NYSE American Approves Lilis’ Plan to Regain Compliance
14 February 2020 - 8:05AM
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, announced that on
February 7, 2020 the NYSE American LLC (“NYSE American”) notified
the Company that it has accepted the Company’s plan to regain
compliance with the NYSE American’s continued listing standards.
As previously disclosed, on November 21, 2019,
the Company received a letter from the NYSE American stating that
the Company was below compliance with Section 1003(a)(i)-(iii) of
the NYSE American continued listing standards relating to
stockholders’ equity.
The Company submitted a compliance plan to the
NYSE American on December 20, 2019 advising how the Company plans
to regain compliance with the continued listing standards by May
21, 2021. The NYSE American has reviewed and accepted the
plan and the Company has been granted until May 21, 2021 to
implement its plan and regain compliance. The extension is
subject to periodic reviews by the NYSE American for compliance
with the initiatives set forth in the plan.
If the Company is not in compliance with the
continued listing standards by May 21, 2021, or if it does not make
progress consistent with the plan during the plan period, NYSE
American may initiate delisting proceedings as appropriate.
The Company intends to regain compliance with the NYSE American
continued listings standards by such date; however, there is no
assurance the Company will be able to accomplish this.
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 replicate the results
described in this release for future wells; 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 press
release 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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