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 Officers

(b) The Company announced on April 15, 2020>that Mark Christensen, R. Glenn Dawson, and Ronald D. Ormand resigned as members of the Board of Directors (the “Board”) of Lilis Energy, Inc. (the “Company”). The resignations were not the result of any disagreement of any of the resigning directors with the Company, its directors or any of its stockholders on any matter relating to the Company’s operations, policies or governance practices. The Board accepted the resignations, which reduced the size of the Board from eight to five effective with their resignations.

Mr. Dawson had served on the Audit Committee and the Nominating and Corporate Governance Committee of the Board. The Board will appoint current director Nuno Brandolini to serve on the Audit Committee with its remaining member and chairman, Michael G. Long. In light of the significantly reduced size of the Board, the Board will temporarily dissolve its Reserves Committee, Compensation Committee and Nominating and Corporate Governance Committee and assign the duties of its Compensation Committee and its Nominating and Corporate Governance Committee to its directors that meet the independence standards of the NYSE American LLC. The Special Committee of the Board, which was previously appointed to review and evaluate strategic alternatives of the Company, shall continue its duties with its remaining members, none of which are affiliated with Värde Partners, Inc.

Each of the resigning directors acknowledged prior receipt of all compensation and reimbursements owed by the Company to the resigning director under previously authorized director compensation policies and agreed with the Company to a mutual release of possible claims under a resignation letter. Copies of the director resignation letters are attached as Exhibits 10.1, 10.2 and 10.3, respectively, hereto.

Item 9.01 Financial Statements and Exhibits.

* Filed herewith

LILIS ENERGY, INC. Exhibit
EX-10.1 2 exhibit101llex8k20200415.htm EXHIBIT 10.1 Exhibit 201 Main Street,…
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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.