drilling:

• Kudu B #2H Target: Upper WC B. Setting 2nd Intermediate at 12,529 ft MD, on schedule for TD of 20,496 ft MD.