Share Price of Lilis Energy, Inc. (OTCMKTS:LLEX) Leaps As Company Acquires Over 800 Acres in the Delaware Basin

Denver-based independent oil and gas exploration and production company, Lilis Energy, Inc. (OTCMKTS:LLEX), announces that it has added 800 acres, expanding its footprint in the Delaware Basin.

DENVER, Nov. 7, 2016 /PRNewswire/ — Lilis Energy, Inc. (LLEX) (the “Company” or “Lilis”) today announced additional bolt-on acreage in Winkler County, Texas. The Company added approximately 860 net contiguous acres, further expanding its Delaware Basin footprint. Since its merger with Brushy Resources, Inc., Lilis has increased its Delaware Basin acreage position by 53%, bringing its total Delaware Basin acreage to approximately 5,300 net acres. Lilis intends to continue to seek additional bolt-on acreage on a highly selective basis.

The Company also provided a drilling update. The Bison #1H has been drilled to total depth of 19,600 feet, which represents a frackable lateral length of 6,560 feet. The rig is currently moving to the next Wolfcamp Re-Entry location, the Grizzly #1H.

About Lilis Energy, Inc.

Lilis Energy, Inc. is a Denver-based independent oil and gas exploration and production company that operates in the Permian’s Delaware Basin and in the Denver-Julesburg (DJ) Basin, considered amongst the leading resource plays in North America. Lilis’s total net acreage in the Permian Basin is approximately 5,300 acres, and total net acreage in the DJ is approximately 7,600 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 contact CorProminence LLC: (516) 222-2560 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 but not limited to statements regarding Lilis Energy’s expectations, beliefs, intentions or strategies regarding the future. 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 Lilis Energy’s ability to finance its continued exploration, drilling operations and working capital needs, and 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 filed with the SEC.

Original Source

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Lilis Energy, Inc. (OTCMKTS:LLEX) shares have moved +13.04% on the news thus far today and have traded in the range of $2.10 – 2.86 during the current session. In order to take a look at where the stock might be headed longer term, investors often look to research firms that cover the stock. Sell-side research firms currently have a consensus one-year price target of $6.50 on the stock.  This is according to brokerage analysts polled by Thomson Reuters First Call.  The sell-side analysts are projecting earnings per share of $0.00 for the next fiscal quarter.  For the current year, analysts are predicting earnings of $N/A per share according to First Call.

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In looking at where the stock is trading on a technical level, the stock is trading -8.98% away from its 50-day moving average of $3.14.  Based on the most recent available data, the equity is -39.15% off of its 52-week high of $4.70 and +472.00% away from its 52-week low which is $0.50.

Today, the stock opened at $2.70 and the last bid at the time of writing stood at $2.86.  During the session thus far, the equity dipped down to $2.10 and touched $2.86 as the high point.  Lilis Energy, Inc. (OTCMKTS:LLEX) has a market cap of $49.07M and has seen an average daily volume of 76,774 over the past three months.

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