Ronald D. Ormand is the Executive Chairman of the board of Lilis Energy, Inc. He brings more than 34 years of industry experience as an investment banker and energy executive. Mr. Ormand was a Co-Founder and senior executive at Magnum Hunter Resources Corporation (NYSE:MHR), where he guided MHR from sub-$30 million enterprise value to over $3.2 billion in four and a half years when he departed. In this exclusive interview with the Wall Street Transcript, Mr. Ormand demonstrates his commitment to building an oil production company from the ground up.
“We’ve since built the company over the last year and a half to one that now has over 16,000 net acres, and we have also substantially increased our production…We have a very contiguous, focused block in the northern Delaware Basin area, primarily in Texas. We also have acreage position in New Mexico, which we have been growing. We’ve been focused on aggregating acreage and drilling wells primarily focused in the Wolfcamp B in 2017. Our wells are some of the best wells in the Delaware based on IP per 1,000 feet. In 2018, we’ll be looking at drilling some additional benches in the area which look attractive. Those will likely be the Wolfcamp A, Wolfcamp X-Y and Second Bone Springs. We’re doing more delineation and drilling focus in 2018.”
“We raised over $200 million last year. Our main capital provider, Varde, has been a very good partner and continues to support our growth initiatives. We have also a very strong and loyal group of shareholders who have been with us since we did the Brushy transaction in 2016. We have approximately 23% of our shares held by management and the board. We’ve built out our capital structure with a combination of equity and debt. We focus on our debt metrics as we move into 2018 and target approximately 3-to-1 debt/EBIDAX — Q4 — by the end of the year. Growing our production base through our development program will allow us to accomplish that.”
Read the entire interview with the CEO of Lilis Energy in the Wall Street Transcript and get the details on how to build an oil production company from scratch.
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