DENVER, Sept. 21, 2016 /PRNewswire/ -- Lilis Energy, Inc. (OTCQB: LLEX) today announced plans to spud its first two Wolfcamp horizontal wells in the Delaware Basin. Both wells will be Re-Entry horizontal completions, which utilize existing vertical wellbores by "cutting a window" and provide the Company with significant cost savings. The Company's first well, the Bison #1H, is expected to be a 6,000 foot lateral and is targeting the Wolfcamp formation. The wellbore has been prepped and Lilis expects to commence drilling activities on or about October 1. After reaching Total Depth on the Bison #1H, the Company plans for the rig to move directly to the next Wolfcamp Re-Entry location, the Grizzly #1H.
After the conclusion of the drilling of the first two wells, the company plans to move forward with the completion phase. The Bison #1H will be targeting a planned proppant placement of 2,200 pounds per foot across 33 frac stages. The Company expects to announce initial test results before the end of the year.
The spudding of the Company's first two Wolfcamp wells commences the 12 well Re-Entry horizontal development program targeting the Wolfcamp, Bone Springs and Avalon formations planned over the next 18 months.
About Lilis Energy, Inc.
Lilis Energy, Inc. is a Denver-based independent oil and gas exploration and production company that operates in the Permian's Delaware Basin and in the Denver-Julesburg (DJ) Basin, considered amongst the leading resource plays in North America. Lilis's total net acreage in the Permian Basin is approximately 3,800 acres, and total net acreage in the DJ is approximately 7,600 acres. Lilis Energy's near-term E&P focus is to grow current reserves and production, and pursue strategic acquisitions in its core areas. For more information, please contact CorProminence LLC: (516) 222-2560 or visit www.lilisenergy.com.
Forward Looking Statements
This press release may include or incorporate by reference "forward-looking statements" as defined by the SEC, including but not limited to statements regarding Lilis Energy's expectations, beliefs, intentions or strategies regarding the future. These statements are qualified by important factors that could cause Lilis Energy's actual results to differ materially from those reflected by the forward-looking statements. Such factors include but are not limited to Lilis Energy's ability to finance its continued exploration, drilling operations and working capital needs, and the general risks associated with oil and gas exploration and development, including those risks and factors described from time to time in Lilis Energy's reports filed with the SEC.
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SOURCE Lilis Energy, Inc.