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 September 29, 2016, Lilis Energy, Inc. entered into a credit and guaranty agreement (the “Credit Agreement”) by and among Lilis Energy, Inc., a Nevada corporation (the “Company”), Brushy Resources, Inc., a Delaware corporation (“Brushy”), ImPetro Operating, LLC, a Delaware limited liability company (“Operating”) and ImPetro Resources, LLC, a Delaware limited liability company (“Resources”, and together with Brushy and Operating, the “Initial Guarantors”), and the lenders party thereto (each a “Lender” and together, the “Lenders”) and T.R. Winston & Company, LLC acting as collateral agent. On February 7, 2017, to the terms of the Credit Agreement, the Company exercised the accordion advance feature, increasing the aggregate principal amount outstanding under the term loan from $31 million to $38.1 million. The total availability for borrowing remaining under the Credit Agreement is $11.9 million . The Company intends to use the proceeds of the to fund its drilling and development program, for working capital and for general corporate purposes. Terms and conditions of the Credit Agreement remain as previously described in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on September 29, 2016.
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. LILIS ENERGY, INC. (OTCMKTS:LLEX) Recent Trading Information
LILIS ENERGY, INC. (OTCMKTS:LLEX) closed its last trading session down -0.05 at 4.20 with 198,983 shares trading hands.
