Lilis Energy Inc. (NASDAQ: LLEX) has entered into an agreement to merge with Brushy Resources Inc., the Denver company said in a Dec. 29 filing with the Securities and Exchange Commission (SEC).
Pursuant to the agreement, each outstanding share of Brushy common stock will be exchanged for about 4.3257 shares of Lilis common stock.
Brushy, formerly known as Starboard Resources LLC, is based in San Antonio. The company has operations in South Texas' Eagle Ford Shale and Oklahoma.
Brushy will continue as the surviving corporation and a direct wholly owned subsidiary of Lilis, according to the SEC filing.
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