Lilis Energy Receives Extension on Initial Borrowing Base Deficiency Payment and Signs Purchase and Sale Agreement to Divest Certain Assets
LILIS ENERGY (LLEX)
Last lilis energy earnings: 11/7 05:24 pm
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Source: GlobeNewswire
FORT WORTH, Texas, Feb. 14, 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 18, 2020 to February 28, 2020. The due dates for the two subsequent installment payments remain March 16, 2020 and April 14, 2020. In addition, on February 12, 2020, the Company executed a purchase and sale agreement for the sale of approximately 1,185 undeveloped net acres, being the Company’s northernmost acreage in Lea County, New Mexico, for expected net cash pro
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