Document:

Exhibit 4.1

 

Execution
Version

 

NEITHER THIS
SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF
COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY
AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER
LOAN SECURED BY SUCH SECURITIES.

 

 

COMMON
STOCK PURCHASE WARRANT

 

LILIS
ENERGY, INC.

 

 

	Warrant Shares: [●]	 	Initial Exercise Date: [●], 2017	 

 

 

THIS
COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, [●] or its assigns
(the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and, subject to Section 2(d),
on or prior to the close of business on the five year anniversary of the Initial Exercise Date (the “Termination Date”)
but not thereafter, to subscribe for and purchase from Lilis Energy, Inc., a Nevada corporation (the “Company”),
up to [●] shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase
price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

 

Section
1.Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that
certain Securities Subscription Agreement (the “Subscription Agreement”), dated February 28, 2017, each by
and between the Company and the purchasers signatory thereto. For purposes of this Warrant, the following terms shall have the
following meanings:

 

(a)       “Business
Day” means any day other than a Saturday, Sunday, any federal holiday or any other day on which banking institutions
in the State of New York are authorized or required to be closed by law or governmental action.

 

(b)       “Common
Stock Equivalents” means any securities of the Company or the subsidiaries which would entitle the holder thereof to
acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive,
Common Stock.

 

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(c)       “Trading
Day” means a day on which the principal Trading Market is open for trading.

 

(d)       “Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the
New York Stock Exchange, OTCQB or OTCQX (or any successors to any of the foregoing).

 

(e)       “VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then
listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based
on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading
Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX
as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common
Stock are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency
succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d)
in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good
faith by the holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the
fees and expenses of which shall be paid by the Company.

 

Section
2.Exercise.

 

a)       Exercise
of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial
Exercise Date and on or before 5:00 p.m. Eastern time on the Termination Date by delivery to the Company (or such other office
or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing
on the books of the Company) of a duly executed facsimile copy (or e-mail attachment) of the notice of exercise in the form annexed
hereto (each, a “Notice of Exercise”) and, within three (3) Trading Days of the date said Notice of Exercise
is delivered to the Company, payment of the aggregate Exercise Price of the shares thereby purchased by wire transfer or cashier’s
check drawn on a United States bank or, if available, pursuant to the cashless exercise procedure specified in Section 2(c) below
if specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion
guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required. Notwithstanding anything herein
to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased
all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender
this Warrant to the Company for cancellation within three (3) Trading Days of the date the final Notice of Exercise is delivered
to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available
hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal
to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of
Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within
two (2) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and
agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder,
the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face
hereof.

 

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b)       Exercise
Price. The exercise price per share of the Common Stock under this Warrant shall be $4.50, subject to adjustment hereunder
(the “Exercise Price”).

 

c)       Cashless
Exercise. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus contained
therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may also be exercised, in whole
or in part, at such time by means of a “Cashless Exercise” in which the Holder shall be entitled to receive
a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A)
= the last VWAP immediately preceding the time of delivery of the Notice of Exercise giving rise to the applicable “cashless
exercise”, as set forth in the applicable Notice of Exercise (to clarify, the “last VWAP” will be the last VWAP
as calculated over an entire Trading Day such that, in the event that this Warrant is exercised at a time that the Trading Market
is open, the prior Trading Day’s VWAP shall be used in this calculation);

 

(B)
= the Exercise Price of this Warrant, as adjusted hereunder; and

 

(X)
= the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant
if such exercise were by means of a cash exercise rather than a cashless exercise.

 

d)       Mechanics
of Exercise.

 

i.       Delivery
of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Company’s
transfer agent (the “Transfer Agent”) to the Holder by crediting the account of the Holder’s or its designee’s
balance account with The Depository Trust Company through its Deposit/Withdrawal at Custodian system (“DWAC”)
if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the
issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or (B) this Warrant is being exercised via cashless
exercise, and otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of
the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the
address specified by the Holder in the Notice of Exercise by the date that is three (3) Trading Days after the delivery to the
Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice
of Exercise the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with
respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares; provided payment
of the aggregate Exercise Price (other than in the case of a Cashless Exercise) is received within three Trading Days of delivery
of the Notice of Exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as
this Warrant remains outstanding and exercisable.

 

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ii.       Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder
and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant
evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall
in all other respects be identical with this Warrant.

 

iii.       Rescission
Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section
2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

iv.       Compensation
for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder,
if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions
of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder
is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise
purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated
receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount,
if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common
Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required
to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such
purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent
number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver
to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise
and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000
to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to
such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay
the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect
of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s
right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon
exercise of the Warrant as required pursuant to the terms hereof.

 

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v.       No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.

 

vi.       Charges,
Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or
other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the
Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the
Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other than the name
of the Holder, this Warrant when surrendered for exercise shall be accompanied by the assignment form attached hereto (the “Assignment
Form”) duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient
to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing
of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing
similar functions) required for same-day electronic delivery of the Warrant Shares.

 

vii.       Closing
of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of
this Warrant, pursuant to the terms hereof.

 

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Section
3.Certain Adjustments.

 

a)       Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable
in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon
exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including
by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification
of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied
by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding
immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately
after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that
the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become
effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution
and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

b)       Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly,
effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets
in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether
by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange
their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common
Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted
into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group
acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person
or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share
purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent
exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon
such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder, the number of
shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any
additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction
by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental
Transaction. For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply
to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock
in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable
manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are
given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be
given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental
Transaction. At the Holder’s option and request, any successor to the Company or surviving entity in such Fundamental Transaction
shall issue to the Holder a new warrant substantially in the form of this Warrant and consistent with the foregoing provisions
and evidencing the Holder’s right to purchase the Alternate Consideration for the aggregate Exercise Price upon exercise
thereof. Any such successor or surviving entity shall be deemed to be required to comply with the provisions of this Section 3(b)
and shall insure that this Warrant (or any such replacement security) will be similarly adjusted upon any subsequent transaction
analogous to a Fundamental Transaction.

 

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c)       Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be.
For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall
be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

d)       Notice
to Holder.

 

i.       Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall
promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting
adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii.       Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the
Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares
of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection
with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer
of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted
into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation
or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email
to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least
ten (10) calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on
which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is
not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions,
redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale,
transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the
Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable
upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such
notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified
in such notice. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice
to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

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Section
4.Transfer of Warrant.

 

a)       Transferability.
Subject to applicable laws and compliance with this Warrant and all rights hereunder (including, without limitation, any registration
rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated
agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder
or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender
and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or
assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue
to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.
Notwithstanding anything herein to the contrary, the Holder shall not be required to
physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder
shall surrender this Warrant to the Company within three (3) Trading Days of the date the Holder delivers an assignment form to
the Company assigning this Warrant full. The Warrant, if properly assigned in accordance herewith, may be exercised by
a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

b)       New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of
the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed
by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such
division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants
to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial
issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant
thereto.

 

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c)       Warrant
Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered
Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder,
and for all other purposes, absent actual notice to the contrary.

 

Section
5. Call Provision. Subject to the provisions of this Section 5, if during the period commencing on the date that is
twenty-four (24) months from the Initial Exercise Date and ending on the Termination Date (the “Redemption Period”),
the closing price for the Common Stock exceeds, for at least twenty (20) Trading Days during a consecutive thirty (30) Trading
Day period (each such period, a “Measurement Period”, the thirtieth consecutive Trading Day of which shall
not fall on a date later than the last day of the Redemption Period), $6.30 subject to adjustment for reverse and forward stock
splits, stock dividends, stock combinations and other similar transactions of the Common Stock, then the Company may upon twenty
(20) days prior written notice (the “Redemption Notice”), call for redemption (“Call”) of
this Warrant solely with respect to Covered Shares (as defined below) then outstanding; provided that such Redemption Notice is
delivered to the Holder within five (5) business days after the end of the Measurement Period. If the conditions set forth herein
for such Call are satisfied, then this Warrant (with respect to Covered Shares only) for which a Notice of Exercise shall not
have been received by the Redemption Date (as defined below) will be cancelled at 6:00 p.m. (New York City time) on the twentieth
day after the date the Redemption Notice is delivered to the Holder (such date, the “Redemption Date”). In
furtherance thereof, the Company covenants and agrees that it will honor all Notices of Exercise with respect to Warrant Shares
subject to a Redemption Notice that are tendered prior to 6:00 p.m. (New York City time) on the Redemption Date. For the purposes
hereof, “Covered Shares” means those Warrant Shares which, from the date of the delivery of the Redemption
Notice through and including the Redemption Date, are covered by an effective registration statement under the Securities Act
of 1933, as amended, providing for the resale of such Warrant Shares and the prospectus of such registration statement is available
for use by the Holder for the resale of such Warrant Shares. Notwithstanding anything to the contrary set forth in this Warrant,
this Warrant shall not be cancelled (and any Redemption Notice will be void) with respect to any Warrant Shares which are not
Covered Shares.

 

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Section
6.Miscellaneous.

 

a)       No
Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights
as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in
Section 3.

 

b)       Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case
of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

c)       Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required
or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding
Business Day.

 

d)       Authorized
Shares.

 

The
Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common
Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights
under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers
who are charged with the duty of executing stock certificates to execute and issue the necessary Warrant Shares upon the exercise
of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that
such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements
of the Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued
upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by
this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable
and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect
of any transfer occurring contemporaneously with such issue).

 

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Except
and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation,
amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution,
issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all
such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.
Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above
the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may
be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares
upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions
or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform
its obligations under this Warrant.

 

Before
taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or
in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be
necessary from any public regulatory body or bodies having jurisdiction thereof.

 

e)       Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance
with the provisions of the Securities Purchase Agreement, including, without limitation, that all questions concerning the construction,
validity, enforcement and interpretation of this Warrant shall be governed by and construed and enforced in accordance with the
internal laws of the State of New York, without regard to the principles of conflicts of law thereof.

 

f)       Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder
does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

g)       Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate
as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision
of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any
material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and
expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by
the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

 

    11

     

    

 

h)       Notices.
Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall be given at its
last address as it shall appear upon the warrant register of the Company.

 

i)       Limitation
of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase
Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder
for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company
or by creditors of the Company.

 

j)       Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled
to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert
the defense in any action for specific performance that a remedy at law would be adequate.

 

k)       Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure
to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns
of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and
shall be enforceable by the Holder or holder of Warrant Shares.

 

l)       Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

 

m)       Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Warrant.

 

n)       Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of
this Warrant.

 

 

********************

 

(Signature
Page Follows)

 

    12

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of [●],
2017.

 

	
	LILIS ENERGY, INC. 

	 	 	 	 
	 	 	 	 
	 	By:  	 
	 	 	Name:  	 
	 	 	Title:	 

  

    13

     

    

 

NOTICE OF
EXERCISE

 

		To:	LILIS ENERGY, INC.

 

(1)       The
undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only
if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes,
if any.

 

(2)       Payment
shall take the form of (check applicable box):

 

 ̈  in
lawful money of the United States; or

 

 ̈  if
permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection
2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise
procedure set forth in subsection 2(c).

 

(3)       Please
issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

_______________________________

 

 

The Warrant
Shares shall be delivered to the following DWAC Account Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

 

[SIGNATURE
OF HOLDER]

 

	Name of Investing Entity:  	 

	Signature of Authorized Signatory of Investing Entity:  	 

	Name of Authorized Signatory:  	 

	Title of Authorized Signatory:  	 

	Date: 	 

 

    14

     

    

EXHIBIT B

 

 

ASSIGNMENT
FORM

(To
assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR
VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

  

	Name:	 	 
	 	 	 
	 	 	
        (Please Print)

	 	 	 
	Address:	 	 
	 	 	 
	 	 	(Please Print)
	 	 	 
	Phone
    Number:	 	 
	 	 	 
	 	 	 
	Email
    Address:	 	 
	 	 	 
	Dated:
_______________ __, ______ 
	 	 
	 	 	 
	Holder’s Signature:  	 	          	
         

	 	 	 	 
	Holder’s
Address:   
	 	 	 

 

    15Exhibit 10.1

 

Execution Version

 

 

 

 

 

SECURITIES SUBSCRIPTION AGREEMENT

 

by and among

 

LILIS ENERGY, INC.

 

and

 

THE PURCHASERS NAMED ON SCHEDULE A
HERETO

 

 

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	Article
I 
	
	DEFINITIONS	1
	Section 1.1	Definitions	1
	 	 	 
	Article II	
	 	 
	AGREEMENT TO SELL AND PURCHASE	5
	Section 2.1	Sale and Purchase	6
	Section 2.2	Closing	6
	Section 2.3	Mutual Conditions	6
	Section 2.4	Each Purchaser’s Conditions	6
	Section 2.5	Company’s Conditions	7
	Section 2.6	Deliveries by the Company	7
	Section 2.7	Purchaser Deliveries	8
	Section 2.8	Independent Nature of Purchasers’ Obligations and Rights	8
	 	 	 
	Article III	
	 	 
	REPRESENTATIONS AND WARRANTIES OF THE COMPANY	8
	Section 3.1	Existence	8
	Section 3.2	Capitalization	9
	Section 3.3	Subsidiary	9
	Section 3.4	No Conflict	9
	Section 3.5	Authority	9
	Section 3.6	Approvals	10
	Section 3.7	Compliance with Laws	10
	Section 3.8	Periodic Reports	10
	Section 3.9	Internal Accounting Controls	11
	Section 3.10	Litigation	11
	Section 3.11	No Material Adverse Effect	11
	Section 3.12	Environmental Matters	11
	Section 3.13	Properties; Titles, Etc	12
	Section 3.14	Maintenance of Properties	12
	Section 3.15	Certain Fees	12
	Section 3.16	No Side Agreements	13
	Section 3.17	No General Solicitation; No Advertising	13
	Section 3.18	No Registration Required	13
	Section 3.19	No Integration	13
	Section 3.20	Investment Company Status	13

 

     i

     

    

 

	Article
IV	
	 	 
	REPRESENTATIONS AND WARRANTIES
    OF THE PURCHASERS	13
	Section 4.1	Existence	13
	Section 4.2	Authorization, Enforceability	13
	Section 4.3	No Breach	14
	Section 4.4	Certain Fees	14
	Section 4.5	No Side Agreements	14
	Section 4.6	Investment	14
	Section 4.7	Nature of Purchaser	15
	Section 4.8	Restricted Securities	15
	Section 4.9	Reliance Upon such Purchaser’s Representations and Warranties	15
	Section 4.10	Short Selling	16
	Section 4.11	Legend; Restrictive Notation	16
	Section 4.12	Ownership of Securities	16
	Section 4.13	Company Information	16
	Section 4.14	Placement Agent Reliance	16
	 	 	 
	Article V	
	 	 
	COVENANTS	16
	Section 5.1	Taking of Necessary Action	16
	Section 5.2	Non-Public Information	17
	Section 5.3	Use of Proceeds	17
	 	 	 
	Article VI	
	 	 
	INDEMNIFICATION	17
	Section 6.1	Indemnification by the Company	17
	Section 6.2	Indemnification by Purchasers	17
	Section 6.3	Indemnification Procedure	18
	 	 	 
	Article VII	
	 	 
	MISCELLANEOUS	19
	Section 7.1	Interpretation and Survival of Provisions	19
	Section 7.2	Survival of Provisions	19
	Section 7.3	No Waiver; Modifications in Writing	19
	Section 7.4	Binding Effect; Assignment	20
	Section 7.5	Confidentiality	20
	Section 7.6	Communications	20
	Section 7.7	Removal of Legend	21
	Section 7.8	Entire Agreement	21
	Section 7.9	Governing Law	22
	Section 7.10	Execution in Counterparts	22
	Section 7.11	Termination	22
	Section 7.12	Recapitalization, Exchanges, Etc	23

 

     ii

     

    

  

Schedule A —List of Purchasers
and Commitment Amounts

Schedule B —Notice and Contact
Information

Schedule C —List of Jurisdictions

Exhibit A —Form of Warrant

Exhibit B —Form of Legal Opinion

 

     iii

     

    

 

SECURITIES SUBSCRIPTION AGREEMENT

 

This SECURITIES SUBSCRIPTION
AGREEMENT, dated as of February 28, 2017 (this “Agreement”), is by and among LILIS ENERGY, INC., a Nevada
corporation (the “Company”), and each of the purchasers listed on Schedule A hereof (each a “Purchaser”
and collectively, the “Purchasers”).

 

WHEREAS, the Company
desires to issue and sell to the Purchasers, and each Purchaser desires to purchase from the Company, Units, in accordance with
the provisions of this Agreement; and

 

WHEREAS, the Company
and the Purchasers will enter into a registration rights agreement (the “Registration Rights Agreement”),
pursuant to which the Company will provide the Purchasers with certain registration rights with respect to the Securities acquired
pursuant hereto.

 

NOW THEREFORE, in consideration
of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the Company and each of the Purchasers, severally and not jointly, hereby agree as follows:

 

Article
I

DEFINITIONS

 

Section 1.1Definitions.
As used in this Agreement, and unless the context requires a different meaning, the following terms have the meanings indicated:

 

“Affiliate”
means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is
controlled by or is under common control with, the Person in question. As used herein, the term “control” means the
possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether
through ownership of voting securities, by contract or otherwise.

 

“Agreement”
has the meaning set forth in the introductory paragraph.

 

“Closing”
has the meaning specified in Section 2.2.

 

“Closing
Date” has the meaning specified in Section 2.2.

 

“Commission”
means the U.S. Securities and Exchange Commission.

 

“Common
Stock” means the Company’s common stock, par value $0.0001 per share.

 

“Company”
has the meaning set forth in the introductory paragraph.

 

“Company
Financial Statements” has the meaning specified in Section 3.9.

 

     

     

    

 

“Company
Related Parties” has the meaning specified in Section 6.2.

 

“Company
SEC Documents” has the meaning specified in Section 3.8.

 

“Company
Stock Plan” means the Company’s 2016 Omnibus Incentive Plan.

 

“Credit
Agreement” means that certain Credit Agreement, dated as of September 29, 2016 by and among Lilis Energy, Inc., Brushy
Resources, Inc., ImPetro Operating, LLC, ImPetro Resources, LLC, the Lenders party thereto and T.R. Winston & Company, LLC
acting as collateral agent.

 

“Environmental
Laws” means any and all Governmental Requirements pertaining in any way to health, safety, the environment, the preservation
or reclamation of natural resources, or the management, Release or threatened Release of any Hazardous Materials, in effect in
any and all jurisdictions in which the Company or any Subsidiary is conducting, or at any time has conducted, business, or where
any Property of the Company or any Subsidiary is located, including, the Oil Pollution Act of 1990 (“OPA”),
as amended, the Clean Air Act, as amended, the Comprehensive Environmental, Response, Compensation, and Liability Act of 1980 (“CERCLA”),
as amended, the Federal Water Pollution Control Act, as amended, the Occupational Safety and Health Act of 1970, as amended, the
Resource Conservation and Recovery Act of 1976 (“RCRA”), as amended, the Safe Drinking Water Act, as
amended, the Toxic Substances Control Act, as amended, the Superfund Amendments and Reauthorization Act of 1986, as amended, the
Hazardous Materials Transportation Law, as amended, and other environmental conservation or protection Governmental Requirements.

 

“Environmental
Permit” means any permit, registration, license, notice, approval, consent, exemption, variance, or other authorization
required under or issued pursuant to applicable Environmental Laws.

 

“Equity
Interests” has the meaning specified in Section 3.2.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations of the
Commission promulgated thereunder.

 

“GAAP”
has the meaning specified in Section 3.9.

 

“Governmental
Authority” means, with respect to a particular Person, any country, state, county, city and political subdivision
in which such Person or such Person’s Property is located or that exercises valid jurisdiction over any such Person or such
Person’s Property, and any court, agency, department, commission, board, bureau or instrumentality of any of them and any
monetary authority that exercises valid jurisdiction over any such Person or such Person’s Property. Unless otherwise specified,
all references to Governmental Authority herein with respect to the Company mean a Governmental Authority having jurisdiction over
the Company, the Subsidiary or any of their respective Properties.

 

“Governmental
Requirement” means any law, statute, code, ordinance, order, determination, rule, regulation, judgment, decree, injunction,
franchise, permit, certificate, license, rules of common law, authorization or other directive or requirement, whether now or hereinafter
in effect, of any Governmental Authority.

 

     2

     

    

 

“Hazardous
Materials” means any substance regulated or as to which liability might arise under any applicable Environmental
Law including: (a) any chemical, compound, material, product, byproduct, substance or waste defined as or included in the definition
or meaning of “hazardous substance,” “hazardous material,” “hazardous waste,” “solid
waste,” “toxic waste,” “extremely hazardous substance,” “toxic substance,” “contaminant,”
“pollutant,” or words of similar meaning or import found in any applicable Environmental Law; (b) hydrocarbons, petroleum
products, petroleum substances, natural gas, oil, oil and gas waste, crude oil, and any components, fractions, or derivatives thereof;
and (c) radioactive materials, explosives, asbestos or asbestos containing materials, polychlorinated biphenyls, radon, infectious
or medical wastes.

 

“Hydrocarbon
Interests” means all rights, titles, interests and estates now or hereafter acquired in and to oil and gas leases,
oil, gas and mineral leases, or other liquid or gaseous hydrocarbon leases, mineral fee interests, overriding royalty and royalty
interests, net profit interests and production payment interests, including any reserved or residual interests of whatever nature.

 

“Indemnified
Party” has the meaning specified in Section 6.3.

 

“Indemnifying
Party” has the meaning specified in Section 6.3.

 

“Law”
means any federal, state, local or foreign order, writ, injunction, judgment, settlement, award, decree, statute, law, rule or
regulation.

 

“Lien”
means any interest in Property securing an obligation owed to, or a claim by, a Person other than the owner of the Property, whether
such interest is based on the common law, statute or contract, and whether such obligation or claim is fixed or contingent, and
including the lien or security interest arising from a mortgage, encumbrance, pledge, security agreement, conditional sale or trust
receipt or a lease, consignment or bailment for security purposes. For the purpose of this Agreement, a Person shall be deemed
to be the owner of any Property that it has acquired or holds subject to a conditional sale agreement, or leases under a financing
lease or other arrangement pursuant to which title to the Property has been retained by or vested in some other Person in a transaction
intended to create a financing.

 

“Losses”
has the meaning specified in Section 6.1.

 

“Material
Adverse Effect” has the meaning specified in Section 3.1.

 

“Mortgaged
Property” means any Property owned by the Company or the Subsidiary, which is subject to the Liens existing and to
exist under the terms of the Credit Agreement.

 

“Oil and
Gas Properties” means all properties, including equity or other ownership interests therein, owned by a Person which
contain or are believed to contain oil and gas reserves.

 

     3

     

    

 

“Operative
Documents” means, collectively, this Agreement, the Warrants and the Registration Rights Agreement, and any amendments,
supplements, continuations or modifications thereto.

 

“OTC”
means the OTC Markets Group Inc.

 

“Outside
Date” has the meaning specified in Section 7.11(b).

 

“Person”
means an individual or a corporation, limited liability company, partnership, joint venture, trust, unincorporated organization,
association, government agency or political subdivision thereof or other form of entity.

 

“Petroleum
Industry Standards” means the Definitions for Oil and Gas Reserves promulgated by the Society of Petroleum Engineers
(or any generally recognized successor) as in effect at the time in question.

 

“Placement
Agent” means Johnson Rice & Company L.L.C.

 

“Placement
Agent Engagement Letter” means that certain Engagement Letter, dated November 30, 2016, between the Company and the
Placement Agent.

 

“Preferred
Stock” has the meaning specified in Section 3.2.

 

“Press
Release” has the meaning specified in Section 5.2.

 

“Property”
means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible.

 

“Proved
Oil and Gas Properties” means Oil and Gas Properties containing Proved Reserves.

 

“Proved
Reserves” means reserves that, in accordance with Petroleum Industry Standards, are classified as both “Proved
Reserves” and one of the following: (a) “Developed Producing Reserves”; (b) “Developed Non-Producing Reserves”;
or (c) “Undeveloped Reserves”.

 

“Purchase
Price” means, with respect to a particular Purchaser, the amount set forth opposite such Purchaser’s name under
the column titled “Purchase Price” set forth on Schedule A hereto.

 

“Purchased
Shares” means the shares of Common Stock which are part of the Purchased Units.

 

“Purchased
Units” means, with respect to a particular Purchaser, the number of Units set forth opposite such Purchaser’s
name as set forth on Schedule A hereto.

 

“Purchaser”
and “Purchasers” have the meanings set forth in the introductory paragraph.

 

     4

     

    

 

“Purchaser
Related Parties” has the meaning specified in Section 6.1.

 

“Registration
Rights Agreement” has the meaning set forth in the recitals hereto.

 

“Release”
means any depositing, spilling, leaking, pumping, pouring, placing, emitting, discarding, abandoning, emptying, discharging, migrating,
injecting, escaping, leaching, dumping, or disposing.

 

“Representatives”
means, with respect to a Person, the Affiliates of such Person, and the officers, directors, managers, employees, agents, counsel,
accountants, investment bankers, investment advisers and other representatives of such Person and its Affiliates.

 

“Securities”
means the Purchased Units, the Purchased Shares, the Warrants and, upon exercise of the Warrant in accordance with the terms thereof,
the Warrant Shares.

 

“Securities
Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations of the Commission
promulgated thereunder.

 

“Short
Sales” means, without limitation, all “short sales” as defined in Rule 200 promulgated under Regulation
SHO under the Exchange Act, whether or not against the box, all types of direct and indirect stock pledges, and forward sale contracts,
options, puts, calls, swaps, short sales, “put equivalent positions” (as defined in Rule 16a-1(h) under the Exchange
Act) and similar arrangements, and sales and other transactions through non-U.S. broker dealers or foreign regulated brokers.

 

“Subsidiary”
means Brushy Resources, Inc.

 

“Unit”
means a unit issued by the Company consisting of (A) one share of Common Stock and (b) a Warrant to purchase 0.50 shares of Common
Stock.

 

“Unit Price”
means $3.85.

 

“Warrant”
means the Common Stock Purchase Warrants exercisable for shares of Common Stock in the form of Exhibit A hereto.

 

“Warrant
Shares” means the shares of Common Stock issuable upon exercise of the Warrants.

 

Article
II

AGREEMENT TO SELL AND PURCHASE

 

Section 2.1Sale
and Purchase. Subject to the terms and conditions hereof, the Company hereby agrees to issue and sell to each Purchaser and
each Purchaser hereby agrees, severally and not jointly, to purchase from the Company, its respective Securities, and each Purchaser
agrees, severally and not jointly, to pay the Company the Unit Price for the Securities. The Purchased Units will not be issued
to purchasers or certificated. Purchasers will receive only shares of Common Stock and Warrants. The Common Stock and the Warrants
may be transferred separately immediately upon issuance.

 

     5

     

    

 

Section 2.2Closing.
Pursuant to the terms of this Agreement, the consummation of the purchase and sale of the Securities hereunder (the “Closing”)
shall take place at the offices of K&L Gates LLP, 1 Park Plaza, Twelfth Floor, Irvine, California 92614 on March 6, 2017 or
at such other time as the Company and Purchasers representing a majority of the aggregate Purchase Price determine (the date of
such closing, the “Closing Date”). The parties agree that the Closing may occur via delivery of facsimiles or
photocopies of the Operative Documents and the closing deliverables contemplated hereby and thereby. Unless otherwise provided
herein, all proceedings to be taken and all documents to be executed and delivered by all parties at the Closing will be deemed
to have been taken and executed simultaneously, and no proceedings will be deemed to have been taken nor documents executed or
delivered until all have been taken.

 

Section 2.3Mutual
Conditions. The obligation of each of the Company and the Purchasers to consummate the purchase and issuance and sale of the
Securities shall be subject to the satisfaction on or prior to the Closing Date of each of the following conditions (any or all
of which may be waived by either the Company or the Purchasers on behalf of itself in writing, in whole or in part, to the extent
permitted by applicable Law):

 

(i)       no
Law shall have been enacted or promulgated, and no action shall have been taken, by any Governmental Authority of competent jurisdiction
which temporarily, preliminarily or permanently restrains, precludes, enjoins or otherwise prohibits the consummation of the transactions
contemplated by this Agreement or makes the transactions contemplated by this Agreement illegal; and

 

(ii)       there
shall not be pending any suit, action or proceeding by any Governmental Authority seeking to restrain, preclude, enjoin or prohibit
the transactions contemplated by this Agreement.

 

Section 2.4Each
Purchaser’s Conditions. The obligation of each Purchaser to consummate the purchase of its Securities shall be subject
to the satisfaction on or prior to the Closing Date of each of the following conditions (any or all of which may be waived by a
particular Purchaser on behalf of itself in writing with respect to its Securities, in whole or in part, to the extent permitted
by applicable Law):

 

(a)       the
Company shall have performed and complied with the covenants and agreements contained in this Agreement that are required to be
performed and complied with by the Company on or prior to the Closing Date;

 

(b)       (1) the
representations and warranties of the Company (a) set forth in Sections 3.1, 3.2 and 3.5 and (b) contained
in this Agreement that are qualified by materiality or a Material Adverse Effect shall be true and correct when made and as of
the Closing Date and (2) all other representations and warranties of the Company shall be true and correct in all material
respects when made and as of the Closing Date, in each case as though made at and as of the Closing Date (except that representations
and warranties made as of a specific date shall be required to be true and correct as of such date only); and

 

     6

     

    

 

(c)       the
Company shall have delivered, or caused to be delivered, to such Purchaser at the Closing, the Company’s closing deliveries
described in Section 2.6.

 

Section 2.5Company’s
Conditions. The obligation of the Company to consummate the issuance and sale of the Securities to each Purchaser shall be
subject to the satisfaction on or prior to the Closing Date of each of the following conditions with respect to such Purchaser
(any or all of which may be waived by the Company in writing, in whole or in part, to the extent permitted by applicable Law):

 

(a)       the
representations and warranties of such Purchaser contained in this Agreement that are qualified by materiality shall be true and
correct when made and as of the Closing Date and all other representations and warranties of such Purchaser shall be true and correct
in all material respects as of the Closing Date (except that representations of such Purchaser made as of a specific date shall
be required to be true and correct as of such date only);

 

(b)       such
Purchaser shall have performed and complied with the covenants and agreements contained in this Agreement that are required to
be performed and complied with by that Purchaser on or prior to the Closing Date; and

 

(c)       such
Purchaser shall have delivered, or caused to be delivered, to the Company at the Closing such Purchaser’s closing deliveries
described in Section 2.7.

 

Section 2.6Deliveries
by the Company. Upon the terms and subject to the conditions of this Agreement, at the Closing, the Company will deliver (or
cause to be delivered) the following:

 

(a)       at
the option of each Purchaser (which such option is exercisable by notice to the Company at least two (2) days prior to the
Closing Date), evidence of the shares of Common Stock included in the Units credited to book-entry accounts maintained by the Company’s
transfer agent, bearing the legend or restrictive notation set forth in Section 4.11, free and clear of any Liens, other
than transfer restrictions under applicable federal and state securities Laws;

 

(b)       a
certificate of the Secretary of State of the State of Nevada, dated a recent date, to the effect that the Company is in good standing;

 

(c)       the
Registration Rights Agreement with respect to the Purchased Shares and the Warrant Shares, which shall have been duly executed
by the Company;

 

(d)       an
opinion addressed to the Purchasers from legal counsel(s) to the Company, dated as of the Closing, in the form and substance attached
hereto as Exhibit B; and

 

(e)       a
certificate of the Secretary or Assistant Secretary of the Company, certifying as to (i) the Articles of Incorporation of
the Company and the Bylaws of the Company, (ii) board resolutions authorizing the execution and delivery of the Operative
Documents and the consummation of the transactions contemplated thereby, including the issuance of the Securities and (iii) the
incumbency of the officers authorized to execute the Operative Documents, setting forth the name and title and bearing the signatures
of such officers.

 

     7

     

    

 

Section 2.7Purchaser
Deliveries. Upon the terms and subject to the conditions of this Agreement, each Purchaser is delivering (or causing to be
delivered) the following:

 

(a)       the
Purchase Price payable by such Purchaser in accordance with Schedule A, by wire transfer of immediately available funds;

 

(b)       a
Form W-9 executed by such Purchaser; and

 

(c)       the
Registration Rights Agreement with respect to the Purchased Shares and the Warrant Shares, which shall have been duly executed
by such Purchaser.

 

Section 2.8Independent
Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Operative Document are several
and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance
of the obligations of any other Purchaser under any Operative Document. Nothing contained herein or in any other Operative Document,
and no action taken by any Purchaser pursuant thereto, shall be deemed to constitute the Purchasers as a partnership, an association,
a joint venture or any other kind of group or entity, or create a presumption that the Purchasers are in any way acting in concert
or as a group with respect to such obligations or the transactions contemplated by the Operative Documents. Each Purchaser shall
be entitled to independently protect and enforce its rights, including without limitation, the rights arising out of this Agreement
or out of the other Operative Documents, and it shall not be necessary for any other Purchaser to be joined as an additional party
in any proceeding for such purpose. The failure or waiver of performance by any Purchaser does not excuse performance by any other
Purchaser.

 

Article
III

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

The Company represents
and warrants to each Purchaser as follows:

 

Section 3.1Existence.
The Company has been duly incorporated, is validly existing and in good standing as a corporation under the Laws of the State of
Nevada and is duly qualified to do business and in good standing as a foreign corporation in all other jurisdictions in which its
ownership or lease of Property or the conduct of its businesses requires such qualification, except where the failure to be so
qualified or in good standing would not, individually and in the aggregate, reasonably be expected to have a material adverse effect
on the condition (financial or otherwise), results of operations, Properties or business of the Company or the transactions contemplated
by this Agreement or (ii) the Company’s ability to, in a timely manner, perform its obligations under the Operative Documents
or consummate the Offering (a “Material Adverse Effect”). The Company has all power and authority necessary
to own or hold its Properties and to conduct the businesses in which it is engaged as described in the Company SEC Documents.

 

     8

     

    

 

Section 3.2Capitalization.
The authorized capital stock of the Company consists of (3) 10,000,000 shares of preferred stock, par value $.0001 per share
(“Preferred Stock”), and (4) 100,000,000 shares of Common Stock. As of the close of business on February
27, 2017, there were a. 24,387,793 shares of Common Stock outstanding, b. 0 shares of Series A Preferred Stock and 15,588
shares of Series B Preferred Stock outstanding, c. 15,307,682 shares reserved for issuance upon the exercise of outstanding
warrants, and (iv) 10,000,000 shares reserved for issuance under the Company Stock Plan. Except as set forth in this Section 3.2,
there are no outstanding: (i) options, warrants or other rights to subscribe for, purchase or acquire from the Company any Common
Stock or other equity interests in the Company (“Equity Interests”); (ii) securities of the Company convertible
into or exchangeable or exercisable for Equity Interests, voting debt or other voting securities of the Company; and (iii) options,
warrants, calls, rights (including preemptive rights), commitments or agreements to which the Company is a party or by which it
is bound in any case obligating the Company to issue, deliver, sell, purchase, redeem or acquire, or cause to be issued, delivered,
sold, purchased, redeemed or acquired, additional shares of capital stock or any voting debt or other voting securities of the
Company, or obligating the Company to grant, extend or enter into any such option, warrant, call, right, commitment or agreement.

 

Section 3.3Subsidiary.
The Subsidiary has been duly formed and is existing and in good standing under the Laws of the jurisdiction of its formation with
power and authority to own its Properties and conduct its business as described in the Company SEC Documents; and the Subsidiary
is duly qualified to do business as a foreign corporation or other entity in good standing in all other jurisdictions listed on
Schedule C hereto in which its ownership or lease of Property or the conduct of its business requires such qualification,
except where the failure to be duly qualified or in good standing would not, individually or in the aggregate, have a Material
Adverse Effect; and the limited liability company interests of the Subsidiary owned by the Company are owned free from Liens, except
for Permitted Liens (as defined in the Credit Agreement), or as otherwise would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect.

 

Section 3.4No
Conflict. The execution, delivery and performance of the Operative Documents and the issuance and sale of the Securities will
not (5) conflict with or result in a breach or violation of any of the terms or provisions of, impose any Lien upon any Property
of the Company or the Subsidiary, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement, license,
lease or other agreement or instrument to which the Company or the Subsidiary is a party or by which the Company or the Subsidiary
is bound or to which any of the Property of the Company or the Subsidiary is subject, (6) result in any violation of the provisions
of the charter or bylaws (or similar organizational documents) of the Company or the Subsidiary, or (7) result in any violation
of any Law, except, with respect to clauses (i) and (iii), conflicts, breaches, defaults or violations that would not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

Section 3.5Authority.
Each of the Operative Documents has been or will be validly executed and delivered by the Company and, assuming due authorization,
execution and delivery by each Purchaser or its Affiliate, as applicable (if either such Purchaser or its Affiliate is a party
thereto), constitutes, or will constitute, the legal, valid and binding obligations of the Company enforceable in accordance with
its terms, except as such enforceability may be limited by (a) by applicable bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium or similar Laws affecting the enforcement of creditors’ rights generally or by equitable principles
(whether considered in a proceeding at law or in equity) relating to enforceability and (b) public policy, applicable Law
relating to fiduciary duties and indemnification and an implied covenant of good faith and fair dealing.

 

     9

     

    

 

(b)       The
Securities have been duly authorized and, when the Securities have been delivered and paid for in accordance with this Agreement
or, in the case of the Warrant Shares, the Warrants, such Securities will be validly issued, fully paid and nonassessable and none
of the outstanding shares of capital stock of the Company have been issued in violation of any preemptive or similar rights of
any security holder.

 

Section 3.6Approvals.
No consent, approval, authorization or order of, or filing, registration or qualification with any Governmental Authority is required
for the consummation of the transactions contemplated by this Agreement, except for (8) such as have been, or prior to the
Closing Date, will be, obtained or made, (9) such consents, approvals, authorizations, orders, filings, registrations or qualifications
as may be required under state securities or Blue Sky laws in connection with the purchase and distribution of the Securities,
each of which has been obtained and is in full force and effect and (10) for such consents that, if not obtained, have not
or would not, in the aggregate reasonably be expected to have a Material Adverse Effect.

 

Section 3.7Compliance
with Laws. Neither the Company nor the Subsidiary is or since September 30, 2016 has been (11) in violation of its charter
or bylaws (or similar organizational documents), (12) in default, and no event has occurred that, with notice or lapse of
time or both, would constitute such a default, in the due performance or observance of any term, covenant, condition or other obligation
contained in any indenture, mortgage, deed of trust, loan agreement, license or other agreement or instrument to which it is a
party or by which it is bound or to which any of its Property is subject or (13) in violation of any statute or any order,
rule or regulation of any Governmental Authority, except in the case of clauses (ii) and (iii), to the extent any such conflict,
breach, violation or default would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

Section 3.8Periodic
Reports. All forms, registration statements, reports, schedules and statements required to be filed by the Company under the
Exchange Act or the Securities Act since January 1, 2016 (all such documents, including the exhibits thereto, prior to the date
hereof, collectively the “Company SEC Documents”) have been filed with the Commission. The Company SEC Documents,
including, without limitation, any audited or unaudited financial statements and any notes thereto or schedules included therein
(the “Company Financial Statements”), at the time filed (or in the case of registration statements, solely on
the dates of effectiveness) (except to the extent corrected by a subsequent Company SEC Document) ii) did not contain any
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make
the statements therein, in light of the circumstances under which they were made, not misleading, iii) complied as to form
in all material respects with the applicable requirements of the Exchange Act and the Securities Act, as the case may be, iv) complied
as to form in all material respects with applicable accounting requirements and with the published rules and regulations of the
Commission with respect thereto, v) with respect to the Company Financial Statements, were prepared in accordance with GAAP
applied on a consistent basis during the periods involved (except as may be indicated in the notes thereto or, in the case of unaudited
statements, as permitted by Form 10-Q of the Commission) and vi) with respect to the Company Financial Statements, fairly
present (subject in the case of unaudited statements to normal and recurring audit adjustments) in all material respects the financial
condition, results of operations and cash flows of the entities purported to be shown thereby, at the dates and for the periods
indicated.

 

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Section 3.9Internal
Accounting Controls. There is and has been no failure on the part of the Company and any of the Company’s directors or
officers, in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act of 2002, as amended, and the rules
and regulations promulgated in connection therewith applicable to the Company. The Company maintains a system of internal controls,
including, but not limited to, disclosure controls and procedures, internal controls over accounting matters and financial reporting,
an internal audit function and legal and regulatory compliance controls that are sufficient to provide reasonable assurances that
(1) transactions are executed in accordance with management’s general or specific authorizations, (2) transactions
are recorded as necessary to permit preparation of financial statements in conformity with U.S. Generally Accepted Accounting
Principles (“GAAP”) and to maintain accountability for assets, (3) access to assets is permitted only in
accordance with management’s general or specific authorization, and (4) the recorded accounting for assets is compared
with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Since September
30, 2016, (i) the Company has not been advised of or become aware of (a) any material weakness in the design or operation
of internal controls that could adversely affect the ability of the Company to record, process, summarize and report financial
data, and (b) any fraud, whether or not material, that involves management or other employees who have a significant role
in the internal controls of the Company; and (ii) there have been no significant changes in internal controls or in other
factors that could significantly affect internal controls, including any corrective actions with regard to significant deficiencies
and material weaknesses.

 

Section 3.10Litigation.
Except as described or disclosed in the Company SEC Documents, there are no legal or governmental proceedings pending to which
the Company or the Subsidiary is a party or of which any Property of the Company or the Subsidiary is the subject that would, in
the aggregate, reasonably be expected to have a Material Adverse Effect. To the Company’s knowledge, no such proceedings
are threatened or contemplated by any Governmental Authority or others.

 

Section 3.11No
Material Adverse Effect. Since September 30, 2016, no event or circumstance has occurred that, individually or in the aggregate,
has had or would reasonably be expected to have a Material Adverse Effect.

 

Section 3.12Environmental
Matters. Except for such matters that, individually or in the aggregate, could not reasonably be expected to have a Material
Adverse Effect: (a) the Company and the Subsidiary and each of their respective Properties and operations thereon are, and within
all applicable statute of limitation periods have been, in compliance with all applicable Environmental Laws, (b) the Company and
the Subsidiary have obtained all Environmental Permits required for their respective operations and each of their Properties, with
all such Environmental Permits being currently in full force and effect, and neither the Company nor the Subsidiary have received
any written notice or otherwise has knowledge that any such existing Environmental Permit will be revoked or that any application
for any new Environmental Permit or renewal of any existing Environmental Permit will be protested or denied, (c) there are no
claims, demands, suits, orders, inquiries, or proceedings concerning any violation of, or any liability (including as a potentially
responsible party) under, any applicable Environmental Laws that is pending or, to the Company’s knowledge, threatened against
the Company or the Subsidiary or any of their respective Properties or as a result of any operations at such Properties, (d) none
of the Properties of the Company or the Subsidiary contain or have contained any: (i) underground storage tanks; (ii) asbestos-containing
materials; (iii) landfills or dumps; (iv) hazardous waste management units as defined pursuant to RCRA or any comparable state
law; or (v) sites on or nominated for the National Priority List promulgated pursuant to CERCLA or any state remedial priority
list promulgated or published pursuant to any comparable state law, (e) there has been no Release or, to the Company’s knowledge,
threatened Release, of Hazardous Materials at, on, under or from the Company’s or the Subsidiary’s Properties, there
are no investigations, remediations, abatements, removals, or monitorings of Hazardous Materials required under applicable Environmental
Laws at such Properties and, to the knowledge of the Company, none of such Properties are adversely affected by any Release or
threatened Release of a Hazardous Material originating or emanating from any other real Property, (f) neither the Company nor the
Subsidiary has received any written notice asserting an alleged liability or obligation under any applicable Environmental Laws
with respect to the investigation, remediation, abatement, removal, or monitoring of any Hazardous Materials at, under, or Released
or threatened to be Released from any real Properties offsite the Company’s or the Subsidiary’s Properties and, to
the Company’s knowledge, there are no conditions or circumstances that could reasonably be expected to result in the receipt
of such written notice and (g) there has been no exposure of any Person or Property to any Hazardous Materials as a result of or
in connection with the operations and businesses of any of the Company’s or the Subsidiary’s Properties that could
reasonably be expected to form the basis for a claim for damages or compensation.

 

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Section 3.13Properties;
Titles, Etc. (a) The Company and the Subsidiary have good and defensible title to the Proved Oil and Gas Properties evaluated
in the most recently prepared reserve report and good title to all their personal Properties, in each case, free and clear of all
Liens except for Permitted Liens (as defined in the Credit Agreement). After giving full effect to any Permitted Liens (as defined
in the Credit Agreement), the Company and the Subsidiary own the net interests in production attributable to the Hydrocarbon Interests
as reflected in the most recently prepared reserve report, and the ownership of such Properties shall not in any material respect
obligate the Company or any Subsidiary to bear the costs and expenses relating to the maintenance, development and operations of
each such Property in an amount in excess of the working interest of each Property set forth in the most recently prepared reserve
report that is not offset by a corresponding proportionate increase in the Company’s or such Subsidiary’s net revenue
interest in such Property, (b) all material leases and agreements necessary for the conduct of the business of the Company and
the Subsidiary are valid and subsisting, in full force and effect, and there exists no default or event or circumstance which with
the giving of notice or the passage of time or both would give rise to a default under any such lease or leases, which, individually
or in the aggregate, could reasonably be expected to have a Material Adverse Effect, (c) the rights and Properties presently owned,
leased or licensed by the Company and the Subsidiary including, without limitation, all easements and rights of way, include all
rights and Properties necessary to permit the Company and the Subsidiary to conduct their businesses in all material respects in
the same manner as its business has been conducted prior to the date hereof, (d) all of the Properties of the Company and the Subsidiary
which are reasonably necessary for the operation of their businesses are in good working condition and are maintained in accordance
with prudent business standards, (e) the Company and the Subsidiary own, or are licensed to use, all trademarks, tradenames, copyrights,
patents and other intellectual Property material to their businesses, and the use thereof by the Company or such Subsidiary does
not infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could
not reasonably be expected to result in a Material Adverse Effect. The Company and the Subsidiary either own or have valid licenses
or other rights to use all databases, geological data, geophysical data, engineering data, seismic data, maps, interpretations
and other technical information used in its businesses as presently conducted, subject to the limitations contained in the agreements
governing the use of the same, which limitations are customary for companies engaged in the business of the exploration and production
of Hydrocarbon Interests, with such exceptions as, individually or in the aggregate, could not reasonably be expected to have a
Material Adverse Effect.

 

Section 3.14Maintenance
of Properties. Except for such acts or failures to act as, individually or in the aggregate, could not be reasonably expected
to have a Material Adverse Effect, the Oil and Gas Properties of the Company and the Subsidiary have been maintained, operated
and developed in a good and workmanlike manner and in conformity with all Governmental Requirements and in conformity with the
provisions of all leases, subleases or other contracts comprising a part of the Hydrocarbon Interests and other contracts and agreements
forming a part of the Oil and Gas Properties of the Company and the Subsidiary. Specifically in connection with the foregoing,
except for those as, individually or in the aggregate, could not be reasonably expected to have a Material Adverse Effect, (a)
no Oil and Gas Property of the Company or the Subsidiary is subject to having allowable production reduced below the full and regular
allowable (including the maximum permissible tolerance) because of any overproduction (whether or not the same was permissible
at the time) and (b) none of the wells comprising a part of the Oil and Gas Properties (or Properties unitized therewith) of the
Company or the Subsidiary is deviated from the vertical more than the maximum permitted by Governmental Requirements, and such
wells are, in fact, bottomed under and are producing from, and the well bores are wholly within, the Oil and Gas Properties (or
in the case of wells located on Properties unitized therewith, such unitized Properties). All pipelines, wells, gas processing
plants, platforms and other material improvements, fixtures and equipment owned in whole or in part by the Company or the Subsidiary
that are necessary to conduct normal operations are being maintained in a state adequate to conduct normal operations, and with
respect to such of the foregoing which are operated by the Company or the Subsidiary, in a manner consistent with the Company’s
or the Subsidiary’s past practices (other than those the failure of which to maintain in accordance with this Section
3.14, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect).

 

Section 3.15Certain
Fees. Other than as described in the Placement Agent Engagement Letter, no fees or commissions are or will be payable by the
Company to brokers, finders, or investment bankers with respect to the sale of any of the Securities or the consummation of the
transaction contemplated by this Agreement; provided, however, that the Placement Agent may retain other brokers or dealers
to act as sub-agents or selected-dealers on its behalf in connection with the placement or sale of Units and pay fees associated
with these sales directly to such brokers or dealers. The Company agrees that it will indemnify and hold harmless the Purchaser
from and against any and all claims, demands, or liabilities for broker’s, finder’s, placement, or other similar fees
or commissions incurred by the Company in connection with the sale of the Securities or the consummation of the transactions contemplated
by this Agreement.

 

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Section 3.16No
Side Agreements. There are no agreements by, among or between the Company or any of its Affiliates, on the one hand, and any
Purchaser or any of their Affiliates, on the other hand, with respect to the transactions contemplated hereby other than the Operative
Documents nor promises or inducements for future transactions between or among any of such parties.

 

Section 3.17No
General Solicitation; No Advertising. The Company has not solicited offers for, or offered or sold, and will not solicit offers
for, or offer or sell, the Securities by means of any form of general solicitation or general advertising within the meaning of
Rule 502(c) of Regulation D or in any manner involving a public offering within the meaning of Section 4(a)(2) of the
Securities Act.

 

Section 3.18No
Registration Required. Assuming the accuracy of the representations and warranties of each Purchaser contained in Article IV,
the issuance and sale of the Securities pursuant to this Agreement is exempt from registration requirements of the Securities Act,
and neither the Company nor, to the knowledge of the Company, any authorized Representative acting on its behalf has taken or will
take any action hereafter that would cause the loss of such exemption.

 

Section 3.19No
Integration. Neither the Company nor any of its Affiliates have, directly or indirectly through any agent, sold, offered for
sale, solicited offers to buy or otherwise negotiated in respect of, any “security” (as defined in the Securities Act)
that is or will be integrated with the sale of the Securities in a manner that would require registration under the Securities
Act.

 

Section 3.20Investment
Company Status. The Company is not an “investment company” within the meaning of the Investment Company Act of
1940, as amended.

 

Article
IV

REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS

 

Each Purchaser, severally
and not jointly, hereby represents and warrants to the Company that:

 

Section 4.1Existence.
Such Purchaser is duly organized and validly existing and in good standing under the Laws of its jurisdiction of organization,
with all requisite power and authority to own, lease, use and operate its Properties and to conduct its business as currently conducted.

 

Section 4.2Authorization,
Enforceability. Such Purchaser has all necessary corporate, limited liability company or partnership power and authority to
execute, deliver and perform its obligations under the Operative Documents and to consummate the transactions contemplated thereby,
and the execution, delivery and performance by such Purchaser of the Operative Documents has been duly authorized by all necessary
action on the part of such Purchaser; and the Operative Documents constitute the legal, valid and binding obligations of such Purchaser,
enforceable in accordance with their terms, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent
transfer and similar Laws affecting creditors’ rights generally or by general principles of equity, including principles
of commercial reasonableness, fair dealing and good faith.

 

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Section 4.3No
Breach. The execution, delivery and performance of the Operative Documents by such Purchaser and the consummation by such Purchaser
of the transactions contemplated hereby and thereby will not vii) conflict with or result in a breach or violation of any
of the terms or provisions of, or constitute a default under, any material agreement to which such Purchaser is a party or by which
such Purchaser is bound or to which any of the Property of such Purchaser is subject, viii) conflict with or result in any
violation of the provisions of the organizational documents of such Purchaser, or ix) violate any statute, order, rule or
regulation of any Governmental Authority, except in the cases of clauses (a) and (c), for such conflicts, breaches, violations
or defaults as would not prevent the consummation of the transactions contemplated by the Operative Documents.

 

Section 4.4Certain
Fees. No fees or commissions are or will be payable by such Purchaser to brokers, finders, or investment bankers with respect
to the purchase of any of the Securities or the consummation of the transaction contemplated by this Agreement. Such Purchaser
agrees that it will indemnify and hold harmless the Company from and against any and all claims, demands, or liabilities for broker’s,
finder’s, placement, or other similar fees or commissions incurred by such Purchaser in connection with the purchase of the
Securities or the consummation of the transactions contemplated by this Agreement.

 

Section 4.5No
Side Agreements. There are no other agreements by, among or between such Purchaser and any of its Affiliates, on the one hand,
and the Company or any of its Affiliates, on the other hand, with respect to the transactions contemplated hereby other than the
Operative Documents nor promises or inducements for future transactions between or among any of such parties.

 

Section 4.6Investment.
The Securities are being acquired for such Purchaser’s own account, the account of its Affiliates, or the accounts of clients
for whom such Purchaser exercises discretionary investment authority (all of whom such Purchaser hereby represents and warrants
are “accredited investors” within the meaning of Rule 501(a) of Regulation D promulgated by the Commission pursuant
to the Securities Act), not as a nominee or agent, and with no present intention of distributing the Securities or any part thereof,
and such Purchaser has no present intention of selling or granting any participation in or otherwise distributing the same in any
transaction in violation of the securities Laws of the United States or any state, without prejudice, however, to such Purchaser’s
right at all times to sell or otherwise dispose of all or any part of the Securities under a registration statement under the Securities
Act and applicable state securities Laws or under an exemption from such registration available thereunder (including, without
limitation, if available, Rule 144 promulgated thereunder). If such Purchaser should in the future decide to dispose of any
of the Securities, the Purchaser understands and agrees x) that it may do so only in compliance with the Securities Act and
applicable state securities Law, as then in effect, including a sale contemplated by any registration statement pursuant to which
such securities are being offered, or pursuant to an exemption from the Securities Act, and xi) that stop-transfer instructions
to that effect will be in effect with respect to such securities.

 

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Section 4.7Nature
of Purchaser.

 

(a)       Such
Purchaser represents and warrants to the Company that, (1) it is an “accredited investor” within the meaning of
Rule 501 of Regulation D promulgated by the Commission pursuant to the Securities Act and (2) by reason of its business
and financial experience it has such knowledge, sophistication and experience in making similar investments and in business and
financial matters generally so as to be capable of evaluating the merits and risks of the prospective investment in the Securities,
is able to bear the economic risk of such investment and, at the present time, would be able to afford a complete loss of such
investment.

 

(b)       Such
Purchaser or its Representatives have been furnished with materials relating to the business, finances and operations of the Company
and relating to the offer and sale of the Securities that have been requested by such Purchaser. Such Purchaser or its Representatives
has been afforded the opportunity to ask questions of the Company or its Representatives. Neither such inquiries nor any other
due diligence investigations conducted at any time by such Purchaser or its Representatives shall modify, amend or affect such
Purchaser’s right (3) to rely on the Company’s representations and warranties contained in Article III
above or (4) to indemnification or any other remedy based on, or with respect to the accuracy or inaccuracy of, or compliance
with, the representations, warranties, covenants and agreements in this Agreement. Such Purchaser understands and acknowledges
that its purchase of the Securities involves a high degree of risk and uncertainty. Such Purchaser has sought such accounting,
legal and tax advice as it has considered necessary to make an informed investment decision with respect to its investment in the
Securities.

 

Section 4.8Restricted
Securities. Such Purchaser understands that the Securities are characterized as “restricted securities” under the
federal securities Laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and
that under such Laws and applicable regulations such securities may be resold without registration under the Securities Act only
in certain limited circumstances. In this connection, such Purchaser represents that it is knowledgeable with respect to Rule 144
of the Commission promulgated under the Securities Act.

 

Section 4.9Reliance
Upon such Purchaser’s Representations and Warranties. Such Purchaser understands and acknowledges that the Securities
are being offered and sold in reliance on a transactional exemption from the registration requirements of federal and state securities
Laws, and that the Company is relying in part upon the truth and accuracy of the representations, warranties, agreements, acknowledgments
and understandings of such Purchaser set forth in this Agreement in (5) concluding that the issuance and sale of the Securities
is a “private offering” and, as such, is exempt from the registration requirements of the Securities Act and (6) determining
the applicability of such exemptions and the suitability of such Purchaser to purchase the Securities.

 

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Section 4.10Short
Selling. Such Purchaser has not engaged in any Short Sales involving the Common Stock owned by it between the time it first
began discussions with the Company about the transaction contemplated by this Agreement and the date of execution of this Agreement.

 

Section 4.11Legend;
Restrictive Notation. Such Purchaser understands that the book-entry account maintained by the transfer agent evidencing ownership
of the Purchased Shares, as applicable, will bear the following legend or restrictive notation:

 

“These
securities have not been registered under the Securities Act of 1933, as amended (the “Securities Act”). These securities
may not be sold or offered for sale except pursuant to an effective registration statement under the Securities Act or pursuant
to an exemption from registration thereunder, in each case in accordance with all applicable securities laws of the states or other
jurisdictions, and in the case of a transaction exempt from registration, such securities may only be transferred if the transfer
agent for such securities has received documentation satisfactory to it that such transaction does not require registration under
the Securities Act.”

 

Section 4.12Company
Information. Such Purchaser acknowledges and agrees that the Company has provided or made available to such Purchaser (through
EDGAR, the Company’s website or otherwise) all Company SEC Documents, as well as all press releases or investor presentations
issued by the Company through the date of this Agreement that are included in a filing by the Company on Form 8-K or clearly posted
on the Company’s website.

 

Section 4.13Placement
Agent Reliance. Such Purchaser agrees that the Placement Agent may rely upon the representations and warranties made by such
Purchaser to the Company in this Agreement.

 

Article
V

COVENANTS

 

Section 5.1Taking
of Necessary Action. Each of the parties hereto shall use its commercially reasonable efforts promptly to take or cause to
be taken all action and promptly to do or cause to be done all things necessary, proper or advisable under applicable Law and regulations
to consummate and make effective the transactions between the Company and the Purchasers contemplated by this Agreement related
specifically to the acquisition of the Securities. Without limiting the foregoing, each of the Company and each Purchaser shall
use its commercially reasonable efforts to make all filings and obtain all consents of Governmental Authorities that may be necessary
or, in the reasonable opinion of the other parties, as the case may be, advisable for the consummation of the transactions contemplated
by the Operative Documents. Each Purchaser agrees that its trading activities, if any, with respect to Company’s securities
will be in compliance with all applicable state and federal securities Laws, rules and regulations and the rules and regulations
of any securities exchange upon which the Purchaser sells such securities. The Company shall promptly and accurately respond, and
shall use its commercially reasonable efforts to cause its transfer agent to respond, to reasonable requests for information (which
is otherwise not publicly available) made by a Purchaser or its auditors relating to the actual holdings of such Purchaser or its
accounts; provided that, the Company shall not be obligated to provide any such information that could reasonably result
in a violation of applicable Law or conflict with the Company’s insider trading policy or a confidentiality obligation of
the Company.

 

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Section 5.2Non-Public
Information. On or before 9:30 a.m., New York local time, on the business day immediately following the date hereof, the Company
shall issue a press release (the “Press Release”) announcing the entry into this Agreement and describing the
terms of the transactions contemplated by the Operative Documents and any other material, nonpublic information that the Company
may have provided any Purchaser at any time prior to the issuance of the Press Release. Following the issuance of the Press Release,
the Purchasers will no longer be in possession of any material, nonpublic information. On or before the fourth business day following
the date hereof, the Company shall file a Current Report on Form 8-K with the Commission describing the terms of the transactions
contemplated by the Operative Documents, and including as an exhibit to such Current Report on Form 8-K the Operative Documents,
in the form required by the Exchange Act.

 

Section 5.3Use
of Proceeds. The Company shall use the net proceeds from this Offering to fund a portion of the Company’s 2017 Delaware
Basin development drilling program and its recently announced leasing and acreage acquisitions within the Delaware Basin, and for
general corporate purposes including working capital.

 

Article
VI

INDEMNIFICATION

 

Section 6.1Indemnification
by the Company. The Company agrees to indemnify each Purchaser and its Representatives (collectively, “Purchaser Related
Parties”) from costs, losses, liabilities, damages, or expenses of any kind or nature whatsoever, and hold each of them
harmless against, any and all actions, suits, proceedings (including any investigations, litigation or inquiries), demands, and
causes of action, and, in connection therewith, and promptly upon demand, pay or reimburse each of them for all costs, losses,
liabilities, damages, or expenses of any kind or nature whatsoever, including, without limitation, the reasonable fees and disbursements
of counsel and all other reasonable expenses incurred in connection with investigating, defending or preparing to defend any such
matter (collectively, “Losses”) that may be incurred by them or asserted against or involve any of them as a
result of, arising out of, or in any way related to the breach of any of the representations, warranties or covenants of the Company
contained herein, provided that such claim for indemnification relating to a breach of the representations or warranties
is made prior to the expiration of such representations or warranties to the extent applicable; and provided further, that
no Purchaser Related Party shall be entitled to recover special, consequential or punitive damages under this Section 6.1.

 

Section 6.2Indemnification
by Purchasers. Each Purchaser agrees, severally and not jointly, to indemnify the Company and its respective Representatives
(collectively, “Company Related Parties”) from, and hold each of them harmless against, any and all actions,
suits, proceedings (including any investigations, litigation or inquiries), demands, and causes of action, and, in connection therewith,
and promptly upon demand, pay or reimburse each of them for all Losses that may be incurred by them or asserted against or involve
any of them as a result of, arising out of, or in any way related to the breach of any of the representations, warranties or covenants
of such Purchaser contained herein, provided that such claim for indemnification relating to a breach of the representations
and warranties is made prior to the expiration of such representations and warranties; and provided further, that no Company
Related Party shall be entitled to recover special, consequential or punitive damages.

 

     17

     

    

 

Section 6.3Indemnification
Procedure. Promptly after any Company Related Party or Purchaser Related Party (hereinafter, the “Indemnified Party”)
has received notice of any indemnifiable claim hereunder, or the commencement of any action, suit or proceeding by a third person,
which the Indemnified Party believes in good faith is an indemnifiable claim under this Agreement, the Indemnified Party shall
give the indemnitor hereunder (the “Indemnifying Party”) written notice of such claim or the commencement of
such action, suit or proceeding, but failure to so notify the Indemnifying Party will not relieve the Indemnifying Party from any
liability it may have to such Indemnified Party hereunder except to the extent that the Indemnifying Party is materially prejudiced
by such failure. Such notice shall state the nature and the basis of such claim to the extent then known. The Indemnifying Party
shall have the right to defend and settle, at its own expense and by its own counsel who shall be reasonably acceptable to the
Indemnified Party, any such matter as long as the Indemnifying Party pursues the same diligently and in good faith. If the Indemnifying
Party undertakes to defend or settle, it shall promptly notify the Indemnified Party of its intention to do so, and the Indemnified
Party shall cooperate with the Indemnifying Party and its counsel in all commercially reasonable respects in the defense thereof
and the settlement thereof. Such cooperation shall include, but shall not be limited to, furnishing the Indemnifying Party with
any books, records and other information reasonably requested by the Indemnifying Party and in the Indemnified Party’s possession
or control. Such cooperation of the Indemnified Party shall be at the cost of the Indemnifying Party. After the Indemnifying Party
has notified the Indemnified Party of its intention to undertake to defend or settle any such asserted liability, and for so long
as the Indemnifying Party diligently pursues such defense, the Indemnifying Party shall not be liable for any additional legal
expenses incurred by the Indemnified Party in connection with any defense or settlement of such asserted liability; provided,
however, that the Indemnified Party shall be entitled (7) at its expense, to participate in the defense of such asserted
liability and the negotiations of the settlement thereof and (8) if (a) the Indemnifying Party has failed to assume the
defense or employ counsel reasonably acceptable to the Indemnified Party or (b) if the defendants in any such action include
both the Indemnified Party and the Indemnifying Party and counsel to the Indemnified Party shall have concluded that there may
be reasonable defenses available to the Indemnified Party that are different from or in addition to those available to the Indemnifying
Party or if the interests of the Indemnified Party reasonably may be deemed to conflict with the interests of the Indemnifying
Party, then the Indemnified Party shall have the right to select a separate counsel and to assume such legal defense and otherwise
to participate in the defense of such action, with the expenses and fees of such separate counsel and other expenses related to
such participation to be reimbursed by the Indemnifying Party as incurred. Notwithstanding any other provision of this Agreement,
the Indemnifying Party shall not settle any indemnified claim without the consent of the Indemnified Party, unless the settlement
thereof imposes no liability or obligation on, and includes a complete and unconditional release from liability of, and does not
include any admission of violation of law, wrongdoing or malfeasance by, the Indemnified Party. The remedies provided for in this
Article VI are cumulative and are not exclusive of any remedies that may be available to a party at law or in equity or otherwise.

 

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Article
VII

MISCELLANEOUS

 

Section 7.1Interpretation
and Survival of Provisions. Article, Section, Schedule, and Exhibit references are to this Agreement, unless otherwise
specified. All references to instruments, documents, contracts, and agreements are references to such instruments, documents, contracts,
and agreements as the same may be amended, supplemented, and otherwise modified from time to time, unless otherwise specified.
The word “including” shall mean “including but not limited to.” Whenever any party has an obligation under
the Operative Documents, the expense of complying with that obligation shall be an expense of such party unless otherwise specified.
Whenever any determination, consent, or approval is to be made or given by any Purchaser, such action shall be in such Purchaser’s
sole discretion unless otherwise specified in this Agreement. If any provision in the Operative Documents is held to be illegal,
invalid, not binding, or unenforceable, such provision shall be fully severable and the Operative Documents shall be construed
and enforced as if such illegal, invalid, not binding, or unenforceable provision had never comprised a part of the Operative Documents,
and the remaining provisions shall remain in full force and effect. The Operative Documents have been reviewed and negotiated by
sophisticated parties with access to legal counsel and shall not be construed against the drafter.

 

Section 7.2Survival
of Provisions. The representations and warranties contained in this Agreement shall survive the Closing for a period of twenty-four
(24) months following the Closing Date regardless of any investigation made by or on behalf of the Company or any Purchaser. All
of the covenants, agreements and obligations contained in this Agreement shall survive (i) until fully performed or fulfilled,
unless non-compliance with such covenants, agreements or obligations is waived in writing by the party or parties entitled to such
performance or (ii) if not fully performed or fulfilled, until the expiration of the relevant statute of limitations. All indemnification
obligations of the Company and the Purchasers pursuant to this Agreement and the provisions of Article VI shall
remain operative and in full force and effect unless such obligations are expressly terminated in a writing by the parties, regardless
of any purported general termination of this Agreement.

 

Section 7.3No
Waiver; Modifications in Writing.

 

(a)       Delay.
No failure or delay on the part of any party in exercising any right, power, or remedy hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any such right, power, or remedy preclude any other or further exercise thereof or
the exercise of any other right, power, or remedy. The remedies provided for herein are cumulative and are not exclusive of any
remedies that may be available to a party at law or in equity or otherwise.

 

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(b)       Amendments
and Waivers. Except as otherwise provided herein, no amendment, waiver, consent, modification, or termination of any provision
of this Agreement or any other Operative Document shall be effective unless signed by each of the parties hereto or thereto affected
by such amendment, waiver, consent, modification, or termination. Any amendment, supplement or modification of or to any provision
of this Agreement or any other Operative Document, any waiver of any provision of this Agreement or any other Operative Document,
and any consent to any departure by the Company from the terms of any provision of this Agreement or any other Operative Document
shall be effective only in the specific instance and for the specific purpose for which made or given. Except where notice is specifically
required by this Agreement, no notice to or demand on the Company in any case shall entitle the Company to any other or further
notice or demand in similar or other circumstances.

 

Section 7.4Binding
Effect; Assignment.

 

(a)       Binding
Effect. This Agreement shall be binding upon the Company, the Purchasers, and their respective successors and permitted assigns.
Except as expressly provided in this Agreement, this Agreement shall not be construed so as to confer any right or benefit upon
any Person other than the parties to this Agreement and their respective successors and permitted assigns.

 

(b)       Assignment
of Rights. All or any portion of the rights and obligations of any Purchaser under this Agreement may be transferred by such
Purchaser to any Affiliate of such Purchaser without the consent of the Company by delivery of an agreement to be bound and a revised
Schedule A. No portion of the rights and obligations of any Purchaser under this Agreement may be transferred by such Purchaser
to a non-Affiliate without the written consent of the Company (which consent shall not be unreasonably withheld by the Company).

 

Section 7.5Confidentiality.
Notwithstanding anything herein to the contrary, to the extent that any Purchaser has executed or is otherwise bound by a confidentiality
agreement in favor of the Company, such Purchaser shall continue to be bound by such confidentiality agreement.

 

Section 7.6Communications.
All notices and demands provided for hereunder shall be in writing and shall be given by registered or certified mail, return receipt
requested, telecopy, air courier guaranteeing overnight delivery or personal delivery to the following addresses:

 

		(a)	If to any Purchaser:

 

To the respective address listed on
Schedule B hereof

 

		(b)	If to Lilis Energy, Inc.:

 

300 E.
Sonterra Blvd. Suite 1220

San Antonio, Texas 78258 

Attention: General Counsel

Email: AFuchs@lilisenergy.com

 

with a copy to:

 

K&L Gates LLP

1 Park Plaza, Twelfth Floor

Irvine, CA 92618

Attention: Michael A. Hedge

Email: michael.Hedge@klgates.com

 

or to such other address as the Company
or such Purchaser may designate in writing. All notices and communications shall be deemed to have been duly given: at the time
delivered by hand, if personally delivered; when notice is sent to the sender that the recipient has read the message, if sent
by electronic mail; upon actual receipt if sent by certified mail, return receipt requested, or regular mail, if mailed; and upon
actual receipt when delivered to an air courier guaranteeing overnight delivery.

 

     20

     

    

 

Section 7.7Removal
of Legend. In connection with a sale of the Purchased Shares by a Purchaser in reliance on Rule 144, the applicable Purchaser
or its broker shall deliver to the transfer agent and the Company a broker representation letter providing to the transfer agent
and the Company any information the Company deems necessary to determine that the sale of the Purchased Shares is made in compliance
with Rule 144, including, as may be appropriate, a certification that the Purchaser is not an Affiliate of the Company and
regarding the length of time the Purchased Shares have been held. Upon receipt of such representation letter, the Company shall
promptly direct its transfer agent to remove the notation of a restrictive legend in such Purchaser’s certificates evidencing
the Purchased Shares or the book-entry account maintained by the transfer agent, including the legend referred to in Section
4.11, and the Company shall bear all costs associated therewith. After a registration statement under the Securities Act permitting
the public resale of the Purchased Shares has become effective or any Purchaser or its permitted assigns have held the Purchased
Shares for one (1) year, if the book-entry account of such Purchased Shares still bears the notation of the restrictive legend
referred to in Section 4.11, the Company agrees, upon request of the Purchaser or permitted assignee, to take all steps
necessary to promptly effect the removal of the legend described in Section 4.11 from the Purchased Shares, and the Company
shall bear all costs associated therewith, regardless of whether the request is made in connection with a sale or otherwise, so
long as such Purchaser or its permitted assigns provide to the Company any information the Company deems reasonably necessary to
determine that the legend is no longer required under the Securities Act or applicable state Laws, including (if there is no such
registration statement) a certification that the holder is not an Affiliate of the Company (and a covenant to inform the Company
if it should thereafter become an Affiliate and to consent to the notation of an appropriate restriction) and regarding the length
of time the Purchased Shares have been held.

 

Section 7.8Entire
Agreement. This Agreement, the other Operative Documents and the other agreements and documents referred to herein are intended
by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement
and understanding of the parties hereto in respect of the subject matter contained herein and therein. There are no restrictions,
promises, warranties or undertakings, other than those set forth or referred to herein or the other Operative Documents with respect
to the rights granted by the Company or any of its Affiliates or any Purchaser or any of its Affiliates set forth herein or therein.
This Agreement, the other Operative Documents and the other agreements and documents referred to herein or therein supersede all
prior agreements and understandings between the parties with respect to such subject matter.

 

     21

     

    

 

Section 7.9Governing
Law. This Agreement, and all claims or causes of action (whether in contract or tort) that may be based upon, arise out of
or relate to this Agreement or the negotiation, execution or performance of this Agreement (including any claim or cause of action
based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement), will be
construed in accordance with and governed by the Laws of the State of New York without regard to principles of conflicts of laws.
Any action against any party relating to the foregoing shall be brought in any federal or state court of competent jurisdiction
located within the State of New York, and the parties hereto hereby irrevocably submit to the non-exclusive jurisdiction of any
federal or state court located within the State of New York over any such action. The parties hereby irrevocably waive, to the
fullest extent permitted by applicable Law, any objection that they may now or hereafter have to the laying of venue of any such
dispute brought in such court or any defense of inconvenient forum for the maintenance of such dispute. Each of the parties hereto
agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner
provided by Law.

 

Section 7.10Execution
in Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts,
each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken
together, shall constitute but one and the same Agreement.

 

Section 7.11Termination.

 

(a)       Notwithstanding
anything herein to the contrary, this Agreement shall automatically terminate at any time at or prior to the Closing if a statute,
rule, order, decree or regulation shall have been enacted or promulgated, or if any action shall have been taken by any Governmental
Authority of competent jurisdiction that permanently restrains, permanently precludes, permanently enjoins or otherwise permanently
prohibits the consummation of the transactions contemplated by this Agreement or makes the transactions contemplated by this Agreement
illegal.

 

(b)       Notwithstanding
anything herein to the contrary, this Agreement may be terminated at any time by any Purchaser (with respect to the obligations
of such Purchaser) or the Company, upon written notice to the other party, if the Closing shall not have occurred on or before
March 15, 2017 (the “Outside Date”); provided, however, that the right to terminate this Agreement
under this Section 7.11(b) shall not be available to any party whose (9) breach
of any provision of this Agreement, (10) failure to comply with their obligations
under this Agreement or (11) actions not taken in good faith, shall have been
the cause of, or shall have resulted in, the failure of the Closing to occur on or prior to the Outside Date or the failure of
a condition in Section 2.3 or Section 2.5 to be satisfied at such time;

 

(c)       In
the event of the termination of this Agreement as provided in this Section 7.11, (12) this Agreement shall forthwith
become null and void and (13) there shall be no liability on the part of any party hereto, except as set forth in Article
VI of this Agreement and except with respect to the requirement to comply with any confidentiality agreement in favor of the
Company; provided that nothing herein shall relieve any party from any liability or obligation with respect to any willful
breach of this Agreement.

 

     22

     

    

 

Section 7.12Recapitalization,
Exchanges, Etc. Affecting the Common Stock. The provisions of this Agreement shall apply to the full extent set forth herein
with respect to any and all equity interests of the Company or any successor or assign of the Company (whether by merger, consolidation,
sale of assets or otherwise) which may be issued in respect of, in exchange for or in substitution of, the Common Stock, and shall
be appropriately adjusted for combinations, recapitalizations and the like occurring after the date of this Agreement and prior
to the Closing.

 

[Signature pages follow]

 

     23

     

    

 

IN WITNESS WHEREOF,
the parties hereto execute this Agreement, effective as of the date first above written.

 

	 	LILIS ENERGY, INC.
	 	 	 
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Title:	 

 

    
Signature Page to
Securities Subscription Agreement

     

    

 

	 	Investor:
	 	 	 
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Title: 	 
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 
	 	 	 
	 	Telephone: 	 
	 	Email: 	 
	 	 	 
	 	Purchase Price:  	 
	 	Units: 	 
	 	Tax ID: 	 
	 	 	 

 

    
Signature Page to
Securities Subscription Agreement

     

    

 

Schedule
A – List of Purchasers and Commitment Amounts

 

	
        Purchaser
	 	
        Units
	 	
        Purchase
        Price

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    Schedule A

     

    

 

Schedule
B – Notice and Contact Information

 

	
        Purchaser
	 	
        Contact
        Information

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

  

    Schedule B

     

    

 

Schedule
C– List of Jurisdictions

 

		1.	Delaware

   

    Schedule C

     

    

 

EXHIBIT A – Form
of Warrant

 

    Exhibit A

     

    

 

EXHIBIT B – Form
of Legal Opinion

 

    Exhibit B

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