Well Lateral Length | Production Rates | Capital Markets | Capital Expenditure - 2017

Lilis Energy to Drill 10 Wells, Touts Wolfcamp B Well Results

Share Print Bookmark    |    Wednesday,March 15,2017

Lilis Energy, Inc. announced the following highlights:

2017 Full Year Preliminary D&C Capital Budget

• Preliminary 2017 drilling and completion capital budget of approximately $45 million to drill 10 gross (8 net) wells, primarily targeting the Wolfcamp B.
• Funding for the drilling and completion budget through December 2017 is expected to come from cash on hand, cash flow from operations and availability under the Company's $50 million term facility.

Key Wells:

Lilis recently drilled and completed its first two operated horizontal Wolfcamp B wells with IP rates significantly exceeding the expected type curve. The Company recently spudded a third operated horizontal well.

• The Bison #1H was turned to sales on January 19, 2017 and had a recent 24-hr rate of 2,128 Boepd (2,375 Boepd on a three-stream basis) (75% liquids) or 344 Boepd per 1,000' lateral feet. The well has been online for 55 days and is currently producing on a restricted choke with more than 1,800 lbs of flowing tubing pressure.
• The Bison's 6,897-foot lateral was completed with 35 stages (200-foot plug to plug spacing) with approximately 2,200 lbs of sand per foot.
• The Bison #1H is currently performing above the 923 Mboe corporate type curve for a mile and a half lateral and has not yet reached a peak 30-day initial production rate.

• The Grizzly #1H well was turned to sales on February 9, 2017 and had a recent 24-hr rate of 1,392 Boepd (1,666 Boepd on a three-stream basis) Boepd (65% liquids) or 406 Boepd per 1,000' lateral feet. The well has been online for 34 days and is currently producing on a restricted choke with more than 1,850 lbs of flowing tubing pressure.
• The Grizzly's 4,103-foot lateral was completed with 20 stages (200-foot plug to plug spacing) with approximately 2,200 lbs of sand per foot.
• The Grizzly #1H is currently performing above the 738 Mboe corporate type curve for a one mile lateral and has not yet reached a peak 30-day initial production rate.

Currently Drilling:

The Hippo #1H well is currently at a total depth of 16,580 feet measured depth (MD) and is scheduled for hydraulic fracturing next week.

The well is anticipated to have a 4,000-foot treatable lateral completed with 20 stages (200-foot plug to plug spacing) with 2,200 lbs of sand per foot.

Planned Drilling:

The Lion #1H well is scheduling to begin drilling March 21, 2017. The well is anticipated to have a 4,000-foot treatable lateral completed with 20 stages.

Lease Acquisition Update

Lilis continues to aggressively seek opportunities to enhance its position in the Delaware Basin, and has increased its leasehold position from the initial acquisition footprint of approximately 3,500 net acres to over 7,000 net acres, an increase of over 100%.

Lilis expects to continue to build on its position throughout the Delaware Basin to effectively meet its development goals.