Lilis Energy Receives Extension on Initial Borrowing Base Defiency Payment
January 24 2020 - 6:00AM
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 from January 24,
2020 to February 7, 2020 the due date for the initial installment
payment on the borrowing base deficiency under its revolving credit
agreement that resulted from the recently announced borrowing base
redetermination.
Under the revised payment schedule, the
revolving credit agreement requires the Company to repay the $25
million borrowing base deficiency in four equal installments of
$6.25 million beginning February 7, 2020 and ending 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.
Forward-Looking Statements:
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.
Contact:Wobbe PloegsmaV.P.
Capital Markets & Investor Relations210-999-5400, ext. 31
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