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Sec Form 4 Filing - VARDE INVESTMENT PARTNERS LP @ LILIS ENERGY Inc - 2018-01-31

  1. About Form 4 Filing: Every director, officer or owner of more than ten percent of a class of equity securities registered under Section 12 of the '34 Act must file with the U.S. Securities and Exchange Commission (SEC) a statement of ownership regarding such security. The initial filing is on Form 3 and changes are reported on Form 4. The Annual Statement of beneficial ownership of securities is on Form 5. The forms contain information on the reporting person's relationship to the company and on purchases and sales of such equity securities.
  2. Form 4 is stored in SEC's EDGAR database. EDGAR is Electronic Data Gathering, Analysis and Retrieval System. It is a registered trademark of the SEC.

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FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person *
VARDE INVESTMENT PARTNERS LP
2. Issuer Name and Ticker or Trading Symbol
LILIS ENERGY, INC. [ LLEX]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director X __ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
901 MARQUETTE AVE. S., SUITE 3300
3. Date of Earliest Transaction (MM/DD/YY)
01/31/2018
(Street)
MINNEAPOLIS, MN055402
4. If Amendment, Date Original Filed (MM/DD/YY)
6. Individual or Joint/Group Filing (Check Applicable Line)
_____ Form filed by One Reporting Person
__ X __ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(MM/DD/YY)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Series C Convertible Paricipating Preferred Stock $ 6.15 01/31/2018 P 41,600 01/31/2018 ( 2 ) Common Stock, $0.001 par value 8,117,073 ( 3 ) $ 1,000 18,134,353 I See footnotes ( 1 ) ( 2 ) ( 4 ) ( 10 ) ( 11 ) ( 12 )
Series C Convertible Paricipating Preferred Stock $ 6.15 01/31/2018 P 29,600 01/31/2018 ( 2 ) Common Stock, $0.001 par value 5,775,610 ( 3 ) $ 1,000 12,903,290 I See footnotes ( 1 ) ( 2 ) ( 5 ) ( 10 ) ( 11 ) ( 12 )
Series C Convertible Paricipating Preferred Stock $ 6.15 01/31/2018 P 13,000 01/31/2018 ( 2 ) Common Stock, $0.001 par value 2,536,585 ( 3 ) $ 1,000 5,666,985 I See footnotes ( 1 ) ( 2 ) ( 6 ) ( 10 ) ( 11 ) ( 12 )
Series C Convertible Paricipating Preferred Stock $ 6.15 01/31/2018 P 6,000 01/31/2018 ( 2 ) Common Stock, $0.001 par value 1,170,731 ( 3 ) $ 1,000 2,615,531.76 I See footnotes ( 1 ) ( 2 ) ( 7 ) ( 10 ) ( 11 ) ( 12 )
Series C Convertible Paricipating Preferred Stock $ 6.15 01/31/2018 P 3,000 01/31/2018 ( 2 ) Common Stock, $0.001 par value 585,365 ( 3 ) $ 1,000 1,307,765.88 I See footnotes ( 1 ) ( 2 ) ( 8 ) ( 10 ) ( 11 ) ( 12 )
Series C Convertible Paricipating Preferred Stock $ 6.15 01/31/2018 P 6,800 01/31/2018 ( 2 ) Common Stock, $0.001 par value 1,326,829 ( 3 ) $ 1,000 2,964,269.33 I See footnotes ( 1 ) ( 2 ) ( 9 ) ( 10 ) ( 11 ) ( 12 )
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
VARDE INVESTMENT PARTNERS LP
901 MARQUETTE AVE. S., SUITE 3300
MINNEAPOLIS, MN055402
X
Varde Investment Partners G.P., LLC
901 MARQUETTE AVE. S., SUITE 3300
MINNEAPOLIS, MN055402
X
VARDE PARTNERS LP
901 MARQUETTE AVE. S., SUITE 3300
MINNEAPOLIS, MN055402
X
VARDE PARTNERS INC
901 MARQUETTE AVE. S., SUITE 3300
MINNEAPOLIS, MN055402
X
Signatures
VARDE INVESTMENT PARTNERS, L.P., By: Varde Investment Partners G.P., LLC, Its General Partner, By: Varde Partners, L.P., By: Varde Partners, Inc., By: , Name: David A. Marple, Title: General Counsel 02/02/2018
** Signature of Reporting Person Date
VARDE INVESTMENT PARTNERS G.P., LLC, By: Varde Partners, L.P., Its Managing Member, By: Varde Partners, Inc., Its General Partner, By: , Name: David A. Marple, Title: General Counsel 02/02/2018
** Signature of Reporting Person Date
VARDE PARTNERS, L.P., By: Varde Partners, Inc., Its General Partner, By: , Name: David A. Marple, Title: General Counsel 02/02/2018
** Signature of Reporting Person Date
VARDE PARTNERS, INC., By: , Name: David A. Marple, Title: General Counsel 02/02/2018
** Signature of Reporting Person Date
Explanation of Responses:
( 1 )On January 30, 2018, the Issuer and The Varde Fund XI (Master), L.P. ("Fund XI"), The Varde Fund XII (Master), L.P. ("Fund XII"), The Varde Skyway Master Fund, L.P. ("Skyway Fund"), Varde Investment Partners (Offshore) Master, L.P. ("VIPO"), The Varde Fund VI-A, L.P. ("Fund VI-A") and Varde Investment Partners, L.P. ("VIP") (collectively, the "Purchasers") entered into a Securities Purchase Agreement (the "Securities Purchase Agreement"), pursuant to which on January 31, 2018 (the "Closing Date") the Purchasers purchased 100,000 shares of Series C Preferred Stock, from the Issuer in a private placement.
( 2 )The Series C Preferred Stock is perpetual and has no expiration date.
( 3 )The amount reported reflects the amount of shares of Common Stock issuable upon conversion of the Series C Preferred Stock.
( 4 )Reflects securities held directly by Fund XI. The Varde Fund XI G.P., LLC ("Fund XI GP") is the general partner of Fund XI.
( 5 )Reflects securities held directly by Fund XII. The Varde Fund XII G.P., L.P. ("Fund XII GP") is the general partner of Fund XII, and The Varde Fund XII UGP, LLC ("Fund XII UGP") is the general partner of Fund XII GP.
( 6 )Reflects securities held directly by Skyway Fund. The Varde Skyway Fund G.P., LLC ("Skyway Fund GP") is the general partner of Skyway Fund.
( 7 )Reflects securities held directly by VIPO. Varde Investment Partners G.P., LLC ("VIP GP") is the general partner of VIP Offshore.
( 8 )Reflects securities held directly by The Fund VI-A. VIP GP is the general partner of Fund VI-A.
( 9 )10 Reflects securities held directly by VIP. VIP GP is the general partner of Fund VIP.
( 10 )Varde Partners, L.P. ("Managing Member") is the managing member of each of Fund XI GP, Fund XII UGP, Skyway Fund GP and VIP GP. Varde Partners, Inc. ("General Partner") is the general partner of the Managing Member. Following the transaction described above, George G. Hicks may be deemed to beneficially own all of the securities which may be acquired upon conversion of the Series C Preferred Stock because, as the chief executive officer of the General Partner, he may be deemed to have voting and/or dispositive power over such securities.
( 11 )Due to limitations of the electronic filing system, certain Reporting Persons are filing a separate Form 4.
( 12 )Each of the Reporting Persons (other than to the extent it directly holds securities reported herein) disclaims beneficial ownership of the securities held by the other Reporting Persons, except to the extent of such Reporting Person's pecuniary interest therein, and, pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, each of the Reporting Persons (other than to the extent it directly holds securities reported herein) states that the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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