FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response... 0.5
                      
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

VARDE INVESTMENT PARTNERS LP 		2. Issuer Name and Ticker or Trading Symbol

LILIS ENERGY, INC. [ LLEX ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      __ X __ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

901 MARQUETTE AVE. S., SUITE 3300 		3. Date of Earliest Transaction (MM/DD/YYYY)

11/15/2017
(Street)

MINNEAPOLIS, MN 055402
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

___ Form filed by One Reporting Person
_ X _ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Convertible Debt   $5.50   11/15/2017     J      1625426       11/15/2017   4/26/2021   Common Stock, $0.001 par value   1625426   (3) $5.50   7047040   I   See footnotes   (1) (2) (4) (10) (11) (12)
Convertible Debt   $5.50   11/15/2017     J      1156553       11/15/2017   4/26/2021   Common Stock, $0.001 par value   1156553   (3) $5.50   5014240   I   See footnotes   (1) (2) (5) (10) (11) (12)
Convertible Debt   $5.50   11/15/2017     J      507946       11/15/2017   4/26/2021   Common Stock, $0.001 par value   507946   (3) $5.50   2202200   I   See footnotes   (1) (2) (6) (10) (11) (12)
Convertible Debt   $5.50   11/15/2017     J      324437       11/15/2017   4/26/2021   Common Stock, $0.001 par value   324437   (3) $5.50   1016400   I   See footnotes   (1) (2) (7) (10) (11) (12)
Convertible Debt   $5.50   11/15/2017     J      117219       11/15/2017   4/26/2021   Common Stock, $0.001 par value   117219   (3) $5.50   508200   I   See footnotes   (1) (2) (8) (10) (11) (12)
Convertible Debt   $5.50   11/15/2017     J      265695       11/15/2017   4/26/2021   Common Stock, $0.001 par value   265695   (3) $5.50   1151920   I   See footnotes   (1) (2) (9) (10) (11) (12)

Explanation of Responses:
(1)  On April 26, 2017, Lilis Energy, Inc. (the "Issuer") entered into a Credit Agreement (the "Credit Agreement") among the Issuer, certain subsidiaries of the Issuer, as guarantors and The Varde Fund XI (Master), L.P., The Varde Fund XII (Master), L.P., The Varde Skyway Master Fund, L.P., The Varde Fund VI-A, L.P., Varde Investment Partners, L.P. and Varde Investment Partners (Offshore) Master, L.P. (collectively, the "Lenders"). Pursuant to the Credit Agreement, the Lenders extended a second lien term loan facility initially consisting of $80,000,000. On November 15, 2017, the Issuer borrowed an additional $25 million of delayed draw term loans made available for borrowing pursuant to an amendment to the Credit Agreement. 70% of the aggregate principal amount of the term loans, plus accrued and unpaid interest to the conversion date and a "make-whole" premium is convertible,
(2)  (Continued from Footnote 1) at the Lenders' option, into a number of the Issuer's shares of common stock at a conversion price (subject to adjustment) of $5.50 per share.
(3)  The amount reported reflects the amount of shares of Common Stock issuable upon conversion of the additional $25 million of delayed draw terms loans.
(4)  Reflects securities held directly by The Varde Fund XI (Master), L.P. ("Fund XI"). The Varde Fund XI G.P., LLC ("Fund XI GP") is the general partner of Fund XI.
(5)  Reflects securities held directly by The Varde Fund XII (Master), L.P. ("Fund XII"). The Varde Fund XII G.P., L.P. ("Fund XII GP") is the general partner of Fund XII, and The Varde Fund XII UGP, LLC ("Fund XII UGP") is the general partner of Fund XII GP.
(6)  Reflects securities held directly by The Varde Skyway Master Fund, L.P. ("Skyway Fund"). The Varde Skyway Fund G.P., LLC ("Skyway Fund GP") is the general partner of Skyway Fund.
(7)  Reflects securities held directly by Varde Investment Partners (Offshore) Master, L.P. ("VIP Offshore"). Varde Investment Partners G.P., LLC ("VIP GP") is the general partner of VIP Offshore.
(8)  Reflects securities held directly by The Varde Fund VI-A, L.P. ("Fund VI-A"). VIP GP is the general partner of Fund VI-A.
(9)  Reflects securities held directly by Varde Investment Partners, L.P. ("VIP"). VIP GP is the general partner of Fund VIP.
(10)  Varde Partners, L.P. ("Managing Member") is the managing member of each of Fund XI GP, Fund XII UGP, Skyway Fund GP and VIP GP. Varde Partners, Inc. ("General Partner") is the general partner of the Managing Member. Following the transaction described above, George G. Hicks may be deemed to beneficially own all of the securities which may be acquired upon conversion of the Initial Term Loan because, as the chief executive officer of the General Partner, he may be deemed to have voting and/or dispositive power over such securities.
(11)  Due to limitations of the electronic filing system, certain Reporting Persons are filing a separate Form 4.
(12)  Each of the Reporting Persons (other than to the extent it directly holds securities reported herein) disclaims beneficial ownership of the securities held by the other Reporting Persons, except to the extent of such Reporting Person's pecuniary interest therein, and, pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, each of the Reporting Persons (other than to the extent it directly holds securities reported herein) states that the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
VARDE INVESTMENT PARTNERS LP
901 MARQUETTE AVE. S., SUITE 3300
MINNEAPOLIS, MN 055402
X

Varde Investment Partners G.P., LLC
901 MARQUETTE AVE. S., SUITE 3300
MINNEAPOLIS, MN 055402
X

VARDE PARTNERS LP
901 MARQUETTE AVE. S., SUITE 3300
MINNEAPOLIS, MN 055402
X

VARDE PARTNERS INC
901 MARQUETTE AVE. S., SUITE 3300
MINNEAPOLIS, MN 055402
X


Signatures
VARDE INVESTMENT PARTNERS, L.P., By: Varde Investment Partners G.P., LLC, Its General Partner, By: Varde Partners, L.P., By: Varde Partners, Inc., By: /s/ David A. Marple, Name: David A. Marple, Title: General Counsel 11/17/2017
** Signature of Reporting Person Date

VARDE INVESTMENT PARTNERS G.P., LLC, By: Varde Partners, L.P., Its Managing Member, By: Varde Partners, Inc., Its General Partner, By: /s/ David A. Marple, Name: David A. Marple, Title: General Counsel 11/17/2017
** Signature of Reporting Person Date

VARDE PARTNERS, L.P., By: Varde Partners, Inc., Its General Partner, By: /s/ David A. Marple, Name: David A. Marple, Title: General Counsel 11/17/2017
** Signature of Reporting Person Date

VARDE PARTNERS, INC., By: /s/ David A. Marple, Name: David A. Marple, Title: General Counsel 11/17/2017
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
Lilis Energy (AMEX:LLEX)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Lilis Energy Charts.
Lilis Energy (AMEX:LLEX)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Lilis Energy Charts.