Lilis Energy Announces Prizehog BWX State Com #1H IP24 Rate

Prizehog BWX State Com #1H Reached 1,127 Boepd, 89% Liquids on 4,720 Foot Lateral

SAN ANTONIO, Nov. 28, 2017 /PRNewswire/ -- Lilis Energy, Inc. LLEX, an exploration and development company operating in the Permian Basin of West Texas, announced today that the Prizehog BWX State Com #1H reached a 24-hour initial production rate of 1,127 Boepd on a three-stream basis, at 239 Boepd per 1,000 ft or 170 Bopd per 1,000 ft of lateral. The well currently is producing at 89% liquids with 71% oil on a three-stream basis.

The Prizehog BWX State Com #1H is Lilis's sixth successful operating horizontal Wolfcamp B well in the Permian's Delaware Basin. The Prizehog #1H's 4,720 ft lateral was completed with 24 stages of 200 ft plug-to-plug spacing with approximately 2,040 lbs. of sand per ft. More importantly, this well is an additional data point that further delineates the Company's eastern most acreage.

The Company plans to continue developing its New Mexico acreage with two additional wells scheduled in the first quarter of 2018. The Company expects that it will likely target the Wolfcamp A formation for these wells. In addition, the Company also plans to continue delineating its acreage geographically to the east and drilling additional benches in its Texas properties in the coming months.

The Company also announced gas sales for the Company's New Mexico properties commenced through its agreement with Lucid on November 16, 2017. Lilis anticipates initial Texas production by December 15, 2017 and anticipates completed field production across all of its properties dedicated to Lucid by mid-January 2018.

"We are extremely pleased with the results from the Prizehog BWX State Com #1H. This well is further evidence of the significant productivity and potential of our eastern acreage. We intend to continue delineating our acreage both geographically and geologically through testing of additional benches in upcoming wells. We are also very pleased to see the initial gas sales under our new midstream partnership with Lucid," said Ron Ormand, Executive Chairman of Lilis.

Delaware Basin Offset Well Results Well Results, sorted by IP24/1000' (boe)

#	Operator	Well Name	IP24(boe)	IP24/ 1000' (boe)	IP24/ 1000' (bo)	% Liquid	Lateral Length	Zone

1	EOG	Hound 30 Federal704 H	4,528	647	498	77%	7,000	A
2	EOG	Neptune 10 St. Com 701H	5,327	628	465	74%	8,482	A
3	Matador	Totum #211H	2,247	514	401	78%	4,371	A
4	Lilis	Hippo #1H	1,917	467	346	74%	4,100	B
5	Lilis	Lion #1H	1,530	380	262	69%	4,025	B
6	EOG	Beowulf 33 St.Com 601H	2,765	379	330	87%	7,289	A
7	EOG	Noah Brunson 1H	3,124	334	n.a.	n.a.	9,340	B
8	Lilis	Grizzly #1H	1,323	322	209	65%	4,100	B
9	Felix	UL 4-21 #1H	1,302	307	n.a.	n.a.	4,200	B
10	Lilis	Bison #1H	2,014	292	219	75%	6,900	B
11	Felix	UL Sunshine Mesa 29-21 #1H	1,330	272	n.a.	n.a.	4,900	B
12	Lilis	PrizehogBWX State Com #1H	1,127	239	170	89%	4,720	B
13	Jagged Peak	UL 28-27 #1H	2,272	236	n.a.	n.a.	9,600	B
14	Lilis	WildhogBWX State Com #1H	997	219	188	86%	4,567	B
15	Felix	Falcon State 28-36 #1H	941	215	n.a.	n.a.	4,400	A
16	Jagged Peak	UL 4344-21 #1H	1,761	176	150	85%	10,000	B
17	Forge	UL 21 Pahaska #1H	748	174	150	86%	4,300	A
18	Jagged Peak	UL BeldinL J1211-17 #2HX	1,978	173	151	87%	11,400	B
19	Forge	UL 21 Bighorn #1H	1,621	172	146	85%	9,400	A
20	Endurance	Talco 9 26 35 Fed 3H	1,257	170	146	86%	7,391	A
21	Felix	UL Elk Park 21-21 #1H	768	168	n.a.	n.a.	4,600	B
22	Jagged Peak	UL 3031A-17 #1H	1,548	162	139	86%	9,500	B
23	Jagged Peak	UL 3031B-17 #1H	1,439	143	120	84%	10,000	B
24	Felix	UL 20 #1311H	1,376	142	n.a.	n.a.	9,700	A
25	RSP Permian	LudemanG #2603H	890	131	100	76%	6,813	XY
26	Jagged Peak	UL 2932-17 #1H	1,175	113	95	84%	10,400	B
27	Mewbourne	University B20 1 #W201PA	333	74	65	88%	4,499	C

Source: Company disclosure, DrillingInfo, Wood Mackenzie, RSP Permian investor presentation Note: % liquids used to calculate IP24/1000' (bo) where % oil was not disclosed. 1. Wolfcamp B excludes LLEX.

About Lilis Energy, Inc.

Lilis Energy, Inc. 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. Lilis's total net acreage in the Permian Basin is over 15,000 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; 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.

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SOURCE Lilis Energy, Inc.

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