SAN ANTONIO, Feb. 12, 2018 /PRNewswire/ -- Lilis Energy, Inc. (NYSE American: LLEX), an exploration and development company operating in the Permian Basin of West Texas and Southeastern New Mexico, announced today that the Kudu #2H has reached a 24-hour initial production rate of 1,475 Boepd on a three-stream basis, at 299 Boepd per 1,000 ft. The well is currently producing at 75% liquids on a three-stream basis.
The Kudu #2H is Lilis's eighth successful operating horizontal Wolfcamp B well in the Permian's Delaware Basin. The Kudu #2H's 4,935 ft. lateral was completed with 25 stages of 200 ft. plug-to-plug spacing with approximately 2,006 lbs. of sand per ft. The Kudu #2H continues the trend of Lilis producing some of the highest IP rates in the basin, based on an IP per 1,000 ft.
Lilis is also currently flowing back two additional wells and has two wells awaiting completion, including a Wolfcamp B in the eastern portion of its Texas acreage and a Wolfcamp XY in the western portion of its Texas Acreage. As recently discussed, the drilling program in 2018 will focus on the delineation of our acreage, both geographically and geologically.
About Lilis Energy, Inc.
Lilis Energy, Inc. is a San Antonio-based independent oil and gas exploration and production compan that operates in the Permian's Delaware Basin, considered amongst the leading resource plays in North America. Upon closing of the Acquisition, Lilis's total net acreage in the Permian Basin is expected to be over 19,000 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 visit www.lilisenergy.com.
This press release contains forward-looking statements within the meaning of the federal securities laws. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. These risks include, but are not limited to our ability to replicate the results described in this release for future wells; the ability to finance our continued exploration, drilling operations and working capital needs; our anticipated future cash flows and ability to access other sources of liquidity; all the other uncertainties, costs and risks involved in exploration and development activities; and the other risks identified in the Company's Annual Report on Form 10-K and its other filings with the Securities and Exchange Commission (the "SEC"). Additionally, initial production rates are subject to decline over time and should not be regarded as reflective of sustained production levels. In particular, production from horizontal drilling in shale oil and natural gas resource plays and tight natural gas plays that are stimulated with extensive pressure fracturing are typically characterized by significant early declines in production rates. Readers are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. The forward-looking statements in this press release are made as of the date hereof, and the Company does not undertake any obligation to update the forward-looking statements as a result of new information, future events or otherwise.
SOURCE Lilis Energy, Inc.