FORT WORTH, Texas, Feb. 06, 2020 (GLOBE NEWSWIRE) -- Lilis Energy, Inc. (NYSE American: LLEX) (the “Company”), an exploration and production company operating in the Permian Basin of West Texas and Southeastern New Mexico, today announced that the Company’s bank lending group has agreed to extend the due date for the first two installment payments on the borrowing base deficiency under its revolving credit agreement that resulted from the recently announced borrowing base redetermination. The amendment to the revolving credit agreement provides for an extension of the first and second installment payments from February 7, 2020 to February 18, 2020, and from February 14, 2020 to February 18, 2020 respectively. The due dates for the two subsequent installment payments remain March 16, 2020 and April 14, 2020.
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.
About Lilis Energy, Inc.
Lilis Energy, Inc. is a Fort Worth based independent oil and gas exploration and production company that operates in the Permian’s Delaware Basin, considered among the leading resource plays in North America. Lilis’ current total net acreage in the Permian Basin is approximately 20,000 acres. Lilis Energy's near-term E&P focus is to grow current reserves and production and pursue strategic acquisitions in its core areas. For more information, please visit www.lilisenergy.com.
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 Securities and Exchange Commission. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. The forward-looking statements in this are made as of the date hereof, and the Company does not undertake any obligation to update the forward-looking statements as a result of new information, future events or otherwise.
V.P. Capital Markets & Investor Relations
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Source: Lilis Energy Inc.