Lilis Energy Announces Actions in Response to Current Market Conditions and Director Resignations
LILIS ENERGY (LLEX)
Last lilis energy earnings: 11/7 05:24 pm
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US:NASDAQ Investor Relations:
investors.lilisenergy.com
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Source: GlobeNewswire
FORT WORTH, Texas, April 15, 2020 (GLOBE NEWSWIRE) -- Lilis Energy, Inc. (NYSE American: LLEX) (the “Company”), an exploration and production company operating in the Permian Basin of West Texas and Southeastern New Mexico, announced today that the Company is taking measures to reduce costs given current market conditions. In response to unprecedented challenges faced across the industry, the Company has reduced G&A expense by approximately 50%, G&A headcount by approximately 44% and operating costs by approximately 50%. The Company has implemented salary reductions, a reduction in board size and compensation, furloughs and layoffs to achieve these reductions. Additionally, the Company has elected to shut-in 12 of its 39 producing wells as each of these shut-in wells are deemed uneconomic in the current environment. The Company has no immediate plans to drill or complete any new wells while these conditions persist, and capital expenditures will be limited to minor projects that wi
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