DENVER, Nov. 7, 2016 /PRNewswire/ -- Lilis Energy, Inc. (OTCQB: LLEX) (the "Company" or "Lilis") today announced additional bolt-on acreage in Winkler County, Texas. The Company added approximately 860 net contiguous acres, further expanding its Delaware Basin footprint. Since its merger with Brushy Resources, Inc., Lilis has increased its Delaware Basin acreage position by 53%, bringing its total Delaware Basin acreage to approximately 5,300 net acres. Lilis intends to continue to seek additional bolt-on acreage on a highly selective basis.
The Company also provided a drilling update. The Bison #1H has been drilled to total depth of 19,600 feet, which represents a frackable lateral length of 6,560 feet. The rig is currently moving to the next Wolfcamp Re-Entry location, the Grizzly #1H.
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 5,300 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.