On December 3, 2019, Lilis Energy, Inc. (the “Company”) received a deficiency letter (the “Deficiency Letter”) from the NYSE American LLC (“NYSE American”) stating that the Company is below compliance with the continued listing standards as set forth in Section 1003(f)(v) of the NYSE American Company Guide (the “Company Guide”) because the Company’s common stock has been selling for a low price per share for a substantial period of time. The Letter states that the Company must effect a reverse stock split of its common stock or otherwise demonstrate sustained price improvement no later than June 3, 2020.

The Company’s common stock will continue to be listed on the NYSE American, subject to the Company’s compliance with other continued listing requirements of the NYSE American. The Deficiency Letter does not affect the Company’s business operations or its reporting obligations under the rules and regulations of the Securities and Exchange Commission, nor does the Deficiency Letter conflict with or cause an event of default under any of the Company’s material agreements.

Item 8.01 Other Information.

On December 6, 2019, the Company issued a press release disclosing receipt of the Deficiency Letter. A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K, which is incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits.

* Filed herewith

LILIS ENERGY, INC. Exhibit
EX-99.1 2 exhibit991llex8k20191206.htm EXHIBIT 99.1 Exhibit LLEX:NYSE AmericanLILIS ENERGY NOTIFIED OF NYSE AMERICAN LISTING DEFICIENCYFORT WORTH,…
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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.