Exhibit 99.1

LLEX:NYSE American

LILIS ENERGY ANNOUNCES DELAWARE BASIN ACQUISITION AND WILDHOG BWX STATE COM #1H IP24 RATE

Over 4,000 Net Contiguous & Overlapping Acres in Winkler County

YE 2017 Guidance of 15,000 Net Acres Exceeded

Wildhog BWX State Com #1H Reached 997 Boepd,

86% Liquids on 4,567 Foot Lateral

Provides Significant Delineation Data Point for Eastern Acreage

Existing Liquidity & Cash Flow Sufficient to Fund Acquisition and Development Program through 2018

SAN ANTONIO, TEXAS – October 4, 2017 – Lilis Energy, Inc. (NYSE American: LLEX), an exploration and development company operating in the Permian Basin of West Texas, today announced that it has entered into an agreement to acquire over 4,000 net contiguous / overlapping acres from a private seller for approximately $45.6MM in cash, subject to customary closing adjustments. The acquisition will increase the Company's acreage position in the Delaware Basin to over 15,000 net acres, exceeding the Company’s year end 2017 acreage guidance. The transaction is currently expected to close in November 2017 and the Company has posted an acquisition overview presentation and updated corporate presentation to its website.

Acquisition Highlights:

Combined Permian Acreage Highlights:

Wildhog Highlights:

“We are extremely pleased with this acreage acquisition transaction. This acquisition is not only contiguous and overlapping to our existing core properties but also increases our overall working interest and operatorship. The results from the Wildhog provide further evidence of the significant productivity and potential of our eastern acreage” said Ron Ormand, Executive Chairman of Lilis Energy.

WELL RESULTS, SORTED BY IP24/1000’ (BOE)

												IP24/				IP24/								Lateral
#				Operator		Well Name		IP24 (boe)				1000’ (boe)				1000’ (bo)				% Liquid				Length				Zone
	1			EOG		Hound 30 Federal 704H			4,528				647				498				77%				7,000				A
	2			EOG		Neptune 10 St. Com 701H			5,327				628				465				74%				8,482				A
	3			Matador		Totum #211H			2,247				514				401				78%				4,371				A
	4			Lilis		Hippo #1H			1,917				467				346				74%				4,100				B
	5			Lilis		Lion #1H			1,530				380				262				69%				4,025				B
	6			EOG		Beowulf 33 St. Com 601H			2,765				379				330				87%				7,289				A
	7			EOG		Noah Brunson 1H			3,124				334				n.a.				n.a.				9,340				B
	8			Lilis		Grizzly #1H			1,323				322				209				65%				4,100				B
	9			Felix		UL 4-21 #1H			1,302				307				n.a.				n.a.				4,200				B
	10			Lilis		Bison #1H			2,014				292				219				75%				6,900				B
	11			Felix		UL Sunshine Mesa 29-21 #1H			1,330				272				n.a.				n.a.				4,900				B
	12			Jagged Peak		UL 28-27 #1H			2,272				236				n.a.				n.a.				9,600				B
	13			Lilis		Wildhog BWX State Com #1H			997				219				188				86%				4,567				B
	14			Felix		Falcon State 28-36 #1H			941				215				n.a.				n.a.				4,400				A
	15			Jagged Peak		UL 4344-21 #1H			1,761				176				150				85%				10,000				B
	16			Forge		UL 21 Pahaska #1H			748				174				150				86%				4,300				A
	17			Jagged Peak		UL Beldin L J 1211-17 #2HX			1,978				173				151				87%				11,400				B
	18			Forge		UL 21 Bighorn #1H			1,621				172				146				85%				9,400				A
	19			Endurance		Talco 9 26 35 Fed 3H			1,257				170				146				86%				7,391				A
	20			Felix		UL Elk Park 21-21 #1H			768				168				n.a.				n.a.				4,600				B
	21			Jagged Peak		UL 3031A-17 #1H			1,548				162				139				86%				9,500				B
	22			Jagged Peak		UL 3031B-17 #1H			1,439				143				120				84%				10,000				B
	23			Felix		UL 20 #1311H			1,376				142				n.a.				n.a.				9,700				A
	24			RSP Permian		Ludeman G #2603H			890				131				100				76%				6,813				XY
	25			Jagged Peak		UL 2932-17 #1H			1,175				113				95				84%				10,400				B
	26			Mewbourne		University B20 1 #W201PA			333				74				65				88%				4,499				C

EASTERN DELAWARE BASIN ACTIVITY

Target		Median IP24/1000’ (boe)		Median IP24/1000’ (bo)
A		215		329
B (1)		175		107
C		74		65
XY		131		100
Wildhog		219		188

Source: Company disclosure, DrillingInfo, Wood Mackenzie, RSP Permian investor presentation

1.   Wolfcamp B excludes LLEX.

Financing and Liquidity:

The Company believes its forecasted liquidity and future cash flows will be sufficient to fund the acquisition along with planned development through 2018. The acquisition will be funded in cash through the draw down of $45 million remaining under the Company’s second lien term loan with Varde Partners. The Company does not anticipate the need to access the capital markets to fund expansion in the foreseeable future. The Company believes that its additional sources of liquidity including projected EBITDAX, cash, debt financings, warrant proceeds, and potential asset sales are sufficient to fund its currently anticpated capex budget. In addition, the Company has entered into hedging arrangements with various third parties and intends to commence a hedging program in the near future.

“The acquired acreage is highly accretive and contiguous/overlapping our existing Delaware properties. With existing liquidity and cash flow sufficient to fund this acquisition and our development programs through 2018, the Company remains well capitalized to continue executing on its stated growth and development plans. Varde Partners has been incredibly supportive and we are appreciative of the partnership we continue to develop with them. We are also very excited about the significance of the Wildhog results and the delineation of our eastern acreage position,” said Joe Daches, Chief Financial Officer of Lilis Energy.

About Lilis Energy, Inc.

Lilis Energy, Inc. is a San Antonio-based independent oil and gas exploration and production company that operates in the Permian's Delaware Basin, considered amongst the leading resource plays in North America. Upon closing of the acquisiton, Lilis's total net acreage in the Permian Basin will be over 15,000 acres. Lilis Energy's near-term E&P focus is to grow current reserves and production and pursue strategic acquisitions in its core areas. For more information, please visit www.lilisenergy.com.

Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the federal securities laws. 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 our ability to replicate the results described in this release for future wells; the ability to finance our continued exploration, drilling operations and working capital needs; our anticipated future cash flows and ability to access other sources of liquidity; 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 (the “SEC”). Additionally, initial production rates are subject to decline over time and should not be regarded as reflective of sustained production levels. In particular, production from horizontal drilling in shale oil and natural gas resource plays and tight natural gas plays that are stimulated with extensive pressure fracturing are typically characterized by significant early declines in production rates.

Readers 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 press release 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.

Contact:

Wobbe Ploegsma

V.P. Finance & Capital Markets

210-999-5400, ext. 31