LILIS ENERGY, INC. (OTCMKTS:LLEX) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a RegistrantItem 2.03
As previously disclosed, on November 10, 2017, Lilis Energy, Inc. (the “Company”) entered into a third amendment to its second lien credit agreement (the “Credit Agreement”), dated April 26, 2017, as amended, by and among the Company, the Guarantors, Wilmington Trust, National Association, as administrative agent, and the lenders party thereto, including Värde Partners, Inc., as lead lender, to increase by $25.0 million the amount of delayed draw term loans available for borrowing under the Credit Agreement. On November 15, 2017, the Company borrowed the full $25.0 million of additional delayed draw term loans. Proceeds of the additional loans may be used to fund targeted and potential oil and gas property acquisitions, subject to certain limitations, or drilling and completions costs or for other general corporate purposes.
About LILIS ENERGY, INC. (OTCMKTS:LLEX)
Lilis Energy, Inc. is an upstream independent oil and gas company. The Company is engaged in the acquisition, drilling and production of oil and natural gas properties and prospects. The Company drills for, operates and produces oil and natural gas wells through its land holdings located in Wyoming, Colorado, and Nebraska. Its total net acreage in the Denver-Julesburg (DJ) Basin is approximately 7,200 acres. The Company’s primary targets within the DJ Basin are the conventional Dakota and Muddy J formations. In addition to its DJ Basin holdings, it focuses on the Permian’s Delaware Basin in Winkler and Loving Counties, Texas and Lea County, New Mexico. The Company’s net acreage in the Delaware Basin is approximately 4,433 net acres. The vertical well produces approximately 690 net million cubic feet (mcf) per day. The well holds the lease to all depths, from surface down to approximately 22,000 feet, including the Wolfcamp, Bone Springs, and Avalon formations.
