Lilis Energy, Inc. (NYSE: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.