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E&P with 20,000 Net Acres in the Delaware Core Looking for Buyer
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Lilis Energy, Inc. has reported that certain investment funds and entities affiliated with Värde Partners, Inc. have declined to pursue a new money investment in the Company to sponsor a chapter 11 plan of reorganization.
This will result in the company selling off its holdings and assets in a bidding process.
The company's acreage is offset by Oxy and Felix (who was most recently acquired by WPX) to the south and Ameredev to the north.
Offset OperatorsAs a result (per its RSA agreement), Lilis will immediately begin pursuing a process to sell substantially all of its assets through the chapter 11 process. Bidding procedures have been scheduled for Friday August 21, 2020 at 9:30 AM CST.
Lilis CEO Joseph C. Daches said: "While the Company is disappointed that the Värde Funds…
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