As of today's filing of its September 30, 2014 Form 10-Q, the Company believes it will achieve compliance with Rule 5250(c)(1). In addition, the Company believes that with the appointment of Mr. Ormand to its Board of Directors, Audit Committee and Compensation Committee, the Company is now in substantial compliance with Nasdaq's independence rules as well. About Lilis Energy, Inc. Lilis Energy, Inc. is a Denver-based independent oil and gas exploration and production company that operates in the Denver-Julesburg (DJ) Basin, where it holds approximately 93,000 gross, 84,000 net acres.