24 Jan 2020debt financing▼ BadMajor
Lilis bought roughly two more weeks on its first two $6.25 million borrowing-base-deficiency payments, still searching for a way to fund the shortfall without triggering default.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 Jan 2020debt financing▼ BadMajor
The redetermination finally landed: BMO cut Lilis's borrowing base from $115 million to $90 million, creating a $25 million deficiency the company had to repay in four $6.25 million monthly installments starting immediately - with the bank warning that missing any installment would trigger a default. This is the borrowing-base crisis the company had spent months trying to postpone.
13 Jan 2020substantial holder notice● Neutral
The V&#, V&#, George G. Hicks reported a LILIS ENERGY, INC. shareholding of 20,505,097 shares (20.00% of votes) in a periodic institutional filing.
17 Dec 2019debt financing▼ BadMajor
Lilis pushed its BMO borrowing-base redetermination back again, to mid-January 2020, while making the cure timeline for any deficiency even tighter (due the next business day rather than within 30 days) - still fully drawn on the $115 million facility with no resolution in sight.
10 Dec 2019substantial holder notice● Neutral
The Värde Fund XI G.P., LLC, The Värde Fund XII G.P., L.P, The Värde Fund XII UGP, LLC, The Värde Skyway Mini-Master Fund, L.P, The Värde Skyway Fund, L.P, The Värde Skyway Fund G.P., LLC, The Värde Fund VI-A, L.P, Värde Investment Partners, L.P, Värde Investment Partners G.P., LLC, Värde Partners, L.P, Värde Partners, Inc, George G. Hicks reported a LILIS ENERGY, INC. shareholding of 19,799,271 shares (17.40% of votes) in a periodic institutional filing.
6 Dec 2019listing compliance notice▼ BadMajor
NYSE American issued a second deficiency letter, this time over Lilis's sustained low share price, giving the company until June 2020 to fix it via a reverse split or a real price recovery.
3 Dec 2019substantial holder notice● Neutral
Bryan Ezralow reported a LILIS ENERGY, INC. shareholding of 3,966,980 shares (4.32% of votes) in a periodic institutional filing.
27 Nov 2019listing compliance notice▼ BadMajor
With its BMO revolving facility fully drawn against a $115 million borrowing base and a redetermination looming, Lilis pushed the review date back and shortened its cure window for any resulting shortfall, while separately disclosing NYSE American had flagged it for a stockholders'-equity deficiency and net losses in every one of its last five fiscal years - the company was now openly weighing non-core asset sales or replacement financing just to stay current on its bank debt.
8 Nov 2019quarterly activities report▼ Bad
LILIS ENERGY, INC. reported quarterly revenue of $11.6 million and a net loss of $20.4 million for the period ended 2019-09-30.
7 Nov 2019quarterly activities report▼ Bad
LILIS ENERGY, INC. reported quarterly revenue of $11.6 million and a net loss of $20.4 million for the period ended 2019-09-30.
8 Aug 2019quarterly activities report▼ Bad
LILIS ENERGY, INC. reported quarterly revenue of $21.6 million and a net loss of $2.3 million for the period ended 2019-06-30.
8 Aug 2019quarterly activities report▼ Bad
LILIS ENERGY, INC. reported quarterly revenue of $21.6 million and a net loss of $2.3 million for the period ended 2019-06-30.
5 Aug 2019asset acquisition disposition▼ BadMajor
To fund the debt paydown its lender had just required, Lilis sold a 49% non-operated interest in undeveloped Winkler/Loving County acreage and an overriding royalty interest in its core acreage - both to entities affiliated with Varde Partners, its own preferred-stock and second-lien backer - for a combined $39 million, retaining repurchase rights for three years. Raising liquidity by selling assets back to its largest financial backer marked a shift from growth-by-acquisition to preserving cash.
1 Aug 2019debt financing▼ BadMajor
Lilis's BMO-led revolving credit facility was redetermined down $10 million to a $115 million borrowing base, and the bank required the company to apply proceeds from asset sales (to be detailed separately) to cut outstanding borrowings to $105 million or less - the first downward borrowing-base redetermination in the company's Permian-era credit facility, with covenant terms loosened slightly to accommodate it. Joseph Daches was now signing as interim CEO in addition to his CFO role.
10 May 2019quarterly activities report▼ Bad
LILIS ENERGY, INC. reported quarterly revenue of $17.7 million and a net loss of $22.7 million for the period ended 2019-03-31.
9 May 2019quarterly activities report▼ Bad
LILIS ENERGY, INC. reported quarterly revenue of $17.7 million and a net loss of $22.7 million for the period ended 2019-03-31.
25 Apr 2019quarterly activities report▼ Bad
LILIS ENERGY, INC. reported quarterly revenue of $17.7 million and a net loss of $22.7 million for the period ended 2019-03-31.
1 Apr 2019securities registration● Neutral
LILIS ENERGY, INC. amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
1 Apr 2019securities registration● Neutral
LILIS ENERGY, INC. amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
20 Mar 2019securities registration● Neutral
LILIS ENERGY, INC. filed notice of an exempt private placement.
15 Mar 2019securities registration● Neutral
LILIS ENERGY, INC. registered a securities offering with the SEC using its shelf eligibility.
8 Mar 2019substantial holder notice● Neutral
The V&#, V&#, George G. Hicks reported a LILIS ENERGY, INC. shareholding of 19,799,271 shares (17.40% of votes) in a periodic institutional filing.
14 Feb 2019substantial holder notice● Neutral
Bryan Ezralow reported a LILIS ENERGY, INC. shareholding of 4,426,522 shares (6.15% of votes) in a periodic institutional filing.
14 Feb 2019substantial holder notice● Neutral
Marc Ezralow reported a LILIS ENERGY, INC. shareholding of 3,432,524 shares (4.77% of votes) in a periodic institutional filing.
14 Feb 2019substantial holder notice● Neutral
Encompass Capital Advisors LLC, Encompass Capital Partners LLC, Todd J. Kantor reported a LILIS ENERGY, INC. shareholding of 4,580,000 shares (6.40% of votes) in a periodic institutional filing.
12 Feb 2019substantial holder notice● Neutral
Southpaw Asset Management LP, Southpaw Holdings LLC, Kevin Wyman, Howard Golden disclosed a new substantial LILIS ENERGY, INC. shareholding (5.80% of votes).
28 Dec 2018substantial holder notice● Neutral
The V&#, V&#, George G. Hicks reported a LILIS ENERGY, INC. shareholding of 23,779,606 shares (26.00% of votes) in a periodic institutional filing.
7 Dec 2018securities registration● Neutral
LILIS ENERGY, INC. registered a securities offering with the SEC using its shelf eligibility.
2 Nov 2018quarterly activities report▼ Bad
LILIS ENERGY, INC. reported quarterly revenue of $19.5 million and a net loss of $2.9 million for the period ended 2018-09-30.
2 Nov 2018resource reserve update▲ GoodMajor
Lilis reported Q3 2018 production up 234% and proved reserves up 308% year-over-year (to 46.7 MMBOE) as its Permian Basin drilling program ramped, with Chairman Ronald Ormand now also serving as CEO - real operational proof the post-Brushy turnaround strategy was working, filed as an earnings release rather than the asset transaction its event type implied.