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Lilis Energy Receives Extension on Initial Borrowing Base Defiency Payment
January 24, 2020
Under the revised payment schedule, the revolving credit agreement requires the Company to repay the
The Company is continuing to consider transactions to fund the repayment of the borrowing base deficiency on a timely basis. There is no assurance, however, that such transactions will be completed or that the bank group will agree to further deficiency payment extensions. If the Company is unable to repay the borrowing base deficiency as and when required under the revolving credit agreement, an event of default would occur under the revolving credit agreement.
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.