Lilis Energy Inc.

Lilis Energy Inc., an exploration and production company operating in the Permian Basin of West Texas and Southeastern New Mexico, said that its lenders have completed the scheduled redetermination of the company’s borrowing base under the revolving credit agreement. As a result of the redetermination, the borrowing base has been set at $90 million.

As previously disclosed, the company is currently fully drawn against the prior $115 million borrowing base under the revolving credit facility, and as a result of the scheduled redetermination, a borrowing base deficiency in the amount of $25 million exists. The company will be required to repay the amount of the borrowing base deficiency in four equal monthly installments, with the first payment of $6.25 million scheduled to occur on January 24, 2020.