Scandoil  

Lilis Energy to upsize core Wattenberg acreage and production acquisition


Published Jun 12, 2015
Lilis Energy

Lilis Energy, Inc. has amended its agreement, dated May 5, 2015, with a private party seller and agreed to acquire an additional 375 net acres from previously granted right of first refusal acreage, bringing the total undeveloped acreage being acquired to 1,015 net acres in the core area of the Wattenberg Field targeting the Niobrara and Codell formations. The additional acreage includes 11 authorization for expenditures ('AFE') in place with an average working interest of 4.48% and a total drilling commitment of $3.2 million.

The other terms of the agreement remain the same: Lilis will acquire non-operated leasehold working interests including interests in 53 producing wells and a 640 net acre block ('Original Acquisition Acreage') of undeveloped leasehold for a purchase price of $5.5 million. To accommodate the updated terms, the closing of the acquisition has been extended and is anticipated to occur on or prior to June 19, 2015, subject to final due diligence and satisfaction of customary closing conditions.

Tags: Lilis Energy, Lilis Energy




Advertisment:

Add a Comment to this Article

Please be civil. Job and promotion will not be added into the comment page.

(Use Markdown for formatting.)

This question helps prevent spam:

+ Larger Font | + Smaller Font
Top Stories

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us
Stats

 

sitemap xml