LILIS ENERGY RECEIVES ADDITIONAL EXTENSION ON THIRD BORROWING BASE DEFICIENCY PAYMENT
March 30 2020 - 05:00PM
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’s bank lending group has agreed to amend the existing
revolving credit agreement to, among other things, extend the due
date for the third installment payment of $1.5 million on the
previously announced borrowing base deficiency from March 30, 2020
to April 14, 2020.
As previously reported, the first two borrowing
base deficiency installment payments under the amended revolving
credit agreement aggregating $17.25 million were funded on February
28, 2020. The due date for the fourth, and final, $6.25 million
installment payment remains April 14, 2020.
The Company is continuing to consider
transactions to fund the repayment of the borrowing base deficiency
on a timely basis. There is no assurance, however, that such
transactions will be completed or that the bank group will agree to
further deficiency payment extensions. If the Company is
unable to repay the borrowing base deficiency as and when required
under the revolving credit agreement, an event of default would
occur under the revolving credit agreement.
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.
Forward-Looking Statements:
This press release contains forward-looking
statements within the meaning of the federal securities laws. These
statements may include, but are not limited to, statements related
to the Company’s expectations regarding the potential impact of the
COVID-19 coronavirus outbreak and other non-historical statements.
Such statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the
Company. These risks include, but are not limited to, our
ability to replicate the results described in this release for
future wells; the ability to finance our continued exploration,
drilling operations and working capital needs; all the other
uncertainties, costs and risks involved in exploration and
development activities; and the other risks identified in the
Company’s Annual Report on Form 10-K and its other filings with the
Securities and Exchange Commission. Investors are cautioned
that any such statements are not guarantees of future performance
and that actual results or developments may differ materially from
those projected in the forward-looking statements. The
forward-looking statements in this press release are made as of the
date hereof, and the Company does not undertake any obligation to
update the forward-looking statements as a result of new
information, future events or otherwise.
Contact:Christa GarrettSVP
General Counsel817-585-9001
Lilis Energy (AMEX:LLEX)
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