- 3 Horizontal Wells to Drill in April: Lang Prospect – 2 Niobrara, 1 Codell
- 2 Horizontal Wells to Spud in June: Sawyer Prospect – 1 Niobrara, 1 Codell
- Initial Well in Lang Prospect area now completed – results expected in late April
DENVER, April 2, 2014 (GLOBE NEWSWIRE) -- Lilis Energy, Inc. (Nasdaq:LLEX), an oil and gas exploration and production company focused on development in the Wattenberg Field and surrounding areas of the Denver-Julesburg (DJ) Basin, provides an update of its horizontal drilling program in the Greater Wattenberg Field.
In October 2013, Lilis Energy announced its participation in one non-operated horizontal well in its Lang (North Wattenberg) Prospect. This well, which is operated by PDC Energy, has been recently completed and Lilis Energy expects initial production results later this month. Three additional non-operated horizontal wells are scheduled to commence drilling in the Lang Prospect within the next few days. Lilis Energy owns a 50% working interest in two of the three wells that will be drilled and owns a 25% working interest in the third well, in addition to a 25% working interest in the PDC well. Lilis Energy anticipates that an additional three to four wells will be drilled in the Lang Prospect later this year. Both the Niobrara and Codell formations are being targeted in this prospect.
Lilis Energy has also permitted, and is in the final stages of preparations to commence drilling two horizontal wells in its Sawyer (South Wattenberg) Prospect, and expects to spud these wells in early June. Lilis Energy will operate this project and plans to test both the Niobrara and Codell formations. Seven additional wells are expected to be drilled in this prospect later in 2014. Lilis Energy will maintain an average working interest in all wells drilled in the Sawyer Prospect of approximately 49%.
According to Avi Mirman, President of Lilis Energy: "We are very excited about both the Lang and Sawyer projects, and have committed a large portion of the proceeds from our recent private placement to this drilling program. Both areas have been very active with numerous horizontal drilling pads being operated within the immediate proximity of each prospect."
Lilis Energy is scheduled to conclude its horizontal drilling program in the Lang and Sawyer prospects in 2014. Full development of both prospects will require drilling and development of 16 to 18 horizontal wells, and a net capital investment by Lilis Energy of up to $26 million.
About Lilis Energy, Inc.
Lilis Energy, Inc. is a Denver-based independent oil and gas exploration and production company that operates in the Denver-Julesburg (DJ) Basin where it holds approximately 123,000 gross, 107,000 net acres. Lilis Energy's near-term E&P focus is to grow reserves and production in its Wattenberg Field acreage targeting the Niobrara benches and Codell Sandstone. For more information, please contact MDC Group: Investors - (414) 351-9758, Media - (747) 222-7012, 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 statements, without limitation, regarding Lilis Energy's expectations, beliefs, intentions or strategies regarding the future. Such forward-looking statements relate to, among other things (1) proposed exploration and drilling operations; (2) expected investments, production and revenue; (3) Lilis Energy's near-term E&P focus on its Wattenberg Field acreage; and (4) Lilis Energy's growth plans and the potential of its properties. 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: (1) Lilis Energy's ability to finance its continued exploration and drilling operations; (2) positive confirmation of the reserves, production and operating expenses associated with Lilis Energy's properties; (3) availability of qualified personnel; and (4) 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 and registration statements filed with the SEC.
Contact:
MDC GROUP
Investor Relations:
David Castaneda
414.351.9758
Media Relations:
Susan Roush
747.222.7012