LILIS ENERGY ANNOUNCES RESIGNATION AND APPOINTMENT OF NEW CHAIRMAN OF THE BOARD
March 13 2020 - 6:15AM
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
David M. Wood has resigned as Chairman of the Board and a director
of the Company. The resignation of Mr. Wood was for personal
reasons and not as a result of a disagreement with the Company, its
directors or any of its stockholders.
The board of directors of the Company today
appointed current director Michael G. Long as Chairman of the
Board.
Mr. Long stated: “On behalf of the entire Lilis
board and the Company, I want to thank Dave Wood for his
leadership, insight and hard work on the Lilis board through very
tumultuous times. While Dave will be sorely missed, I am confident
our remaining eight board members will continue to serve Lilis and
its shareholders well by bringing a wide variety of talents to the
boardroom with the ability to devote significant time and efforts
to the challenges facing the Company.”
The Board of Directors also appointed Mr. Long
as chairman of the special committee of the Board of Directors
previously appointed to review and evaluate strategic alternatives
of the Company, including the previously announced non-binding
offer of Värde Partners, Inc., on behalf of certain of its
affiliated private funds and investment vehicles (collectively,
“Värde”), proposing to acquire all of the outstanding shares of
common stock of the Company not owned by Värde for $0.25 per common
share, which offer was extended on February 28, 2020 to March 18,
2020. The special committee has continued active discussions with
Värde regarding its proposal through the recent market
dislocation.
The special committee of the board of directors
continues to caution the Company’s shareholders and others trading
in its securities that Värde’s offer is a preliminary proposal that
does not constitute a binding commitment. There is no assurance
that the preliminary offer will be extended or that a definitive
agreement will be executed or that the transaction contemplated in
the Värde offer or any other transaction will be consummated. The
Company does not anticipate making further public statements about
this matter or the activities of the special committee unless it
determines to enter into a definitive agreement for a transaction
or the board of directors determines that no such transaction will
be effected.
About Lilis Energy, Inc.
Lilis Energy, Inc. is a Fort Worth based
independent oil and gas exploration and production company that
operates in the Permian’s Delaware Basin, considered among the
leading resource plays in North America. Lilis’ current total
net acreage in the Permian Basin is over 18,000 acres. Lilis
Energy's near-term E&P focus is to grow current reserves and
production and pursue strategic acquisitions in its core areas.
For more information, please visit
www.lilisenergy.com.
Christa Garrett
SVP General Counsel
817-585-9001
Lilis Energy (AMEX:LLEX)
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