Item 1.01 Entry into a Material Definitive Agreement.

Twelfth Amendment to Revolving Credit Agreement



On March 30, 2020, Lilis Energy, Inc. (the "Company") entered into a Twelfth
Amendment and Waiver (the "Twelfth Amendment") to the Second Amended and
Restated Senior Secured Revolving Credit Agreement, dated October 10, 2018 (as
amended from time to time, the "Revolving Credit Agreement"), among the Company,
certain subsidiaries of the Company, as guarantors, the lenders party thereto,
and BMO Harris Bank N.A., as administrative agent.
As previously disclosed, as a result of the January 17, 2020 redetermination of
the borrowing base under the Revolving Credit Agreement, a borrowing base
deficiency (the "Borrowing Base Deficiency") currently exists under the
Revolving Credit Agreement. The Borrowing Base Deficiency reflects the amount by
which the principal amount of borrowings outstanding under the Revolving Credit
Agreement exceeds the borrowing base as so redetermined. The Borrowing Base
Deficiency was initially in the amount of $25 million, but on February 28, 2020,
the Company paid the Borrowing Base Deficiency down by $17.25 million such that
the Borrowing Base Deficiency is currently $7.75 million. Prior to the Twelfth
Amendment, $1.50 million of the Borrowing Base Deficiency was due to be paid on
March 30, 2020, with a final Borrowing Base Deficiency payment of $6.25 million
due to be paid on April 14, 2020.
The Twelfth Amendment amended the Revolving Credit Agreement to, among other
things extend the due date for the $1.50 million installment of the Borrowing
Base Deficiency from March 30, 2020 to April 14, 2020. The due date for the
final installment of the Borrowing Base Deficiency remains April 14, 2020.
The Company is currently considering other transactions to fund the repayment of
the remaining Borrowing Base Deficiency amount.  If the Company is unable to
repay all or any portion of the remaining Borrowing Base Deficiency amount as
and when required under the Revolving Credit Agreement, an event of default
would occur under the Revolving Credit Agreement.
Pursuant to the Twelfth Amendment, the lenders under the Revolving Credit
Agreement also waived the requirement under the Revolving Credit Agreement that
the Company comply with a leverage ratio and a current ratio, in each case, as
of December 31, 2019, and granted certain other waivers, including the
requirement to comply with certain hedging obligations set forth in the
Revolving Credit Agreement until June 30, 2020. Additionally, the lenders
consented to an extension of an additional 45 days for the Company to provide
its audited annual financial statements for the fiscal year ended December 31,
2020, and waived the requirement that such financial statements be delivered
without a "going concern" or like qualification or exception.
The foregoing description of the terms of the Twelfth Amendment is not complete
and is qualified in its entirety by reference to the full copy of the Twelfth
Amendment filed as Exhibit 10.1 to this Current Report on Form 8-K.
Forward-Looking Statements:
This Current Report on Form 8-K contains forward-looking statements within the
meaning of the federal securities laws. These statements may include, but are
not limited to, statements related to the Company's expectations regarding the
potential impact of the COVID-19 coronavirus outbreak and other non-historical
statements. 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, the Company's ability to make the required
repayments of the Borrowing Base Deficiency; the ability to finance the
Company's 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 Current Report on Form 8-K 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.


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Item 9.01 Financial Statements and Exhibits.



(d) Exhibits


Exhibit
Number      Description
  10.1*       Twelfth Amendment and Waiver to Second Amended and Restated Credit
            Agreement, dated as of March 30, 2020, among Lilis Energy, Inc., the
            subsidiaries of Lilis Energy, Inc. party thereto as guarantors, BMO
            Harris Bank, N.A., as administrative agent, and the lenders party
            thereto.

* Filed herewith

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