SAN ANTONIO, Jan. 8, 2018 /PRNewswire/ — Lilis Energy, Inc. (NYSE American: LLEX), an exploration and development company operating in the Permian Basin of West Texas, announced today that the Tiger #1H has reached a 24-hour initial production rate of 1,803 Boepd on a three-stream basis, at 439 Boepd per 1,000 ft. or 242 Bopd per 1,000 ft. of lateral. The well is currently producing at 72% liquids on a three-stream basis.
The Tiger #1H is Lilis’s seventh successful operating horizontal Wolfcamp B well in the Permian’s Delaware Basin. The Tiger #1H’s 4,108 ft. lateral was completed with 21 stages of 200 ft. plug-to-plug spacing with approximately 2,060 lbs. of sand per ft. The Tiger #1H has one of our highest IP rates based on an IP per 1,000 ft.
The Company has begun selling gas in Texas and commenced full production operations in New Mexico in December under its Lucid midstream agreement, which we expect to be fully operational by mid-February. Complete implementation of the Lucid midstream system should alleviate the Company’s recent production curtailment issues and provide capacity for all currently planned future development.