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Lilis Energy inked an acreage swap in the Delaware Basin. The company entered into an acre-for-acre trade of approximately 1,500 net acres in Winkler and Loving counties, Texas.
The complementary acreage is concentrated in two sections of the Company's main operational area, in which Lilis is currently operating and completing wells.
Highlights:
- Exchange approximately 1,500 net acres on an acre for acre basis
- Significantly increases Working Interest and Net Revenue Interest in core Texas Delaware acreage
- Concentrates acreage in core operational area and adds over 100 net operated locations
- Immediate increase in production and PDP and PUD reserves at closing
Upon closing, the acreage trade provides Lilis a significant increase in PDP and PUD reserves, along with a net gain of approximately 500 1,000 Boepd.
The Company's operatorship in five key drilling units will increase up to 90% GWI, resulting in increases in working interest in multiple upcoming 2018-2019 wells. In addition, the transaction adds approximately 100 net operated locations targeting the Wolfcamp A, B and XY, Bone Springs, and additional benches. Upon closing, Lilis will provide updates to the increase in reserves and production.
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