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Lilis Inks Delaware Basin Acreage Swap with Undisclosed Company
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Lilis Energy has entered into an acre-for-acre trade of approximately 750 net acres in Lea County, New Mexico.
The other company was not disclosed.
The transaction increases Lilis' Gross Working Interest (GWI) in its New Mexico Delaware Basin acreage up to 100% in core sections. All the acreage that was traded away was in non-operated sections with lower working interests.
The complementary acreage is concentrated in four sections of the Company's main operational area, including 100% working interest in the sections incorporating the Wildhog and Prizehog wells. Upon closing, Lilis will provide updates to the increase in reserves and production.
Ronald D. Ormand, Chairman and CEO, commented: "This transaction is another key milestone in connection with our strategic 2018 initiative to…
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