On December 16, 2019, Lilis Energy, Inc. (the “Company”) entered into a Sixth Amendment (the “Sixth Amendment”) to the Second Amended and Restated Senior Secured Revolving Credit Agreement dated as of October 10, 2018 (as amended, the “Revolving Credit Agreement”) among the Company, certain subsidiaries of the Company, as guarantors, the lenders party thereto, and BMO Harris Bank N.A., as administrative agent. The Sixth Amendment provides that the semi-annual redetermination of the borrowing base under the Revolving Credit Facility previously scheduled to occur on or about December 16, 2019 (the “Fall 2019 Scheduled Redetermination”) will instead occur on or about January 14, 2020. Additionally, among other matters, the Sixth Amendment provides that, if any borrowing base deficiency exists as a result of the Fall 2019 Scheduled Redetermination, the date on which the initial payment is due to cure such deficiency is the first business day after such deficiency, rather than 30 days after such deficiency.

As previously disclosed, the Company currently is fully drawn against the existing $115 million borrowing base under the Revolving Credit Agreement, and under the Revolving Credit Agreement, a borrowing base deficiency will occur if the amounts outstanding under the Revolving Credit Agreement exceed the borrowing base then in effect.

The foregoing description of the terms of the Sixth Amendment is not complete and is qualified in its entirety by reference to the full copy of the Sixth Amendment filed as Exhibit 10.1 to this Current Report on Form 8-K.

Item 9.01 Financial Statements and Exhibits.

* Filed herewith

LILIS ENERGY, INC. Exhibit
EX-10.1 2 exhibit101llex8k20191217.htm EXHIBIT 10.1 Exhibit Execution VersionSIXTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENTThis SIXTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”) dated as of December 16,…
To view the full exhibit click here

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.