January 31, 2018 / 11:13 AM / 24 days ago

BRIEF-Lilis Energy Announces Delaware Basin Acquisition

Jan 31 (Reuters) - Lilis Energy Inc:

* LILIS ENERGY ANNOUNCES DELAWARE BASIN ACQUISITION, PRO FORMA NET ACREAGE OF ~19,000 IN THE DELAWARE BASIN AND PRIVATE PLACEMENT OF $100 MILLION OF PREFERRED STOCK

* LILIS ENERGY INC - AGGREGATE CONSIDERATION FOR ACQUISITION IS $70 MILLION

* LILIS ENERGY - AGGREGATE CONSIDERATION FOR DEAL CONSISTS OF $40 MILLION IN CASH AND $30 MILLION OF CO‘S COMMON STOCK

* LILIS ENERGY INC - ‍CASH PORTION OF CONSIDERATION FOR ACQUISITION WILL BE FUNDED USING PROCEEDS FROM PREFERRED STOCK ISSUANCE​

* LILIS ENERGY- ENTERED INTO AGREEMENT TO SELL SHARES OF NEW SERIES OF CONVERTIBLE PREFERRED STOCK TO CERTAIN PRIVATE FUNDS AFFILIATED WITH VARDE PARTNERS

* LILIS ENERGY - TO SELL SHARES OF NEW SERIES OF CONVERTIBLE PREFERRED STOCK TO VARDE PARTNERS AFFILIATES FOR PROCEEDS OF $100 MILLION

* LILIS ENERGY INC - AS WE LOOK FORWARD INTO 2018, INTEND TO FOCUS ON DELINEATION OF ACREAGE POSITION

* LILIS ENERGY INC - ‍LILIS EXPECTS TO BE CASH FLOW NEUTRAL, ON A DRILLING AND COMPLETION BASIS, BY 2019​ Source text for Eikon: Further company coverage:

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