Stock Monitor: Erin Energy Post Earnings Reporting
LONDON, UK / ACCESSWIRE / March 28, 2018 / Active-Investors.com has just released a free research report on Lilis Energy, Inc. (NYSE: LLEX) ("Lilis"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=LLEX as the Company's latest news hit the wire. On March 26, 2018, the Company announced that its third party operated midstream system has commenced operations, and its current production is in excess of 5,000 Boepd (75% liquids). The production is growing as the midstream system reaches maximum efficiency and additional wells currently in flowback and completion stage achieve peak production. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Lilis Energy most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Production Expected to Continue Increasing in the Near-term
Ron Ormand, Executive Chairman of Lilis, stated that the implementation of the Company's new midstream solution provides full take away capabilities to meet its current and future natural gas transportation needs across its properties while eliminating recent production curtailment constraints. Lilis expects production to continue increasing in the near term once the Company's midstream system reaches full operational efficiency and with the addition of new production from wells currently flowing back and undergoing completions.
Ron added that based on its operational capabilities, increasing production, and backlog of drilling and completion activities, Lilis expects to reach its targeted 7,500 net Boepd exit rate for 2018.
Remains Focused on Delineation and De-risking of its Acreage
The Company remains focused in 2018 on delineation and de-risking of its acreage both geologically and geographically. Lilis is currently in the process of flowing back and completing seven wells. The Company will begin completing a well in the Bone Springs and an additional Wolfcamp B well in the western portion of Texas acreage by the end of the month. These wells will add to the Company's production volumes and cash flow as well as provide important delineation benchmarks.
Lilis/Lucid Midstream Agreement
In August 2017, Lilis entered into a long-term gas gathering, processing, and purchase agreement with an affiliate of Lucid Energy Group to support Lilis' active drilling program in the Permian's Delaware Basin. Lucid would receive, gather, and process Lilis' gas production from certain production areas located in Lea County, New Mexico and in Loving and Winkler counties, Texas. The agreement secured sufficient term and capacity for Lilis during its development and exploitation life cycle of the production areas committed to the new agreement.
Implementation of Lucid Midstream System is Expected to Alleviate Lilis' Production Curtailment Issues
As per the news reports, Lilis has begun selling gas in Texas and commenced full production operations in New Mexico in December 2017, under its Lucid midstream agreement. Complete implementation of the Lucid midstream system is expected to alleviate the Company's production curtailment issues and provide capacity for all currently planned future development.
About Lilis Energy, Inc.
Established in 2007, Lilis Energy is a San Antonio-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. The Company's primary business objective is to increase its Delaware Basin leasehold position, reserves, production, and cash flows at attractive rates of return on invested capital in order to enhance shareholder value.
Stock Performance Snapshot
March 27, 2018 - At Tuesday's closing bell, Lilis Energy's stock fell 1.68%, ending the trading session at $3.52.
Volume traded for the day: 179.76 thousand shares.
After yesterday's close, Lilis Energy's market cap was at $190.85 million.
The stock is part of the Basic Materials sector, categorized under the Independent Oil & Gas industry.
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