Lilis Energy Announces Extension of Expiration Date for Take Private Offer From Major Shareholder
February 17 2020 - 07:26PM
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, today announced that
Värde Partners, Inc., on behalf of certain of its affiliated
private funds and investment vehicles (collectively, “Värde”), has
extended the expiration date for its previously announced
non-binding offer proposing to acquire all of the outstanding
shares of common stock of the Company not owned by Värde for $0.25
per common share from February 17, 2020 to February 27, 2020.
The special committee of the board of directors
of the Company will further evaluate the Värde offer as the special
committee continues its process of evaluating the potential for
other strategic alternatives with the assistance of its financial
advisor, Barclays Capital Inc.
The special committee of the board of directors
cautions the Company’s shareholders and others trading in its
securities that it has only received a preliminary offer proposal
that does not constitute a binding commitment. There can be no
assurance 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.
Forward-Looking Statements:
This press release contains forward-looking
statements within the meaning of the federal securities laws. 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 make the required repayments of the borrowing base
deficiency; 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 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:Wobbe PloegsmaV.P.
Capital Markets & Investor Relations210-999-5400, ext. 31
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