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Lilis Energy Announces Extension of Expiration Date for Take Private Offer From Major Shareholder
February 17, 2020
FORT WORTH, Texas,
The special committee of the board of directors of the Company will further evaluate the Värde offer as the special committee continues its process of evaluating the potential for other strategic alternatives with the assistance of its financial advisor,
The special committee of the board of directors cautions the Company’s shareholders and others trading in its securities that it has only received a preliminary offer proposal that does not constitute a binding commitment. There can be no assurance that a definitive agreement will be executed or that the transaction contemplated in the Värde offer or any other transaction will be consummated. The Company does not anticipate making further public statements about this matter or the activities of the special committee unless it determines to enter into a definitive agreement for a transaction or the board of directors determines that no such transaction will be effected.
This press release contains forward-looking statements within the meaning of the federal securities laws. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. These risks include, but are not limited to, our ability to make the required repayments of the borrowing base deficiency; the ability to finance our continued exploration, drilling operations and working capital needs; all the other uncertainties, costs and risks involved in exploration and development activities; and the other risks identified in the Company’s Annual Report on Form 10-K and its other filings with the
Source: Lilis Energy Inc.