Lilis Energy, Inc. (NYSE American:LLEX), an exploration and development company operating in the Permian Basin of West Texas and Southeastern New Mexico, announced May 30 that the Hippo #2H, AG Hill #1H and Meerkat #1H have reached 24-hour initial production rates.
“Lilis continues to validate our core acreage with our most recent well results,” said Lilis Energy Chairman and CEO Ronald D. Ormand. “Lilis drilled our best Wolfcamp B well and we are very encouraged by our initial well results of our eastern Texas acreage and delineation of new benches.”
The Hippo #2H is Lilis Energy’s highest recorded IP per 1,000 ft. Wolfcamp B well Lilis has drilled to date, and also is the highest recorded Wolfcamp B, (IP per 1,000 ft) among our offset producers in the basin. The Meerkat #1H is the first Wolfcamp XY drilled by Lilis and also one of the top two wells in the Wolfcamp XY in the surrounding area. The AG Hill #1H is the furthest eastern well drilled on our acreage and exhibited an IP 24 consistent with the Wildhog and Prizehog wells, with an exceptional oil and liquids ratio and BOPD per 1,000 ft., well above the average for the basin.
“While we are extremely pleased with these well results, the Company looks forward to continued successful progress in our development and delineation efforts,” Ormand said. “Our primary focus for 2018 is delineating our acreage, both geographically and geologically, continuing to grow our production rate to meet and exceed our 7,500 BOEPD exit rate and continuing to grow cash flow toward our goal of cash flow neutrality. We are well on our way to achieving these goals. “
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