FORT WORTH, Texas, Nov. 08, 2020 (GLOBE NEWSWIRE) -- Lilis Energy, Inc. (OTC: LLEXQ), an exploration and development company operating in the Permian Basin of West Texas and Southeastern New Mexico, today announced that, following a comprehensive sale process and a competitive auction as part of its Chapter 11 process, Ameredev Texas LLC has been named as the winning bidder to acquire substantially all of the Company’s assets for a $46.6 million cash payment at closing.

In accordance with the bidding procedures approved by the United States Bankruptcy Court for the Southern District of Texas, Houston Division (the “Bankruptcy Court”), the definitive purchase and sale agreement and form of sale order will be filed with the Bankruptcy Court as soon as reasonably practicable, and no later than November 9, 2020 at 5:00 p.m. (prevailing Central Time). The sale will in turn be subject to approval by the Bankruptcy Court and certain other closing conditions. A hearing to seek required court approvals is scheduled for November 9, 2020 at 11:00 a.m. (prevailing Central Time). Subject to Bankruptcy Court approval, the transaction is expected to close in December 2020.

Information regarding the Chapter 11 process is available for free on the website maintained by Stretto, located at https://cases.stretto.com/LilisEnergy or by calling (855) 364-4639 (Toll-Free) or (949) 266-6357 (Local).

Vinson & Elkins LLP is serving as legal advisor to the Company, Barclays Capital is serving as investment banker for the Company, and Opportune LLP is serving as restructuring advisor to the Company.

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 amongst the leading resource plays in North America.