Lilis to convert debentures to equity

DENVER – Lilis Energy Inc. (Nasdaq:LLEX), an oil and gas exploration and production company focused on development in the Wattenberg field and surrounding areas, has reached agreement with all of the holders of its outstanding series of convertible debentures to convert up to all of them to shares of the Company’s common stock.

Denver-based Lilis holds 110,000 net acres in the Denver-Julesburg basin,

Terms of the agreement call for an immediate conversion of $9 million of the approximately $15.6 million in outstanding debentures; the balance of $6.6 million may, at the option of the holders, be converted upon receipt of shareholder approval of that conversion. The holders of any remaining debentures may elect to convert all or any portion of the remaining debentures outstanding within three business days of shareholder approval.

Under the terms of the agreement, debentures will be converted at $2 per share, the reset conversion price following the company’s recently announced private placement.In addition, the company will issue to debenture holders common stock purchase warrants equal to the number of shares issued pursuant to their conversion elections. The warrants will have an exercise price of $2.50 per share and are exercisable beginning six months from the issuance date, for a period of three years.

The warrant shares have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration.



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