Riley Exploration-Permian, LLC (Riley Permian or the Company) announced compelling well results from the Brushy Bill well in the Companys Champions asset in Yoakum County, Texas in the San Andres formation of the Permian Basin. Since first oil production on May 15, 2018, the Brushy Bill well has had cumulative oil production of nearly 60,000 barrels of oil, with production averaging approximately 500 barrels of oil per day for the last 60 days. The Companys operational focus on infrastructure development was a key element in mitigating the water disposal infrastructure limitations which has enabled the well to produce very positive results. The Brushy Bill well was drilled to a total depth of 12,812 feet and targeted the San Andres formation.
Bobby Riley, Riley Permians Chairman and Chief Executive Officer commented, We are very excited with the encouraging results from the Brushy Bill well, which we believe will be another key area of future growth for us in our Champions assets, where we have approximately 21,600 net acres. We intend to drill two offsets to this well in early 2019 to further delineate this southeast area of our Champions asset. We intend to devote significant resources to achieving profitable growth, executing on our strategy, and further demonstrating the value of our acreage.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Cautionary Statement Concerning Forward-Looking Statements
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Certain statements contained in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent Riley Permian’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Riley Permian’s control that could cause actual results to differ materially from the results discussed in the forward-looking statements.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Riley Permian does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Riley Permian to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the prospectus filed with the SEC in connection with Riley Permians initial public offering. The risk factors and other factors noted in Riley Permians prospectus could cause its actual results to differ materially from those contained in any forward-looking statement.
Chris Delange, Investor Relations
Phone: (405) 415-8699
Email: [email protected]