LILIS ENERGY, INC. (OTCMKTS:LLEX) Files An 8-K Termination of a Material Definitive Agreement

As previously disclosed by Lilis Energy, Inc. (the “Company”) in its Current Report on Form 8-K filed on May 23, 2018, on May 21, 2018, the Company entered into a crude oil gathering agreement (as amended, the “Gathering Agreement”) with Salt Creek Midstream, LLC (“SCM”), which provided for the construction of a gathering system and certain gathering services. On May 6, 2020, the Company delivered a notice to SCM to which the Company terminated the Gathering Agreement in its entirety under Section 4.5(c) thereof. The Company did not incur any early termination penalties in connection with the termination of the Gathering Agreement.

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.