Lilis Energy Inc., Fort Worth, has shut-in 12 of its 39 producing wells in the Delaware basin and has no immediate plans to drill or complete any new wells while current market conditions persist.
Lilis Energy Inc., Fort Worth, has shut-in 12 of its 39 producing wells in the Delaware basin and has no immediate plans to drill or complete any new wells while current market conditions persist. Capital expenditures will be limited to minor projects that will reflect a meaningful and permanent reduction in lease operating expenses, the company said Apr. 15.
The company has reduced G&A expense by 50%, G&A headcount by 44%, and operating costs by 50% through salary reductions, a reduction in board size and compensation, furloughs, and layoffs in response to challenges faced across the industry.
Mark Christensen, R. Glenn Dawson, and Ronald D. Ormand have resigned as members of the board. Effective with their resignations, the board was reduced to five from eight members.