HOUSTON, Jan. 10, 2019 (GLOBE NEWSWIRE) -- 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 Company achieved its 2018 year-end exit rate target of 8,000 net Boepd. Lilis averaged 8,081 net Boepd from December 25 through December 31, 2018. The Company experienced continued improvement in third-party natural gas midstream performance as the fourth quarter progressed. The Company estimates it had in excess of 9,000 net Boepd of productive capacity as of December 31, 2018.
Ronald D. Ormand, Chairman and Chief Executive Officer, commented, “We were extremely pleased to finish 2018 having successfully achieved one of our top goals for 2018 by meeting our projected exit rate of 8,000 net Boepd. The Company will be diligently managing its financial position and capital deployment during this period of low commodity prices.”
Lilis will announce its 2019 capital budget and provide production guidance, as well as an operations update, later in the first quarter.
About Lilis Energy, Inc.
Lilis Energy, Inc. is a Houston-based independent oil and gas exploration and production company that operates in the Permian’s Delaware Basin, considered amongst the leading resource plays in North America. Lilis’ current total net acreage in the Permian Basin is over 20,000 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.
Forward-Looking Statements:
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; 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. Investors 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.
Forward-looking statements regarding expected production levels are based upon our estimates of the successful completion of drilled wells on schedule. Actual sales production rates from our wells can vary considerably from tested initial production (IP) rates and are subject to natural decline rates over the life of the well.
Contact:
Wobbe Ploegsma
V.P. Capital Markets & Investor Relations
210-999-5400, ext. 31