LILIS ENERGY, INC. (OTCMKTS:LLEX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
On April 6, 2018, James L. Linville ceased serving as CEO of the Company. The Company entered into an agreement with Mr. Linville to which he will receive severance and other consideration to the terms of his employment agreement.
On April 6, 2018, Peter Benz informed the Company’s Board of his intent to resign, effective April 6, 2018, from his position as a member of the Board and all committees thereof, for personal and other business reasons. Mr. Benz served as a member of the Audit Committee.
On April 6, 2018, Merrill McPeak informed the Company’s Board of his intent to resign, effective April 6, 2018, from his position as a member of the Board and all committees thereof, for personal and other business reasons. Mr. McPeak served as a member of the Audit Committee, Compensation Committee, and the Nominating and Governance Committee.
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.