Lilis Energy To Buy Over 4,000 Contiguous/overlapping Acres For $45.6 Mln Cash

(RTTNews) - Lilis Energy, Inc. (LLEX), an exploration and development company operating in the Permian Basin of West Texas, announced Wednesday that it has entered into an agreement to acquire over 4,000 net contiguous/overlapping acres from a private seller for approximately $45.6 million in cash, subject to customary closing adjustments.

In pre-market activity, Lilis shares were gaining around 17 percent to trade at $5.18.

In its statement, the company said the acquisition will increase its acreage position in the Delaware Basin to over 15,000 net acres, exceeding the company's year end 2017 acreage guidance.

The transaction is currently expected to close in November 2017. The Company has posted an acquisition overview presentation and updated corporate presentation to its website.

Ron Ormand, Executive Chairman of Lilis Energy, said, "This acquisition is not only contiguous and overlapping to our existing core properties but also increases our overall working interest and operatorship. The results from the Wildhog provide further evidence of the significant productivity and potential of our eastern acreage."