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Lilis Maintains Strong Production Growth, Up +210% YOY; Talks Latest Well IPs

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Lilis Energy reported its Q2 2018 results.

Maintains Strong Production Growth - Up +210% YOY:

- Q2 production of 5,779 BOEPD (up +210% YOY and up +67% from 1Q18)

• The Company increased its 2018 target exit rate to 8,000 Boepd as result of increasing production from successful development program and longer lateral development.

Delaware Basin - Delineation Results 'Strong'

Lilis began delineation of the Company’s position in the Delaware Basin and delivered strong results from the Company’s Wolfcamp A, B and XY and 3^rd Bone Spring wells.

• The drilling program in the second half of 2018 targets almost exclusively 1.5-mile laterals.

Well Highlights:

• Hippo #2H – WCB: Lilis’ highest recorded IP per 1,000 ft. Wolfcamp B well drilled to date, and also the highest recorded Wolfcamp B (IP per 1,000 ft) among the Company’s offset producers in the Delaware Basin.
  • 24-hour rate of 2,149 Boepd (77% liquids) or 478 Boepd per 1,000 lateral ft.
    • IP30 rate 1,733 BOE/D - 75 % Liquids
    • IP60 rate 1,451 BOE/D - 76 % Liquids
• Meerkat #1H – WCXY: The first Wolfcamp XY well drilled by Lilis and one of the top two wells in the Wolfcamp XY in the surrounding area.
  • 24-hour rate of 1,823 Boepd (56% liquids) or 393 Boepd per 1,000 lateral ft.
    • IP30 rate 1,527 BOE/D - 56 % Liquids
    • IP60 rate 1,184 BOE/D - 56 % Liquids
• AG Hill #1H – WCB: The furthest eastern well drilled on the Company’s acreage. It has exhibited an IP 24 rate consistent with the Wildhog #1H and Prizehog #1H, which all further validates the prolific nature of the Company’s eastern acreage.
  • 24-hour rate of 1,000 BOE/D (87% liquids) or 223 BOE/D per 1,000 lateral ft.
    • IP30 rate 787 BOE/D - 88 % Liquids
• Prizehog #2H – WCA: The first Wolfcamp A well drilled by Lilis in New Mexico, registering the highest IP 24 the Company has completed in New Mexico to date.
  • 24-hour rate of 1,825 Boepd (76% liquids) or 411 Boepd per 1,000 lateral ft.
• Wildhog #2H – WCXY:  The first Wolfcamp XY well drilled by Lilis in the Wolfcamp XY in New Mexico further validating the Wolfcamp XY in Lilis’ eastern New Mexico acreage.
  • 24-hour rate of 1,756 Boepd (55% liquids) or 386 Boepd per 1,000 lateral ft.
• Howell #1H – WCXY:  The furthest eastern well drilled by the Company in the Wolfcamp XY, validating additional benches and the prolific nature of the Company’s eastern acreage.
  • 24-hour rate of 1,401 Boepd (49% liquids) or 350 Boepd per 1,000 lateral ft.
• Antelope #1H – 3^RD BS:  The first Bone Spring well drilled by Lilis in Texas, completed in the 3^rd Bone Spring, confirming another viable bench.
  • 24-hour rate of 1,309 Boepd (53% liquids) or 235 Boepd per 1,000 lateral ft.

Currently, Lilis has three 1½ mile lateral length wells in the completion and flowback stage targeting the Wolfcamp A, Wolfcamp B, and the 2^nd Bone Spring formation. 

Flowback Operations:

• The Moose #1H – Wolfcamp A (1 ½ mile lateral) – Stimulated with 38 stages and in initial process of testing to determine optimal production rate
• The AG Hill #2H – Second Bone Spring (Eastern Well) – Stimulated with 24 stages and in initial process of flowback and testing to determine optimal production rate

Completion Operations:

• The Axis #1H – Wolfcamp B (1 ½ mile lateral) - 22 stages of 38 planned frac stages have been successfully performed

Drilling Operations:

• The East Axis #2H – Wolfcamp A (1 ½ mile lateral) – Drilling ahead and nearing total measured depth of approximately 20,100 feet

• The Tiger #3H – Third Bone Spring (1 ½ mile lateral - Eastern Well) – Drilling ahead in lateral section with a planned total measured depth of about 19,150 feet