Lilis Energy (LLEX) 10-K 2017 FY Annual report

Exhibit 99.1

EVALUATIONSUMMARY

LILISENERGY, INC. INTERESTS

DELAWAREBASINPROPERTIES INTEXAS ANDNEWMEXICO

TOTALPROVEDRESERVES

AS OFDECEMBER31, 2017

Pursuant to the Guidelines of the

Securities and Exchange Commission for

Reporting Corporate Reserves and

Future Net Revenue

EVALUATIONSUMMARY

LILISENERGY, INC. INTERESTS

DELAWAREBASINPROPERTIES INTEXAS ANDNEWMEXICO

TOTALPROVEDRESERVES

AS OFDECEMBER31, 2017

Pursuant to the Guidelines of the
Securities and Exchange Commission for
Reporting Corporate Reserves and
Future Net Revenue

CAWLEY, GILLESPIE& ASSOCIATES, INC.

PETROLEUMCONSULTANTS

TEXASREGISTEREDENGINEERINGFIRMF-693

W. TODDBROOKER, P.E.
PRESIDENT

MATTHEWK. REGAN, P.E.
PARTNER

CAWLEY, GILLESPIE& ASSOCIATES, INC.

PETROLEUM CONSULTANTS

13640 BRIARWICK DRIVE, SUITE 100	306 WEST SEVENTH STREET, SUITE 302	1000 LOUISIANA STREET, SUITE 1900
AUSTIN, TEXAS 78729-1107	FORT WORTH, TEXAS 76102-4987	HOUSTON, TEXAS 77002-5008
512-249-7000	817- 336-2461	713-651-9944
	www.cgaus.com

January 10, 2018

Lilis Energy, Inc.

300 E. Sonterra Blvd, Suite 1220
San Antonio, TX 78258

Re:	Evaluation Summary
	Lilis Energy, Inc. Interests
	Total Proved Reserves
	As of December 31, 2017
	Pursuant to the Guidelines of the
	Securities and Exchange Commission for
	Reporting Corporate Reserves and
	Future Net Revenue

Ladies and Gentlemen:

As requested, this report was prepared on January 10, 2018 for Lilis Energy, Inc. (“LEI”) for the purpose of submitting our estimates of proved reserves and forecasts of economics attributable to the subject interests. We have evaluated 100% of LEI reserves, which are made up of oil and gas properties in the Delaware Basin. This evaluation utilized an effective date of December 31, 2017, was prepared using constant prices and costs, and conforms to Item 1202(a)(8) of Regulation S-K and other rules of theSecurities and Exchange Commission(SEC). The results of this evaluation are presented in the accompanying tabulations, with a composite summary of the values presented below:

		Proved Developed Producing	Proved Developed Non-Producing	Proved Undeveloped	Proved Developed	Total Proved
Net Reserves
Oil	- Mbbl	1,674.2	857.2	4,639.9	2,531.4	7,171.3
Gas	- MMcf	4,298.8	2,295.6	9,465.5	6,594.4	16,059.9
NGL	- Mbbl	422.2	221.9	960.5	644.1	1,604.6
Revenue
Oil	- M$	79,902.3	40,928.5	221,539.6	120,830.8	342,370.4
Gas	- M$	11,188.3	5,953.8	24,789.0	17,142.1	41,931.0
NGL	- M$	3,278.1	1,568.8	8,382.6	4,846.9	13,229.5
Severance Taxes	- M$	5,266.9	2,442.8	13,786.5	7,709.7	21,496.1
Ad Valorem Taxes	- M$	2,925.4	1,211.3	7,573.2	4,136.6	11,709.8
Operating Expenses	- M$	24,469.7	10,521.7	52,467.4	34,991.3	87,458.7
Other Deductions	- M$	6,994.4	3,884.6	19,912.2	10,879.0	30,791.2
Investments	- M$	0.0	6,266.4	107,460.5	6,266.4	113,726.9
Net Cash Flows	- M$	54,712.4	24,124.4	53,511.4	78,836.7	132,348.2
Discounted @ 10%	- M$	40,043.3	16,609.0	12,159.7	56,652.3	68,812.0
(Present Worth)

Lilis Energy, Inc. Interests

January 10, 2018

Page 2

Future revenue is prior to deducting state production taxes and ad valorem taxes. Future net cash flow is after deducting these taxes, future capital costs and operating expenses, but before consideration of federal income taxes. In accordance with SEC guidelines, the future net cash flow has been discounted at an annual rate of ten percent to determine its “present worth”. The present worth is shown to indicate the effect of time on the value of money and should not be construed as being the fair market value of the properties. The oil reserves include oil and condensate. Oil and NGL volumes are expressed in barrels (42 U.S. gallons). Gas volumes are expressed in thousands of standard cubic feet (Mcf) at contract temperature and pressure base.

Our estimates are for proved reserves only and do not include any probable or possible reserves nor have any values been attributed to interest in acreage beyond the location for which undeveloped reserves have been estimated. The Proved Developed category is the summation of the Proved Developed Producing and Proved Developed Non-Producing estimates.

Presentation

This report is divided into four main sections: Summary (Total Proved and Proved Developed), Proved Developed Producing (“PDP”), Proved Developed Non-Producing (“PDNP”) and Proved Undeveloped (“PUD”). Within each section are Tables I and Summary Plots. Tables II and Individual Figures and Tables are also included in the PDP, PDNP and PUD sections. The Tables I present composite reserve estimates and economic forecasts for the particular reserve category or property grouping. The Summary Plots are composite rate-time history-forecast curves for the corresponding Table I. Following certain Summary Plots are Table II “oneline” summaries that present estimates of ultimate recovery, gross and net reserves, ownership, revenue, expenses, investments, net income and discounted cash flow for the individual properties that make up the corresponding Table I. Individual Figures and Tables present reserve estimates, economic forecasts and rate-time plots on a lease or well level. For a more detailed explanation of the report layout, please refer to the Table of Contents following this letter.

Hydrocarbon Pricing

The base SEC oil and gas prices calculated for December 31, 2017 were $51.34/Bbl and $2.976/MMBTU, respectively. As specified by the SEC, a company must use a 12-month average price, calculated as the unweighted arithmetic average of the first-day-of-the-month price for each month within the 12-month period prior to the end of the reporting period. The base oil price is based upon WTI-Cushing spot prices (Bloomberg) from January - December 2017 and the base gas price is based upon Henry Hub spot prices (Gas Daily) from January - December 2017.

The base prices shown above were adjusted for differentials on a per-property basis, which may include local basis differentials, transportation, gas shrinkage, gas heating value (BTU content) and/or crude quality and gravity corrections. Natural gas liquid (NGL) prices were applied as a percentage of WTI. After these adjustments, the net realized prices for the SEC price case over the life of the proved properties was estimated to be $47.741 per barrel for oil, $2.611 per MCF for gas and $8.245 per barrel for NGLs. All economic factors were held constant in accordance with SEC guidelines.

Economic Parameters

Ownership was accepted as furnished and has not been independently confirmed. Oil and gas price differentials, gas shrinkage, ad valorem taxes, severance taxes, lease operating expenses and investments were calculated and prepared by LEI and were reviewed by us for accuracy and completeness. In some cases, data was accepted as provided. Lease operating expenses were either determined at the area or individual well level using averages calculated from historical lease operating statements. All economic parameters, including lease operating expenses and investments, were held constant (not escalated) throughout the life of these properties.

Lilis Energy, Inc. Interests

January 10, 2018

Page 3

SEC Conformance and Regulations

The reserve classifications and the economic considerations used herein conform to the criteria of the SEC as defined in pages 3 and 4 of the Appendix. The reserves and economics are predicated on regulatory agency classifications, rules, policies, laws, taxes and royalties currently in effect except as noted herein. The possible effects of changes in legislation or other Federal or State restrictive actions which could affect the reserves and economics have not been considered. However, we do not anticipate nor are we aware of any legislative changes or restrictive regulatory actions that may impact the recovery of reserves.

This evaluation includes 20 proved undeveloped locations. Each of the drilling locations proposed conform to the proved undeveloped standards as set forth by the SEC. In our opinion, LEI has indicated they have every intent to complete this development plan as scheduled. Furthermore, LEI has indicated that they have the proper company staffing, financial backing and prior development success to ensure this development plan will be fully executed.

Reserve Estimation Methods

The methods employed in estimating reserves are described in page 2 of the Appendix. Reserves for proved developed producing wells were estimated using production performance methods. Certain new producing properties with little production history were forecast using a combination of production performance and analogy to similar production, both of which are considered to provide a relatively high degree of accuracy.

Non-producing reserve estimates, for both developed and undeveloped properties, were forecast using a combination of volumetric and analogy methods. These methods provide a relatively high degree of accuracy for predicting proved developed non-producing and proved undeveloped reserves for LEI properties. The assumptions, data, methods and procedures used herein are appropriate for the purpose served by this report.

General Discussion

The estimates and forecasts were based upon interpretations of data furnished by your office and available from our files. To some extent information from public records has been used to check and/or supplement these data. The basic engineering and geological data were subject to third party reservations and qualifications. Nothing has come to our attention, however, that would cause us to believe that we are not justified in relying on such data. All estimates represent our best judgment based on the data available at the time of preparation. Due to inherent uncertainties in future production rates, commodity prices and geologic conditions, it should be realized that the reserve estimates, the reserves actually recovered, the revenue derived therefrom and the actual cost incurred could be more or less than the estimated amounts.

An on-site field inspection of the properties has not been performed. The mechanical operation or condition of the wells and their related facilities havenotbeen examined nor have the wells been tested by Cawley, Gillespie & Associates, Inc. Possible environmental liability related to the properties has not been investigated nor considered. The cost of plugging and the salvage value of equipment at abandonment have not been included.

Lilis Energy, Inc. Interests

January 10, 2018

Page 4

Cawley, Gillespie & Associates, Inc. is a Texas Registered Engineering Firm (F-693), made up of independent registered professional engineers and geologists that have provided petroleum consulting services to the oil and gas industry for over 50 years. This evaluation was supervised by W. Todd Brooker, President at Cawley, Gillespie & Associates, Inc. and a State of Texas Licensed Professional Engineer (License #83462). We do not own an interest in the properties or Lilis Energy, Inc. and are not employed on a contingent basis. We have used all methods and procedures that we consider necessary under the circumstances to prepare this report. Our work-papers and related data utilized in the preparation of these estimates are available in our office.

Yours very truly,

CAWLEY, GILLESPIE & ASSOCIATES, INC.

TEXASREGISTEREDENGINEERINGFIRMF-693

W. Todd Brooker, P. E.
President

TABLE OFCONTENTS

Lilis Energy, Inc. Interests

Delaware Basin Properties in Texas and New Mexico
As of December 31, 2017

REPORTLETTER

TABLE OFCONTENTS

SUMMARYTAB

· Table I & Summary Plot – TP

· Table I & Summary Plot – PD

PROVEDDEVELOPEDPRODUCING

· Table I & Summary Plot – PDP

· Table II – PDP (One-Line Summary Alphabetical by Lease Name)

· Individual Figures and Tables 1-21

PROVEDDEVELOPEDNON-PRODUCING

· Table I & Summary Plot – PDNP

· Table II – PDNP (One-Line Summary Alphabetical by Lease Name)

· Individual Figures and Tables 1-5

PROVEDUNDEVELOPED

· Table I & Summary Plot – PUD

· Table II – PUD (One-Line Summary Alphabetical by Lease Name)

· Individual Figures and Tables 1-20

APPENDIXTAB

· Page 1 – Explanatory Comments for Summary Tables

· Page 2 – Methods Employed in the Estimation of Reserves

· Pages 3–4 – Reserve Definitions and Classifications

· Page 5 – Professional Qualifications of Primary Technical Person

Note: Table I’s are Grand Total Summaries of Reserves and Economics

Table II’s are “One–Line” Lease Summaries of Economics for wells/leases in corresponding Table I’s.
Summary Plots are Grand Total Rate–Time History–Forecast Curves based on the corresponding Table I.

i

Table I - TP

Composite Reserve Estimates and Economic Forecasts
Lilis Energy, Inc. Interests

Delaware Basin Properties in Texas and New Mexico
Total Proved Reserves

As of December 31, 2017

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	1,421.3	4,678.7	317.9	851.020	1,895.276	189.877	47.741	2.612	8.321
12-2019	1,287.6	4,258.9	289.6	760.267	1,698.439	170.089	47.740	2.612	8.296
12-2020	1,684.9	5,367.6	366.8	939.654	2,040.168	204.885	47.740	2.613	8.401
12-2021	1,567.5	4,946.1	338.2	805.219	1,744.817	175.045	47.740	2.613	8.380
12-2022	1,028.4	3,308.9	225.5	545.299	1,205.989	120.539	47.738	2.611	8.263
12-2023	802.1	2,611.8	177.6	430.385	963.825	96.118	47.736	2.610	8.191
12-2024	669.8	2,198.6	149.4	361.778	817.060	81.359	47.735	2.609	8.143
12-2025	572.3	1,902.6	129.1	310.271	710.258	70.648	47.743	2.609	8.110
12-2026	504.3	1,687.9	114.5	274.175	632.058	62.826	47.746	2.608	8.089
12-2027	452.7	1,520.3	103.1	246.611	570.554	56.690	47.746	2.608	8.076
12-2028	409.5	1,386.9	94.0	222.957	521.270	51.783	47.746	2.608	8.070
12-2029	372.9	1,266.2	85.8	203.090	476.285	47.310	47.746	2.608	8.067
12-2030	342.6	1,163.5	78.9	186.636	437.764	43.482	47.746	2.608	8.067
12-2031	315.2	1,070.4	72.6	171.703	402.741	40.004	47.746	2.608	8.066
12-2032	290.8	987.4	66.9	158.391	371.516	36.902	47.746	2.608	8.066
12-2033	266.7	905.8	61.4	145.313	340.841	33.855	47.746	2.608	8.066
12-2034	245.4	833.4	56.5	133.695	313.592	31.149	47.746	2.608	8.066
12-2035	222.4	751.1	51.0	120.961	282.399	28.050	47.746	2.608	8.052
12-2036	194.6	635.0	43.2	104.346	234.701	23.366	47.746	2.609	8.145
S Tot	12,651.0	41,481.2	2,822.0	6,971.772	15,659.552	1,563.977	47.741	2.611	8.232
After	400.7	1,186.7	81.7	199.567	400.375	40.592	47.746	2.619	8.728
Total	13,051.6	42,667.9	2,903.6	7,171.339	16,059.927	1,604.570	47.741	2.611	8.245
Cum	2,501.6	79,422.6	.0
Ult	15,553.2	122,090.5	2,903.6

(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/ BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	40,628.159	4,950.659	1,579.961	0.000	0.000	47,158.779	2,563.815	1,428.872	4.693
12-2019	36,295.290	4,435.981	1,411.134	0.000	0.000	42,142.405	2,343.711	1,322.390	5.455
12-2020	44,859.395	5,331.932	1,721.187	0.000	0.000	51,912.513	2,803.254	1,524.730	5.634
12-2021	38,441.100	4,559.393	1,466.852	0.000	0.000	44,467.345	2,361.406	1,261.522	6.668
12-2022	26,031.304	3,149.093	996.009	0.000	0.000	30,176.406	1,617.013	870.488	8.411
12-2023	20,544.967	2,515.646	787.350	0.000	0.000	23,847.964	1,282.495	692.152	9.847
12-2024	17,269.600	2,131.950	662.532	0.000	0.000	20,064.082	1,081.100	584.143	11.143
12-2025	14,813.307	1,852.875	572.978	0.000	0.000	17,239.160	930.922	503.354	12.241
12-2026	13,090.832	1,648.645	508.197	0.000	0.000	15,247.674	824.393	445.964	13.361
12-2027	11,774.721	1,488.105	457.851	0.000	0.000	13,720.678	742.076	401.435	14.494
12-2028	10,645.344	1,359.509	417.882	0.000	0.000	12,422.735	672.196	363.392	15.431
12-2029	9,696.774	1,242.165	381.657	0.000	0.000	11,320.595	612.911	331.413	16.578
12-2030	8,911.167	1,141.696	350.752	0.000	0.000	10,403.614	563.314	304.618	17.791
12-2031	8,198.161	1,050.355	322.688	0.000	0.000	9,571.204	518.245	280.247	19.094
12-2032	7,562.552	968.920	297.670	0.000	0.000	8,829.142	478.065	258.520	20.463
12-2033	6,938.131	888.919	273.092	0.000	0.000	8,100.142	438.592	237.174	22.051
12-2034	6,383.445	817.852	251.259	0.000	0.000	7,452.556	403.528	218.213	23.723
12-2035	5,775.419	736.436	225.865	0.000	0.000	6,737.719	365.152	197.792	25.407
12-2036	4,982.143	612.375	190.314	0.000	0.000	5,784.831	314.494	171.694	27.048
S Tot	332,841.811	40,882.505	12,875.229	0.000	0.000	386,599.544	20,916.681	11,398.113	10.315
After	9,528.556	1,048.535	354.276	0.000	0.000	10,931.366	579.445	311.684	30.489
Total	342,370.367	41,931.039	13,229.504	0.000	0.000	397,530.911	21,496.126	11,709.797	10.858

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	2,401.064	25	19.7	0.000	0.000	3,655.002	32,988.409	4,121.618	4,121.618	3,341.770
12-2019	3,092.390	29	22.6	0.000	0.000	3,201.842	38,783.407	-6,601.336	-2,479.718	-2,408.935
12-2020	3,976.449	37	27.1	0.000	0.000	3,984.007	41,955.067	-2,330.995	-4,810.713	-4,307.497
12-2021	4,572.010	37	27.5	0.000	0.000	3,494.574	.000	32,777.834	27,967.121	19,283.317
12-2022	4,589.835	37	27.5	0.000	0.000	2,346.323	.000	20,752.747	48,719.867	32,838.394
12-2023	4,589.835	37	27.5	0.000	0.000	1,845.323	.000	15,438.158	64,158.026	41,999.679
12-2024	4,589.835	37	27.5	0.000	0.000	1,548.079	.000	12,260.925	76,418.951	48,611.585
12-2025	4,471.997	37	27.5	0.000	0.000	1,337.075	.000	9,995.813	86,414.764	53,510.381
12-2026	4,431.816	35	26.1	0.000	0.000	1,184.652	.000	8,360.849	94,775.613	57,235.079
12-2027	4,420.290	35	26.1	0.000	0.000	1,066.417	.000	7,090.459	101,866.072	60,106.564
12-2028	4,334.088	34	25.2	0.000	0.000	966.304	.000	6,086.756	107,952.828	62,347.356
12-2029	4,312.708	33	24.3	0.000	0.000	879.946	.000	5,183.617	113,136.445	64,081.934
12-2030	4,312.708	33	24.3	0.000	0.000	808.604	.000	4,414.371	117,550.816	65,424.948
12-2031	4,312.708	32	23.5	0.000	0.000	743.901	.000	3,716.102	121,266.918	66,452.890
12-2032	4,312.708	32	23.5	0.000	0.000	686.226	.000	3,093.623	124,360.541	67,230.985
12-2033	4,312.708	32	23.5	0.000	0.000	629.566	.000	2,482.101	126,842.642	67,798.491
12-2034	4,312.708	32	23.5	0.000	0.000	579.234	.000	1,938.873	128,781.515	68,201.608
12-2035	4,208.507	32	23.5	0.000	0.000	523.719	.000	1,442.549	130,224.064	68,474.374
12-2036	3,840.490	31	22.7	0.000	0.000	450.686	.000	1,007.467	131,231.531	68,647.748
S Tot	79,394.855			0.000	0.000	29,931.480	113,726.884	131,231.531	131,231.531	68,647.748
After	8,063.861			0.000	0.000	859.725	.000	1,116.651	132,348.182	68,812.012
Total	87,458.716			0.000	0.000	30,791.205	113,726.884	132,348.182	132,348.182	68,812.012

SEC Pricing YE2017			Percent	Cum. Disc.
	WTI Cushing	Henry Hub	5.00	93,465.060
Year	Oil $/STB	Gas $/MMBTU	8.00	77,447.306
2018	51.34	2.976	10.00	68,812.012
Thereafter	Flat	Flat	12.00	61,444.979
Cap	51.34	2.976	15.00	52,274.588
			20.00	40,670.721

12    Months in first year    25.065 Year Life (01/2043)    

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT. TEXAS REGISTERED ENGINEERING FIRM F-693. 1/10/2018      10:34:17 Summary

Cawley, Gillespie & Associates, Inc.

Table I - PD

Composite Reserve Estimates and Economic Forecasts
Lilis Energy, Inc. Interests

Delaware Basin Properties in Texas and New Mexico
Proved Developed Reserves

As of December 31, 2017

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	955.4	3,280.8	221.5	594.985	1,372.964	136.878	47.733	2.609	8.145
12-2019	535.8	2,003.8	134.0	333.593	828.024	81.767	47.725	2.604	7.848
12-2020	378.4	1,448.2	96.3	235.285	603.255	59.081	47.711	2.601	7.645
12-2021	297.4	1,135.9	75.2	184.836	479.235	46.626	47.706	2.598	7.490
12-2022	247.8	967.0	63.9	153.969	407.676	39.534	47.702	2.597	7.393
12-2023	213.5	846.0	55.8	132.666	356.478	34.490	47.699	2.596	7.326
12-2024	188.8	755.5	49.7	117.257	318.236	30.743	47.697	2.595	7.281
12-2025	164.2	678.5	44.7	102.205	285.803	27.579	47.732	2.595	7.250
12-2026	147.4	617.5	40.6	91.852	260.117	25.085	47.746	2.594	7.235
12-2027	134.7	566.3	37.3	83.839	238.500	22.996	47.746	2.594	7.232
12-2028	121.3	522.2	34.4	75.247	219.941	21.207	47.746	2.594	7.232
12-2029	110.5	479.1	31.5	68.529	201.781	19.456	47.746	2.594	7.232
12-2030	101.7	440.8	29.0	63.050	185.649	17.900	47.746	2.612	8.425
12-2031	93.5	405.6	26.7	58.010	170.806	16.469	47.746	2.617	8.728
12-2032	86.4	374.1	24.6	53.512	157.564	15.192	47.746	2.617	8.728
12-2033	79.2	343.2	22.6	49.094	144.554	13.938	47.746	2.617	8.728
12-2034	72.8	315.8	20.8	45.169	132.997	12.823	47.746	2.617	8.728
12-2035	63.7	274.9	18.1	39.511	116.244	11.190	47.746	2.617	8.728
12-2036	48.2	195.7	12.8	29.212	81.427	7.813	47.746	2.615	8.728
S Tot	4,040.8	15,650.6	1,039.7	2,511.821	6,561.249	640.767	47.726	2.603	7.758
After	33.2	84.3	5.6	19.577	33.196	3.334	47.746	2.619	8.728
Total	4,073.9	15,734.9	1,045.3	2,531.397	6,594.446	644.102	47.726	2.603	7.764
Cum	2,501.6	79,422.6	0.0
Ult	6,575.6	95,157.5	1,045.3

(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/ BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	28,403.455	3,582.787	1,117.403	0.000	0.000	33,103.646	1,759.560	961.665	2.203
12-2019	15,923.226	2,156.468	640.297	0.000	0.000	18,719.991	1,000.332	540.273	3.994
12-2020	11,228.436	1,568.828	448.660	0.000	0.000	13,245.923	717.284	382.893	5.363
12-2021	8,820.173	1,244.987	346.057	0.000	0.000	10,411.217	564.058	301.058	6.686
12-2022	7,346.783	1,058.406	289.025	0.000	0.000	8,694.214	471.549	251.358	7.966
12-2023	6,330.002	925.076	249.485	0.000	0.000	7,504.564	407.330	216.920	9.196
12-2024	5,594.628	825.590	220.775	0.000	0.000	6,640.994	360.636	191.925	10.366
12-2025	4,878.936	741.278	197.082	0.000	0.000	5,817.295	316.957	168.576	11.055
12-2026	4,385.548	674.576	178.808	0.000	0.000	5,238.932	285.829	151.971	11.976
12-2027	4,002.996	618.495	163.785	0.000	0.000	4,785.276	260.899	138.553	13.014
12-2028	3,592.738	570.365	151.027	0.000	0.000	4,314.129	235.288	124.545	13.658
12-2029	3,272.002	523.271	138.557	0.000	0.000	3,933.828	214.748	113.659	14.767
12-2030	3,010.413	481.437	127.480	0.000	0.000	3,619.328	197.579	104.573	16.050
12-2031	2,769.738	442.947	117.287	0.000	0.000	3,329.973	181.783	96.212	17.445
12-2032	2,554.999	408.605	108.194	0.000	0.000	3,071.797	167.690	88.753	18.911
12-2033	2,344.039	374.867	99.261	0.000	0.000	2,818.167	153.845	81.425	20.613
12-2034	2,156.639	344.898	91.325	0.000	0.000	2,592.862	141.545	74.915	22.404
12-2035	1,886.534	301.292	78.717	0.000	0.000	2,266.544	124.114	65.950	24.050
12-2036	1,394.767	210.968	54.575	0.000	0.000	1,660.310	92.144	50.074	25.555
S Tot	119,896.051	17,055.143	4,817.797	0.000	0.000	141,768.990	7,653.169	4,105.298	8.498
After	934.732	86.937	29.103	0.000	0.000	1,050.772	56.492	31.333	29.844
Total	120,830.782	17,142.081	4,846.900	0.000	0.000	142,819.763	7,709.661	4,136.631	8.642

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	2,010.455	20	16.1	0.000	0.000	2,558.834	6,266.409	19,546.724	19,546.724	18,579.723
12-2019	2,095.572	19	15.3	0.000	0.000	1,426.806	0.000	13,657.009	33,203.732	30,467.687
12-2020	2,006.955	18	14.3	0.000	0.000	1,002.530	0.000	9,136.261	42,339.993	37,687.922
12-2021	1,972.432	17	13.9	0.000	0.000	783.803	0.000	6,789.867	49,129.859	42,562.783
12-2022	1,972.432	17	13.9	0.000	0.000	650.586	0.000	5,348.291	54,478.150	46,052.651
12-2023	1,972.432	17	13.9	0.000	0.000	559.138	0.000	4,348.744	58,826.894	48,631.950
12-2024	1,972.432	17	13.9	0.000	0.000	493.334	0.000	3,622.665	62,449.559	50,584.956
12-2025	1,854.593	17	13.9	0.000	0.000	440.417	0.000	3,036.754	65,486.313	52,072.912
12-2026	1,814.413	15	12.5	0.000	0.000	399.423	0.000	2,587.296	68,073.607	53,225.364
12-2027	1,802.886	15	12.5	0.000	0.000	365.713	0.000	2,217.224	70,290.831	54,123.217
12-2028	1,716.684	14	11.5	0.000	0.000	330.653	0.000	1,906.958	72,197.789	54,825.254
12-2029	1,695.305	13	10.7	0.000	0.000	301.026	0.000	1,609.089	73,806.880	55,363.734
12-2030	1,695.305	13	10.7	0.000	0.000	276.960	0.000	1,344.912	75,151.792	55,772.955
12-2031	1,695.305	12	9.9	0.000	0.000	254.818	0.000	1,101.854	76,253.645	56,077.800
12-2032	1,695.305	12	9.9	0.000	0.000	235.062	0.000	884.988	77,138.633	56,300.453
12-2033	1,695.305	12	9.9	0.000	0.000	215.653	0.000	671.940	77,810.573	56,454.139
12-2034	1,695.305	12	9.9	0.000	0.000	198.413	0.000	482.684	78,293.259	56,554.553
12-2035	1,591.103	12	9.9	0.000	0.000	173.343	0.000	312.035	78,605.293	56,613.617
12-2036	1,223.087	11	9.0	0.000	0.000	127.475	0.000	167.530	78,772.823	56,642.563
S Tot	34,177.305			0.000	0.000	10,793.986	6,266.409	78,772.823	78,772.823	56,642.563
After	814.045			0.000	0.000	84.990	0.000	63.912	78,836.735	56,652.286
Total	34,991.349			0.000	0.000	10,878.976	6,266.409	78,836.735	78,836.735	56,652.286

SEC Pricing YE2017			Percent	Cum. Disc.
	WTI Cushing	Henry Hub	5.00	65,629.632
Year	Oil $/STB	Gas $/MMBTU	8.00	59,869.324
2018	51.34	2.976	10.00	56,652.286
Thereafter	Flat	Flat	12.00	53,829.641
Cap	51.34	2.976	15.00	50,191.214
			20.00	45,322.838

12    Months in first year    21.656 Year Life (08/2039)    

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT. TEXAS REGISTERED ENGINEERING FIRM F-693. 1/10/2018      10:34:19 Summary

Cawley, Gillespie & Associates, Inc.

Table I - PDP

Composite Reserve Estimates and Economic Forecasts
Lilis Energy, Inc. Interests

Delaware Basin Properties in Texas and New Mexico
Proved Developed Producing Reserves

As of December 31, 2017

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	594.9	2,156.8	144.9	368.734	897.348	89.373	47.733	2.609	8.145
12-2019	342.7	1,352.1	90.0	211.963	552.010	54.523	47.725	2.604	7.848
12-2020	251.4	992.8	65.8	155.336	410.738	40.250	47.711	2.601	7.645
12-2021	201.3	775.8	51.2	124.337	327.178	31.842	47.706	2.598	7.490
12-2022	169.6	664.5	43.8	104.729	280.015	27.174	47.702	2.597	7.393
12-2023	147.2	583.5	38.4	90.903	245.761	23.802	47.699	2.596	7.326
12-2024	130.8	522.4	34.3	80.759	219.961	21.275	47.697	2.595	7.281
12-2025	112.8	469.7	30.9	69.856	197.806	19.112	47.732	2.595	7.250
12-2026	101.1	428.1	28.1	62.672	180.271	17.409	47.746	2.594	7.235
12-2027	92.4	393.0	25.8	57.217	165.475	15.978	47.746	2.594	7.232
12-2028	84.4	362.5	23.8	52.139	152.632	14.738	47.746	2.594	7.232
12-2029	77.4	332.6	21.8	47.834	140.029	13.521	47.746	2.594	7.232
12-2030	71.2	239.4	16.1	44.009	101.266	10.110	47.746	2.612	8.425
12-2031	65.5	208.2	14.1	40.491	88.175	8.880	47.746	2.617	8.728
12-2032	60.5	192.0	13.0	37.352	81.339	8.191	47.746	2.617	8.728
12-2033	55.5	176.2	11.9	34.268	74.623	7.515	47.746	2.617	8.728
12-2034	51.0	162.1	11.0	31.528	68.657	6.914	47.746	2.617	8.728
12-2035	43.6	133.5	9.1	26.961	57.047	5.753	47.746	2.617	8.728
12-2036	29.7	82.0	5.5	17.674	33.753	3.385	47.746	2.615	8.728
S Tot	2,683.2	10,227.0	679.6	1,658.762	4,274.082	419.746	47.726	2.603	7.758
After	26.5	64.1	4.2	15.426	24.728	2.475	47.746	2.619	8.728
Total	2,709.6	10,291.1	683.8	1,674.187	4,298.810	422.221	47.726	2.603	7.764
Cum	2,501.6	79,422.6	.0
Ult	5,211.3	89,713.7	683.8

(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/ BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	17,600.816	2,341.184	727.933	0.000	0.000	20,669.934	1,147.159	650.822	5.307
12-2019	10,115.869	1,437.635	427.882	0.000	0.000	11,981.386	666.019	371.808	7.054
12-2020	7,411.170	1,068.354	307.707	0.000	0.000	8,787.231	492.786	271.426	8.283
12-2021	5,931.553	850.165	238.496	0.000	0.000	7,020.214	392.893	216.283	9.547
12-2022	4,995.767	727.204	200.903	0.000	0.000	5,923.874	331.453	182.099	10.784
12-2023	4,335.994	637.999	174.375	0.000	0.000	5,148.368	288.015	158.015	11.984
12-2024	3,852.003	570.873	154.905	0.000	0.000	4,577.781	256.057	140.345	13.133
12-2025	3,334.394	513.258	138.566	0.000	0.000	3,986.218	224.085	122.799	13.638
12-2026	2,992.331	467.709	125.959	0.000	0.000	3,585.999	201.962	110.648	14.466
12-2027	2,731.898	429.312	115.549	0.000	0.000	3,276.759	184.348	100.840	15.458
12-2028	2,489.415	395.991	106.578	0.000	0.000	2,991.984	167.882	91.491	16.344
12-2029	2,283.871	363.295	97.778	0.000	0.000	2,744.943	154.020	83.937	17.582
12-2030	2,101.281	264.514	85.177	0.000	0.000	2,450.971	136.090	75.364	20.272
12-2031	1,933.289	230.732	77.500	0.000	0.000	2,241.521	124.192	69.001	22.117
12-2032	1,783.400	212.843	71.491	0.000	0.000	2,067.734	114.564	63.651	23.734
12-2033	1,636.149	195.269	65.589	0.000	0.000	1,897.007	105.105	58.396	25.611
12-2034	1,505.343	179.658	60.345	0.000	0.000	1,745.346	96.702	53.727	27.587
12-2035	1,287.308	149.263	50.214	0.000	0.000	1,486.785	82.856	46.456	29.473
12-2036	843.883	88.271	29.542	0.000	0.000	961.696	55.589	32.609	30.733
S Tot	79,165.734	11,123.529	3,256.486	0.000	0.000	93,545.749	5,221.777	2,899.717	11.638
After	736.528	64.759	21.603	0.000	0.000	822.890	45.109	25.636	32.825
Total	79,902.261	11,188.289	3,278.090	0.000	0.000	94,368.640	5,266.886	2,925.353	11.806

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	1,524.949	15	11.9	0.000	0.000	1,534.043	.000	15,812.961	15,812.961	15,183.947
12-2019	1,519.012	14	11.1	0.000	0.000	875.110	.000	8,549.437	24,362.398	22,622.415
12-2020	1,430.395	13	10.1	0.000	0.000	639.949	.000	5,952.675	30,315.073	27,325.808
12-2021	1,395.872	12	9.7	0.000	0.000	509.445	.000	4,505.722	34,820.794	30,560.390
12-2022	1,395.872	12	9.7	0.000	0.000	427.296	.000	3,587.155	38,407.949	32,900.919
12-2023	1,395.872	12	9.7	0.000	0.000	369.759	.000	2,936.707	41,344.656	34,642.637
12-2024	1,395.872	12	9.7	0.000	0.000	327.832	.000	2,457.674	43,802.330	35,967.546
12-2025	1,278.033	12	9.7	0.000	0.000	293.729	.000	2,067.573	45,869.903	36,980.590
12-2026	1,237.853	10	8.3	0.000	0.000	267.107	.000	1,768.429	47,638.331	37,768.274
12-2027	1,226.326	10	8.3	0.000	0.000	244.996	.000	1,520.248	49,158.579	38,383.882
12-2028	1,198.530	9	7.3	0.000	0.000	225.975	.000	1,308.105	50,466.684	38,865.457
12-2029	1,198.530	9	7.3	0.000	0.000	207.317	.000	1,101.138	51,567.823	39,233.957
12-2030	1,176.813	9	7.3	0.000	0.000	190.742	.000	871.962	52,439.785	39,499.393
12-2031	1,172.761	8	6.5	0.000	0.000	175.493	.000	700.073	53,139.858	39,693.091
12-2032	1,172.761	8	6.5	0.000	0.000	161.887	.000	554.871	53,694.729	39,832.705
12-2033	1,172.761	8	6.5	0.000	0.000	148.520	.000	412.225	54,106.954	39,927.003
12-2034	1,172.761	8	6.5	0.000	0.000	136.647	.000	285.509	54,392.464	39,986.414
12-2035	1,068.559	8	6.5	0.000	0.000	116.515	.000	172.399	54,564.863	40,019.065
12-2036	708.457	7	5.7	0.000	0.000	75.237	.000	89.804	54,654.667	40,034.550
S Tot	23,841.988			0.000	0.000	6,927.600	.000	54,654.667	54,654.667	40,034.550
After	627.671			0.000	0.000	66.779	.000	57.695	54,712.362	40,043.286
Total	24,469.659			0.000	0.000	6,994.379	.000	54,712.362	54,712.362	40,043.286

SEC Pricing YE2017			Percent	Cum. Disc.
	WTI Cushing	Henry Hub	5.00	45,984.035
Year	Oil $/STB	Gas $/MMBTU	8.00	42,172.462
2018	51.34	2.976	10.00	40,043.286
Thereafter	Flat	Flat	12.00	38,175.239
Cap	51.34	2.976	15.00	35,768.002
			20.00	32,549.673

12    Months in first year    21.656 Year Life (08/2039)    

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT. TEXAS REGISTERED ENGINEERING FIRM F-693. 1/10/2018      10:34:19 Summary

Cawley, Gillespie & Associates, Inc.

Table II - PDP
Lease Reserve Summary
Lilis Energy, Inc. Interests

Delaware Basin Properties in Texas and New Mexico
Proved Developed Producing Reserves

As of December 31, 2017

						Current	WellCnt	Ultimate	Gross	Net	Oil Revenue	Prod Tax	Expenses	Future Net	Cash Flow
OPERATOR						Interest	Life	Recovery	Reserves	Reserves	Gas Revenue	Adv. Tax	Investments	Cash Flow	Disc.@ 10.0
LEASE NAME				Start		%		_____________MBBL / MMCF______________			M$ / M$	M$ / M$	M$ / M$	M$	M$
Table	Class	Major	Well No.	Date	ASN
PHANTOM (WOLFCAMP) -- WINKLER COUNTY, TEXAS
IMPETRO OPERATING LLC
BISON #1H						59.2198 NI	1	636.4	451.8	267.6	12,774.8	697.5	4,550.3	8,604.3	5,965.7
1	PDP	Oil	1H		331	77.7399 WI	21.7	1,508.5	1,084.3	411.0	1,076.3	355.2	0.0
GRIZZLY #1H						61.0414 NI	1	381.9	285.5	174.3	8,321.1	520.9	3,768.4	5,596.0	4,098.6
2	PDP	Oil	1H	332		86.6526 WI	17.4	1,713.1	1,334.7	521.4	1,365.6	253.5	0.0
CHEYENNE (ATOKA) --  WINKLER COUNTY, TEXAS
TRATON OPERATING COMPANY
HILL, A. G. 1						58.3125 NI	1	1.1	0.0	0.0	0.0	120.4	313.3	1,451.4	966.8
3	PDP	Gas	1	140		77.7500 WI	12.2	5,632.6	1,727.6	715.3	1,809.3	48.3	0.0
PHANTOM (WOLFCAMP B) -- WINKLER COUNTY, TEXAS
LILIS ENERGY, INC.
HIPPO #1H						75.1094 NI	1	396.1	291.1	218.6	10,438.0	604.2	4,187.4	6,971.2	5,138.1
4	PDP	Oil	1H	224		100.0000 WI	18.2	1,072.4	852.5	461.0	1,207.4	301.6	0.0
PHANTOM (WOLFCAMP) -- WINKLER COUNTY, TEXAS
IMPETRO OPERATING LLC
KUDU #1H						60.1633 NI	1	227.7	133.3	80.2	3,828.6	230.9	1,803.6	2,400.7	1,624.7
5	PDP	Oil	1H	28		79.2604 WI	19.0	1,021.9	508.7	211.2	546.8	113.7	0.0
PHANTOM (WOLFCAMP B) -- WINKLER COUNTY, TEXAS
LILIS ENERGY, INC.
LION #1H						65.9402 NI	1	369.2	314.8	207.6	9,910.5	618.1	4,171.4	6,954.3	5,149.0
6	PDP	Oil		319		92.4753 WI	18.1	1,544.5	1,358.3	609.0	1,595.0	301.1	0.0
JABALINA (WOLFCAMP, SOUTHWEST) -- LEA COUNTY, NEW MEXICO
IMPETRO OPERATING, LLC
MEXICO P FEDERAL 001						75.7412 NI	1	30.3	18.6	14.1	671.5	47.6	381.7	208.6	160.2
7	PDP	Oil	001	133		97.0634 WI	9.7	82.4	0.0	0.0	0.0	33.6	0.0
TBD (WOLFCAMP B) -- LEA COUNTY, NEW MEXICO
LILIS ENERGY, INC.
PRIZE HOG BWZ ST COM 1H						52.8125 NI	1	433.3	416.3	219.9	10,497.4	823.3	3,360.8	6,734.1	5,016.1
8	PDP	Oil	#1H	317		65.0000 WI	19.8	823.2	791.0	284.1	743.9	574.6	0.0
HALEY (LWR. WOLFCAMP-PENN CONS.) -- LOVING COUNTY, TEXAS
IMPETRO OPERATING LLC
SHAMMO C24-4 1						37.5264 NI	0	0.9		Non-Commercial
9	PDP	Gas	1	68		50.0000 WI	0.0	342.7
PHANTOM (WOLFCAMP B) -- WINKLER COUNTY, TEXAS
LILIS ENERGY, INC.
TIGER 1H						71.0940 NI	1	380.3	364.6	259.2	12,376.1	747.9	4,284.2	9,323.1	7,124.9
10	PDP	Oil		322		87.1825 WI	19.4	1,445.2	1,385.5	669.8	1,754.1	368.1	0.0
CRITTENDON (ATOKA OOLITIC) -- WINKLER COUNTY, TEXAS
IMPETRO OPERATING LLC
TUBB 1 UNIT 1						34.6270 NI	0	0.2		Non-Commercial
11	PDP	Gas	1	24		46.4836 WI	0.0	713.2
CRITTENDON (MORROW) --  WINKLER COUNTY, TEXAS
IMPETRO OPERATING LLC
TUBB 22 UNIT 1R						60.7747 NI	0	0.6		Non-Commercial
12	PDP	Gas    1R		104		84.1536 WI	0.0	2,462.5

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT. TEXAS REGISTERED ENGINEERING FIRM F-693. Scenario:    .000 1/10/2018  10:34:19 AM

Cawley, Gillespie & Associates, Inc.

Page    1

Table II - PDP (cont.)
Lease Reserve Summary
Lilis Energy, Inc. Interests

Delaware Basin Properties in Texas and New Mexico
Proved Developed Producing Reserves

As of December 31, 2017

						Current	WellCnt	Ultimate	Gross	Net	Oil Revenue	Prod Tax	Expenses	Future Net	Cash Flow
OPERATOR						Interest	Life	Recovery	Reserves	Reserves	Gas Revenue	Adv. Tax	Investments	Cash Flow	Disc.@ 10.0
LEASE NAME				Start		%		_____________MBBL / MMCF______________			M$ / M$	M$ / M$	M$ / M$	M$	M$
Table	Class	Major	Well No.	Date	ASN
CRITTENDON (MORROW) --  WINKLER COUNTY, TEXAS
IMPETRO OPERATING LLC
TUBB 9 UNIT 1						36.5956 NI	0	3.0		Non-Commercial
13	PDP	Gas	1		94	48.7061 WI	0.0	1,418.6
CRITTENDON (BRUSHY CANYON) -- WINKLER COUNTY, TEXAS
IMPETRO OPERATING LLC
TUBB ESTATE 1-75 1						42.7447 NI	0	74.3		Non-Commercial
14	PDP	Oil	1		23	55.3225 WI	0.0	89.7
TUBB ESTATE 21 2						64.2033 NI	0	28.5		Non-Commercial
15	PDP	Oil	2		88	88.5433 WI	0.0	19.5
CRITTENDON (ELLEN. 21450) -- WINKLER COUNTY, TEXAS
IMPETRO OPERATING LLC
TUBB ESTATE 25 1						54.8634 NI	0	0.0		Non-Commercial
16	PDP	Gas	1		99	67.9589 WI	0.0	60.5
CRITTENDON (BRUSHY CANYON) -- WINKLER COUNTY, TEXAS
IMPETRO OPERATING LLC
TUBB ESTATE 25 3						74.0852 NI	1	14.3	3.0	2.2	109.7	5.3	92.9	11.8	11.1
17	PDP	Oil	3		71	91.5312 WI	1.9	14.5	1.8	0.8	2.2	2.8	0.0
TBD (WOLFCAMP B) -- LEA COUNTY, NEW MEXICO
LILIS ENERGY, INC.
WILD HOG BWX ST COM 1H						52.8125 NI	1	424.9	367.9	194.3	9,277.2	753.3	3,209.7	5,994.0	4,408.1
18	PDP	Oil	#1H		314	65.0000 WI	19.4	1,012.2	956.6	343.5	899.7	524.1	0.0
CRITTENDON (BRUSHY CANYON) -- WINKLER COUNTY, TEXAS
IMPETRO OPERATING LLC
WOLFE UNIT #3H						68.9935 NI	1	32.9	0.1	0.0	2.2	0.1	0.2	1.8	1.8
19	PDP	Oil	3H		111	85.4277 WI	1.0	0.0	0.0	0.0	0.0	0.1	0.0
CRITTENDON (PENN.) --  WINKLER COUNTY, TEXAS
IMPETRO OPERATING LLC
WOLFE UNIT 1						38.7307 NI	1	766.7	0.0	0.0	0.0	17.3	193.8	12.8	11.8
20	PDP	Gas	1		50	48.1433 WI	2.4	67,841.6	273.0	65.6	171.7	5.7	0.0
CRITTENDON (BELL CANYON) -- WINKLER COUNTY, TEXAS
IMPETRO OPERATING LLC
WOLFE UNIT 4,5&6						57.8050 NI	2	1,008.6	62.8	36.3	1,695.1	79.9	1,146.3	448.0	366.1
21	PDP	Oil	5,6&7		15	68.5740 WI	7.3	895.0	17.1	6.1	16.4	42.9	0.0
GRAND TOTAL							15	5,211.3	2,709.6	1,674.2	79,902.3	5,266.9	31,464.0	54,712.4	40,043.3
								89,713.7	10,291.1	4,298.8	11,188.3	2,925.4	0.0

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT. TEXAS REGISTERED ENGINEERING FIRM F-693. Scenario:    .000 1/10/2018  10:34:19 AM

Cawley, Gillespie & Associates, Inc.

Page     2

Rate-Time History-Forecast Curves

And

Tabular Reserves and Economics

By Property

Cawley, Gillespie & Associates, Inc.

Petroleum Consultants

Table 1

Reserve Estimates and Economic Forecasts as of December 31, 2017
Lilis Energy, Inc. Interests

Proved Developed Producing Reserves
IMPETRO OPERATING LLC -- BISON #1H 1H
PHANTOM \(WOLFCAMP\) FIELD -- Winkler COUNTY, TEXAS

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	83.5	200.5	12.7	49.470	75.985	7.548	47.746	2.619	8.728
12-2019	53.7	128.9	8.2	31.806	48.855	4.853	47.746	2.619	8.728
12-2020	40.5	97.3	6.2	23.997	36.859	3.661	47.746	2.619	8.728
12-2021	32.7	78.5	5.0	19.379	29.766	2.957	47.746	2.619	8.728
12-2022	27.7	66.4	4.2	16.386	25.169	2.500	47.746	2.619	8.728
12-2023	24.1	57.8	3.7	14.254	21.893	2.175	47.746	2.619	8.728
12-2024	21.4	51.4	3.3	12.683	19.481	1.935	47.746	2.619	8.728
12-2025	19.2	46.2	2.9	11.393	17.500	1.738	47.746	2.619	8.728
12-2026	17.5	42.1	2.7	10.385	15.951	1.584	47.746	2.619	8.728
12-2027	16.1	38.7	2.5	9.541	14.655	1.456	47.746	2.619	8.728
12-2028	14.9	35.7	2.3	8.802	13.519	1.343	47.746	2.619	8.728
12-2029	13.6	32.7	2.1	8.075	12.403	1.232	47.746	2.619	8.728
12-2030	12.5	30.1	1.9	7.429	11.411	1.133	47.746	2.619	8.728
12-2031	11.5	27.7	1.8	6.835	10.499	1.043	47.746	2.619	8.728
12-2032	10.6	25.6	1.6	6.305	9.685	.962	47.746	2.619	8.728
12-2033	9.8	23.4	1.5	5.785	8.885	.883	47.746	2.619	8.728
12-2034	9.0	21.6	1.4	5.322	8.175	.812	47.746	2.619	8.728
12-2035	8.3	19.8	1.3	4.897	7.521	.747	47.746	2.619	8.728
12-2036	7.6	18.3	1.2	4.517	6.938	.689	47.746	2.619	8.728
S Tot	434.4	1,042.6	66.3	257.261	395.152	39.251	47.746	2.619	8.728
After	17.4	41.7	2.7	10.296	15.815	1.571	47.746	2.619	8.728
Total	451.8	1,084.3	68.9	267.557	410.968	40.822	47.746	2.619	8.728
Cum	184.6	424.2	.0
Ult	636.4	1,508.5	68.9

(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	2,361.982	198.996	65.873	0.000	0.000	2,626.852	128.972	65.671	5.613
12-2019	1,518.638	127.945	42.353	0.000	0.000	1,688.936	82.922	42.223	6.896
12-2020	1,145.748	96.529	31.954	0.000	0.000	1,274.230	62.561	31.856	8.065
12-2021	925.258	77.953	25.804	0.000	0.000	1,029.015	50.522	25.725	9.200
12-2022	782.382	65.915	21.820	0.000	0.000	870.117	42.720	21.753	10.277
12-2023	680.552	57.336	18.980	0.000	0.000	756.868	37.160	18.922	11.320
12-2024	605.552	51.018	16.888	0.000	0.000	673.458	33.065	16.836	12.313
12-2025	543.993	45.831	15.171	0.000	0.000	604.996	29.704	15.125	13.333
12-2026	495.846	41.775	13.829	0.000	0.000	551.450	27.075	13.786	14.307
12-2027	455.559	38.381	12.705	0.000	0.000	506.645	24.875	12.666	15.280
12-2028	420.239	35.405	11.720	0.000	0.000	467.364	22.946	11.684	16.286
12-2029	385.541	32.482	10.752	0.000	0.000	428.775	21.052	10.719	17.455
12-2030	354.718	29.885	9.893	0.000	0.000	394.496	19.369	9.862	18.685
12-2031	326.359	27.496	9.102	0.000	0.000	362.957	17.820	9.074	20.021
12-2032	301.056	25.364	8.396	0.000	0.000	334.816	16.439	8.370	21.426
12-2033	276.199	23.270	7.703	0.000	0.000	307.172	15.081	7.679	23.057
12-2034	254.118	21.409	7.087	0.000	0.000	282.614	13.876	7.065	24.774
12-2035	233.802	19.698	6.520	0.000	0.000	260.020	12.766	6.500	26.639
12-2036	215.675	18.171	6.015	0.000	0.000	239.860	11.777	5.997	28.601
S Tot	12,283.218	1,034.857	342.565	0.000	0.000	13,660.639	670.701	341.516	11.743
After	491.612	41.418	13.710	0.000	0.000	546.741	26.844	13.669	32.708
Total	12,774.830	1,076.275	356.275	0.000	0.000	14,207.380	697.545	355.184	12.550

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	154.858	1	0.8	0.000	0.000	221.447	.000	2,055.904	2,055.904	1,970.292
12-2019	154.858	1	0.8	0.000	0.000	142.379	.000	1,266.553	3,322.457	3,071.785
12-2020	154.858	1	0.8	0.000	0.000	107.419	.000	917.536	4,239.993	3,796.607
12-2021	154.858	1	0.8	0.000	0.000	86.747	.000	711.162	4,951.155	4,307.067
12-2022	154.858	1	0.8	0.000	0.000	73.352	.000	577.433	5,528.589	4,683.780
12-2023	154.858	1	0.8	0.000	0.000	63.805	.000	482.123	6,010.712	4,969.684
12-2024	154.858	1	0.8	0.000	0.000	56.773	.000	411.925	6,422.637	5,191.715
12-2025	154.858	1	0.8	0.000	0.000	51.002	.000	354.307	6,776.944	5,365.292
12-2026	154.858	1	0.8	0.000	0.000	46.488	.000	309.243	7,086.187	5,503.016
12-2027	154.858	1	0.8	0.000	0.000	42.711	.000	271.535	7,357.722	5,612.957
12-2028	154.858	1	0.8	0.000	0.000	39.399	.000	238.476	7,596.199	5,700.739
12-2029	154.858	1	0.8	0.000	0.000	36.146	.000	206.000	7,802.199	5,769.667
12-2030	154.858	1	0.8	0.000	0.000	33.256	.000	177.150	7,979.349	5,823.560
12-2031	154.858	1	0.8	0.000	0.000	30.598	.000	150.607	8,129.956	5,865.218
12-2032	154.858	1	0.8	0.000	0.000	28.225	.000	126.924	8,256.880	5,897.139
12-2033	154.858	1	0.8	0.000	0.000	25.895	.000	103.658	8,360.538	5,920.837
12-2034	154.858	1	0.8	0.000	0.000	23.825	.000	82.990	8,443.528	5,938.089
12-2035	154.858	1	0.8	0.000	0.000	21.920	.000	63.975	8,507.503	5,950.182
12-2036	154.858	1	0.8	0.000	0.000	20.221	.000	47.009	8,554.512	5,958.266
S Tot	2,942.301			0.000	0.000	1,151.608	.000	8,554.512	8,554.512	5,958.266
After	410.301			0.000	0.000	46.091	.000	49.837	8,604.348	5,965.748
Total	3,352.603			0.000	0.000	1,197.699	.000	8,604.348	8,604.348	5,965.748

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units		Initial	Final	5.00	7,006.537
Oil Rate	9,430.	487.	bbls/mo	56.1%	1.20	0.0%	16,598.	16,598.	$/w/mo	Expense	77.7399	77.7399	8.00	6,334.257
Gas Rate	22,632.	1,169.	Mcf/mo	0.0%	0.00	0.0%				Revenue			10.00	5,965.748
GOR	2,400.	2,400.	scf/bbl							Oil	59.2198	59.2198	12.00	5,646.640
NGL Rate	1,419.	76.	bbls/mo							Gas	59.2198	59.2198	15.00	5,241.246
NGL Yield	62.7	65.4	bbl/MMcf										20.00	4,709.444
Gas Shrinkage	38.0	35.5	%
Oil Severance	4.6	4.6	%
Gas Severance	7.5	7.5	%
NGL Severance	7.5	7.5	%
Ad Valorem	39.4		%

12   Months in first year    21.656 Year Life (08/2039)    

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT. TEXAS REGISTERED ENGINEERING FIRM F-693. ASN 331 DEFAULT   1/10/2018   10:34:19 OIL  PDP Table     1

Cawley, Gillespie & Associates, Inc.

Table 2

Reserve Estimates and Economic Forecasts as of December 31, 2017
Lilis Energy, Inc. Interests

Proved Developed Producing Reserves
IMPETRO OPERATING LLC -- GRIZZLY #1H 1H

PHANTOM \(WOLFCAMP\) FIELD -- Winkler COUNTY, TEXAS

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	55.3	258.6	16.4	33.766	101.029	10.035	47.746	2.619	8.728
12-2019	36.1	168.9	10.7	22.055	65.988	6.555	47.746	2.619	8.728
12-2020	27.4	128.2	8.2	16.745	50.103	4.977	47.746	2.619	8.728
12-2021	22.2	103.9	6.6	13.570	40.601	4.033	47.746	2.619	8.728
12-2022	18.8	88.1	5.6	11.500	34.407	3.418	47.746	2.619	8.728
12-2023	16.4	76.7	4.9	10.018	29.974	2.977	47.746	2.619	8.728
12-2024	14.6	68.3	4.3	8.924	26.701	2.652	47.746	2.619	8.728
12-2025	13.1	61.5	3.9	8.024	24.007	2.385	47.746	2.619	8.728
12-2026	12.0	56.0	3.6	7.318	21.897	2.175	47.746	2.619	8.728
12-2027	11.0	51.5	3.3	6.726	20.123	1.999	47.746	2.619	8.728
12-2028	10.2	47.5	3.0	6.204	18.563	1.844	47.746	2.619	8.728
12-2029	9.3	43.6	2.8	5.692	17.030	1.692	47.746	2.619	8.728
12-2030	8.6	40.1	2.5	5.237	15.669	1.556	47.746	2.619	8.728
12-2031	7.9	36.9	2.3	4.818	14.416	1.432	47.746	2.619	8.728
12-2032	7.3	34.0	2.2	4.445	13.298	1.321	47.746	2.619	8.728
12-2033	6.7	31.2	2.0	4.078	12.200	1.212	47.746	2.619	8.728
12-2034	6.1	28.7	1.8	3.752	11.225	1.115	47.746	2.619	8.728
05-2035	2.3	10.8	.7	1.406	4.206	.418	47.746	2.619	8.728
12-2036
S Tot	285.5	1,334.7	84.9	174.277	521.436	51.794	47.746	2.619	8.728
After	.0	.0	.0	.000	.000	.000	.000	.000	.000
Total	285.5	1,334.7	84.9	174.277	521.436	51.794	47.746	2.619	8.728
Cum	96.3	378.4	.0
Ult	381.9	1,713.1	84.9

(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	1,612.209	264.582	87.583	0.000	0.000	1,964.374	100.919	49.109	5.663
12-2019	1,053.033	172.815	57.206	0.000	0.000	1,283.054	65.916	32.076	7.258
12-2020	799.534	131.213	43.435	0.000	0.000	974.181	50.048	24.355	8.716
12-2021	647.917	106.330	35.198	0.000	0.000	789.445	40.557	19.736	10.133
12-2022	549.070	90.109	29.828	0.000	0.000	669.007	34.370	16.725	11.478
12-2023	478.330	78.499	25.985	0.000	0.000	582.815	29.942	14.570	12.783
12-2024	426.089	69.926	23.147	0.000	0.000	519.163	26.672	12.979	14.024
12-2025	383.099	62.871	20.812	0.000	0.000	466.782	23.981	11.670	15.299
12-2026	349.426	57.345	18.983	0.000	0.000	425.753	21.873	10.644	16.517
12-2027	321.121	52.700	17.445	0.000	0.000	391.265	20.101	9.782	17.738
12-2028	296.224	48.614	16.092	0.000	0.000	360.930	18.543	9.023	19.006
12-2029	271.766	44.600	14.764	0.000	0.000	331.129	17.012	8.278	20.477
12-2030	250.039	41.034	13.583	0.000	0.000	304.656	15.652	7.616	22.025
12-2031	230.049	37.754	12.497	0.000	0.000	280.300	14.400	7.007	23.708
12-2032	212.213	34.827	11.528	0.000	0.000	258.568	13.284	6.464	25.477
12-2033	194.691	31.951	10.577	0.000	0.000	237.219	12.187	5.930	27.530
12-2034	179.126	29.397	9.731	0.000	0.000	218.253	11.213	5.456	29.691
05-2035	67.119	11.015	3.646	0.000	0.000	81.780	4.201	2.045	30.987
12-2036
S Tot	8,321.054	1,365.579	452.042	0.000	0.000	10,138.675	520.871	253.467	12.781
After	.000	.000	.000	0.000	0.000	.000	.000	.000	.000
Total	8,321.054	1,365.579	452.042	0.000	0.000	10,138.675	520.871	253.467	12.781

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	171.572	1	0.9	0.000	0.000	151.949	.000	1,490.824	1,490.824	1,428.673
12-2019	171.572	1	0.9	0.000	0.000	99.248	.000	914.241	2,405.065	2,223.831
12-2020	171.572	1	0.9	0.000	0.000	75.355	.000	652.851	3,057.916	2,739.624
12-2021	171.572	1	0.9	0.000	0.000	61.066	.000	496.514	3,554.430	3,096.060
12-2022	171.572	1	0.9	0.000	0.000	51.749	.000	394.590	3,949.020	3,353.524
12-2023	171.572	1	0.9	0.000	0.000	45.082	.000	321.648	4,270.668	3,544.294
12-2024	171.572	1	0.9	0.000	0.000	40.159	.000	267.781	4,538.449	3,688.658
12-2025	171.572	1	0.9	0.000	0.000	36.107	.000	223.453	4,761.902	3,798.148
12-2026	171.572	1	0.9	0.000	0.000	32.933	.000	188.731	4,950.633	3,882.217
12-2027	171.572	1	0.9	0.000	0.000	30.265	.000	159.545	5,110.178	3,946.829
12-2028	171.572	1	0.9	0.000	0.000	27.919	.000	133.873	5,244.051	3,996.124
12-2029	171.572	1	0.9	0.000	0.000	25.614	.000	108.653	5,352.705	4,032.494
12-2030	171.572	1	0.9	0.000	0.000	23.566	.000	86.250	5,438.955	4,058.746
12-2031	171.572	1	0.9	0.000	0.000	21.682	.000	65.638	5,504.592	4,076.914
12-2032	171.572	1	0.9	0.000	0.000	20.001	.000	47.247	5,551.839	4,088.812
12-2033	171.572	1	0.9	0.000	0.000	18.349	.000	29.179	5,581.018	4,095.496
12-2034	171.572	1	0.9	0.000	0.000	16.882	.000	13.130	5,594.148	4,098.239
05-2035	67.371	1	0.9	0.000	0.000	6.326	.000	1.838	5,595.986	4,098.597
12-2036
S Tot	2,984.098			0.000	0.000	784.253	.000	5,595.986	5,595.986	4,098.597
After	.000			0.000	0.000	0.000	.000	.000	5,595.986	4,098.597
Total	2,984.098			0.000	0.000	784.253	.000	5,595.986	5,595.986	4,098.597

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units		Initial	Final	5.00	4,712.875
Oil Rate	6,156.	475.	bbls/mo	53.9%	1.20	0.0%	16,499.	16,262.	$/w/mo	Expense	86.6526	86.6526	8.00	4,319.970
Gas Rate	28,781.	2,222.	Mcf/mo	0.0%	0.00	0.0%				Revenue			10.00	4,098.597
GOR	4,670.	4,670.	scf/bbl							Oil	61.0414	61.0414	12.00	3,903.301
NGL Rate	1,809.	140.	bbls/mo							Gas	61.0414	61.0414	15.00	3,650.240
NGL Yield	62.9	63.2	bbl/MMcf										20.00	3,309.723
Gas Shrinkage	37.9	35.5	%
Oil Severance	4.6	4.6	%
Gas Severance	7.5	7.5	%
NGL Severance	7.5	7.5	%
Ad Valorem	42.0		%

12   Months in first year    17.396 Year Life (05/2035)    

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT. TEXAS REGISTERED ENGINEERING FIRM F-693. ASN 332 DEFAULT    1/10/2018 10:34:19 OIL  PDP Table     2

Cawley, Gillespie & Associates, Inc.

Table 3

Reserve Estimates and Economic Forecasts as of December 31, 2017
Lilis Energy, Inc. Interests

Proved Developed Producing Reserves
TRATON OPERATING COMPANY -- HILL, A. G. 1 1

CHEYENNE \(ATOKA\) FIELD -- Winkler COUNTY, TEXAS

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	.0	216.8	13.0	.000	89.747	7.584	.000	2.530	2.054
12-2019	.0	199.4	12.0	.000	82.572	6.978	.000	2.530	2.054
12-2020	.0	184.0	11.0	.000	76.170	6.437	.000	2.530	2.054
12-2021	.0	168.8	10.1	.000	69.881	5.905	.000	2.530	2.054
12-2022	.0	155.3	9.3	.000	64.294	5.433	.000	2.530	2.054
12-2023	.0	142.9	8.6	.000	59.154	4.999	.000	2.530	2.054
12-2024	.0	131.8	7.9	.000	54.568	4.611	.000	2.530	2.054
12-2025	.0	120.9	7.3	.000	50.062	4.231	.000	2.530	2.054
12-2026	.0	111.3	6.7	.000	46.060	3.892	.000	2.530	2.054
12-2027	.0	102.4	6.1	.000	42.377	3.581	.000	2.530	2.054
12-2028	.0	94.4	5.7	.000	39.092	3.304	.000	2.530	2.054
12-2029	.0	86.6	5.2	.000	35.864	3.031	.000	2.530	2.054
02-2030	.0	13.1	.8	.000	5.429	.459	.000	2.530	2.054
12-2031
12-2032
12-2033
12-2034
12-2035
12-2036
S Tot	.0	1,727.6	103.7	.000	715.269	60.445	.000	2.530	2.054
After	.0	.0	.0	.000	.000	.000	.000	.000	.000
Total	.0	1,727.6	103.7	.000	715.269	60.445	.000	2.530	2.054
Cum	1.1	3,905.0	.0
Ult	1.1	5,632.6	103.7

(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	.000	227.024	15.575	0.000	0.000	242.598	.090	6.065	1.296
12-2019	.000	208.874	14.330	0.000	0.000	223.203	9.728	5.580	1.408
12-2020	.000	192.679	13.219	0.000	0.000	205.898	15.519	5.147	1.527
12-2021	.000	176.770	12.127	0.000	0.000	188.898	14.237	4.722	1.664
12-2022	.000	162.638	11.158	0.000	0.000	173.796	13.099	4.345	1.809
12-2023	.000	149.636	10.266	0.000	0.000	159.901	12.052	3.998	1.966
12-2024	.000	138.034	9.470	0.000	0.000	147.504	11.117	3.688	2.131
12-2025	.000	126.637	8.688	0.000	0.000	135.325	10.199	3.383	2.323
12-2026	.000	116.513	7.993	0.000	0.000	124.506	9.384	3.113	2.525
12-2027	.000	107.198	7.354	0.000	0.000	114.552	8.634	2.864	2.744
12-2028	.000	98.887	6.784	0.000	0.000	105.671	7.964	2.642	2.975
12-2029	.000	90.722	6.224	0.000	0.000	96.946	7.307	2.424	3.243
02-2030	.000	13.733	.942	0.000	0.000	14.675	1.106	.367	3.369
12-2031
12-2032
12-2033
12-2034
12-2035
12-2036
S Tot	.000	1,809.344	124.128	0.000	0.000	1,933.472	120.436	48.337	1.977
After	.000	.000	.000	0.000	0.000	.000	.000	.000	.000
Total	.000	1,809.344	124.128	0.000	0.000	1,933.472	120.436	48.337	1.977

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	25.769	1	0.8	0.000	0.000	0.000	.000	210.674	210.674	201.079
12-2019	25.769	1	0.8	0.000	0.000	0.000	.000	182.126	392.800	359.288
12-2020	25.769	1	0.8	0.000	0.000	0.000	.000	159.463	552.262	485.077
12-2021	25.769	1	0.8	0.000	0.000	0.000	.000	144.168	696.431	588.455
12-2022	25.769	1	0.8	0.000	0.000	0.000	.000	130.582	827.013	673.586
12-2023	25.769	1	0.8	0.000	0.000	0.000	.000	118.082	945.095	743.574
12-2024	25.769	1	0.8	0.000	0.000	0.000	.000	106.929	1,052.025	801.188
12-2025	25.769	1	0.8	0.000	0.000	0.000	.000	95.973	1,147.998	848.194
12-2026	25.769	1	0.8	0.000	0.000	0.000	.000	86.240	1,234.238	886.596
12-2027	25.769	1	0.8	0.000	0.000	0.000	.000	77.285	1,311.523	917.885
12-2028	25.769	1	0.8	0.000	0.000	0.000	.000	69.295	1,380.818	943.388
12-2029	25.769	1	0.8	0.000	0.000	0.000	.000	61.446	1,442.263	963.945
02-2030	4.052	1	0.8	0.000	0.000	0.000	.000	9.150	1,451.413	966.838
12-2031
12-2032
12-2033
12-2034
12-2035
12-2036
S Tot	313.286			0.000	0.000	0.000	.000	1,451.413	1,451.413	966.838
After	.000			0.000	0.000	0.000	.000	.000	1,451.413	966.838
Total	313.286			0.000	0.000	0.000	.000	1,451.413	1,451.413	966.838

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units		Initial	Final	5.00	4,712.875
Gas Rate	18,835.	6,835.	Mcf/mo	8.0%	0.00	0.0%	2,761.	2,761.	$/w/mo	Expense	77.7500	77.7500	8.00	1,037.958
Oil Rate	0.	0.	bbls/mo	0.0%	0.00	0.0%				Revenue			10.00	966.838
NGL Rate	1,147.	421.	bbls/mo							Oil	58.3125	58.3125	12.00	904.520
CondRate	0.0	0.0	bbl/MMcf							Gas	58.3125	58.3125	15.00	824.587
NGL Yield	60.9	61.7	bbl/MMcf										20.00	719.053
Gas Shrinkage	29.2	28.3	%
Oil Severance	0.0	0.0	%
Gas Severance	0.0	7.5	%
NGL Severance	0.0	7.5	%
Ad Valorem	19.7		%

12   Months in first year   12.159 Year Life (02/2030)    

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT. TEXAS REGISTERED ENGINEERING FIRM F-693. ASN 140 DEFAULT   1/10/2018 10:34:19 GAS PDP Table     3

Cawley, Gillespie & Associates, Inc.

Table 4

Reserve Estimates and Economic Forecasts as of December 31, 2017
Lilis Energy, Inc. Interests

Proved Developed Producing Reserves
LILIS ENERGY, INC. -- HIPPO #1H 1H

PHANTOM (WOLFCAMP B) FIELD -- WINKLER COUNTY, TEXAS

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	62.0	181.7	13.6	46.593	98.258	10.235	47.746	2.619	8.728
12-2019	37.2	109.1	8.2	27.975	58.995	6.145	47.746	2.619	8.728
12-2020	27.4	80.2	6.0	20.576	43.393	4.520	47.746	2.619	8.728
12-2021	21.8	63.9	4.8	16.395	34.575	3.602	47.746	2.619	8.728
12-2022	18.3	53.6	4.0	13.748	28.993	3.020	47.746	2.619	8.728
12-2023	15.8	46.4	3.5	11.891	25.076	2.612	47.746	2.619	8.728
12-2024	14.0	41.1	3.1	10.536	22.220	2.315	47.746	2.619	8.728
12-2025	12.6	36.8	2.8	9.436	19.898	2.073	47.746	2.619	8.728
12-2026	11.4	33.5	2.5	8.579	18.092	1.885	47.746	2.619	8.728
12-2027	10.5	30.7	2.3	7.872	16.602	1.729	47.746	2.619	8.728
12-2028	9.7	28.3	2.1	7.262	15.314	1.595	47.746	2.619	8.728
12-2029	8.9	26.0	1.9	6.662	14.050	1.464	47.746	2.619	8.728
12-2030	8.2	23.9	1.8	6.130	12.926	1.347	47.746	2.619	8.728
12-2031	7.5	22.0	1.6	5.640	11.893	1.239	47.746	2.619	8.728
12-2032	6.9	20.3	1.5	5.202	10.971	1.143	47.746	2.619	8.728
12-2033	6.4	18.6	1.4	4.773	10.065	1.048	47.746	2.619	8.728
12-2034	5.8	17.1	1.3	4.391	9.260	.965	47.746	2.619	8.728
12-2035	5.4	15.8	1.2	4.040	8.520	.888	47.746	2.619	8.728
03-2036	1.2	3.6	.3	.914	1.928	.201	47.746	2.619	8.728
S Tot	291.1	852.5	63.9	218.614	461.031	48.024	47.746	2.619	8.728
After	.0	.0	.0	.000	.000	.000	.000	.000	.000
Total	291.1	852.5	63.9	218.614	461.031	48.024	47.746	2.619	8.728
Cum	105.0	219.9	.0
Ult	396.1	1,072.4	63.9

(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	2,224.617	257.326	89.329	0.000	0.000	2,571.272	128.779	64.282	5.456
12-2019	1,335.688	154.502	53.634	0.000	0.000	1,543.824	77.320	38.596	7.153
12-2020	982.449	113.642	39.450	0.000	0.000	1,135.542	56.872	28.389	8.681
12-2021	782.788	90.547	31.433	0.000	0.000	904.768	45.314	22.619	10.154
12-2022	656.412	75.929	26.358	0.000	0.000	758.698	37.998	18.967	11.550
12-2023	567.732	65.671	22.797	0.000	0.000	656.200	32.865	16.405	12.900
12-2024	503.075	58.192	20.201	0.000	0.000	581.467	29.122	14.537	14.185
12-2025	450.511	52.112	18.090	0.000	0.000	520.713	26.079	13.018	15.501
12-2026	409.623	47.382	16.448	0.000	0.000	473.454	23.712	11.836	16.758
12-2027	375.868	43.477	15.093	0.000	0.000	434.438	21.758	10.861	18.003
12-2028	346.722	40.106	13.923	0.000	0.000	400.750	20.071	10.019	19.272
12-2029	318.094	36.795	12.773	0.000	0.000	367.661	18.414	9.192	20.745
12-2030	292.663	33.853	11.752	0.000	0.000	338.268	16.942	8.457	22.295
12-2031	269.265	31.146	10.812	0.000	0.000	311.224	15.587	7.781	23.980
12-2032	248.389	28.732	9.974	0.000	0.000	287.095	14.379	7.177	25.751
12-2033	227.880	26.359	9.150	0.000	0.000	263.390	13.192	6.585	27.807
12-2034	209.662	24.252	8.419	0.000	0.000	242.333	12.137	6.058	29.971
12-2035	192.900	22.313	7.746	0.000	0.000	222.959	11.167	5.574	32.323
03-2036	43.655	5.050	1.753	0.000	0.000	50.458	2.527	1.261	33.494
S Tot	10,437.993	1,207.385	419.136	0.000	0.000	12,064.513	604.236	301.613	12.819
After	.000	.000	.000	0.000	0.000	.000	.000	.000	.000
Total	10,437.993	1,207.385	419.136	0.000	0.000	12,064.513	604.236	301.613	12.819

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	177.600	1	1.0	0.000	0.000	202.227	.000	1,998.384	1,998.384	1,917.116
12-2019	177.600	1	1.0	0.000	0.000	121.420	.000	1,128.889	3,127.273	2,899.283
12-2020	177.600	1	1.0	0.000	0.000	89.309	.000	783.372	3,910.645	3,518.286
12-2021	177.600	1	1.0	0.000	0.000	71.159	.000	588.076	4,498.720	3,940.485
12-2022	177.600	1	1.0	0.000	0.000	59.671	.000	464.462	4,963.182	4,243.553
12-2023	177.600	1	1.0	0.000	0.000	51.609	.000	377.721	5,340.903	4,467.584
12-2024	177.600	1	1.0	0.000	0.000	45.732	.000	314.477	5,655.380	4,637.121
12-2025	177.600	1	1.0	0.000	0.000	40.953	.000	263.062	5,918.442	4,766.019
12-2026	177.600	1	1.0	0.000	0.000	37.237	.000	223.068	6,141.511	4,865.381
12-2027	177.600	1	1.0	0.000	0.000	34.168	.000	190.051	6,331.562	4,942.344
12-2028	177.600	1	1.0	0.000	0.000	31.519	.000	161.542	6,493.104	5,001.821
12-2029	177.600	1	1.0	0.000	0.000	28.916	.000	133.540	6,626.643	5,046.516
12-2030	177.600	1	1.0	0.000	0.000	26.604	.000	108.665	6,735.308	5,079.585
12-2031	177.600	1	1.0	0.000	0.000	24.477	.000	85.779	6,821.087	5,103.323
12-2032	177.600	1	1.0	0.000	0.000	22.580	.000	65.359	6,886.446	5,119.773
12-2033	177.600	1	1.0	0.000	0.000	20.715	.000	45.298	6,931.744	5,130.141
12-2034	177.600	1	1.0	0.000	0.000	19.059	.000	27.478	6,959.223	5,135.864
12-2035	177.600	1	1.0	0.000	0.000	17.535	.000	11.083	6,970.305	5,137.972
03-2036	41.791	1	1.0	0.000	0.000	3.968	.000	.909	6,971.214	5,138.134
S Tot	3,238.591			0.000	0.000	948.859	.000	6,971.214	6,971.214	5,138.134
After	.000			0.000	0.000	0.000	.000	.000	6,971.214	5,138.134
Total	3,238.591			0.000	0.000	948.859	.000	6,971.214	6,971.214	5,138.134

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units		Initial	Final	5.00	5,886.663
Oil Rate	7,475.	421.	bbls/mo	65.7%	1.20	0.0%	14,800.	14,101.	$/w/mo	Expense	100.0000	100.0000	8.00	5,407.389
Gas Rate	21,897.	1,235.	Mcf/mo	0.0%	0.00	0.0%				Revenue			10.00	5,138.134
GOR	2,920.	2,920.	scf/bbl							Oil	75.1094	75.1094	12.00	4,901.002
NGL Rate	1,606.	89.	bbls/mo							Gas	75.1094	75.1094	15.00	4,594.203
NGL Yield	73.3	72.1	bbl/MMcf										20.00	4,181.953
Gas Shrinkage	30.9	27.5	%
Oil Severance	4.6	4.6	%
Gas Severance	7.5	7.5	%
NGL Severance	7.5	7.5	%
Ad Valorem	42.0		%

12   Months in first year   18.237 Year Life (03/2036)    

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT. TEXAS REGISTERED ENGINEERING FIRM F-693. ASN 224 DEFAULT   1/10/2018 10:34:19 OIL PDP Table    4

Cawley, Gillespie & Associates, Inc.

Table 5

Reserve Estimates and Economic Forecasts as of December 31, 2017
Lilis Energy, Inc. Interests

Proved Developed Producing Reserves
IMPETRO OPERATING LLC -- KUDU #1H 1H

PHANTOM \(WOLFCAMP\) FIELD -- Winkler COUNTY, TEXAS

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	18.1	74.2	4.8	10.893	30.812	2.903	47.746	2.589	8.728
12-2019	14.4	56.7	3.7	8.640	23.549	2.218	47.746	2.589	8.728
12-2020	12.0	46.5	3.0	7.229	19.285	1.817	47.746	2.589	8.728
12-2021	10.3	39.4	2.6	6.214	16.346	1.540	47.746	2.589	8.728
12-2022	9.1	34.4	2.2	5.480	14.272	1.344	47.746	2.589	8.728
12-2023	8.2	30.6	2.0	4.913	12.701	1.196	47.746	2.589	8.728
12-2024	7.4	27.7	1.8	4.473	11.496	1.083	47.746	2.589	8.728
12-2025	6.8	25.2	1.6	4.089	10.466	.986	47.746	2.589	8.728
12-2026	6.3	23.2	1.5	3.762	9.621	.906	47.746	2.589	8.728
12-2027	5.8	21.3	1.4	3.462	8.852	.834	47.746	2.589	8.728
12-2028	5.3	19.7	1.3	3.193	8.166	.769	47.746	2.589	8.728
12-2029	4.9	18.0	1.2	2.929	7.492	.706	47.746	2.589	8.728
12-2030	4.5	16.6	1.1	2.695	6.893	.649	47.746	2.589	8.728
12-2031	4.1	15.3	1.0	2.480	6.342	.597	47.746	2.589	8.728
12-2032	3.8	14.1	.9	2.288	5.850	.551	47.746	2.589	8.728
12-2033	3.5	12.9	.8	2.099	5.367	.506	47.746	2.589	8.728
12-2034	3.2	11.9	.8	1.931	4.938	.465	47.746	2.589	8.728
12-2035	3.0	10.9	.7	1.777	4.543	.428	47.746	2.589	8.728
12-2036	2.7	10.1	.7	1.639	4.191	.395	47.746	2.589	8.728
S Tot	133.3	508.7	33.1	80.187	211.180	19.894	47.746	2.589	8.728
After	.0	.0	.0	.000	.000	.000	.000	.000	.000
Total	133.3	508.7	33.1	80.187	211.180	19.894	47.746	2.589	8.728
Cum	94.5	513.2	.0
Ult	227.7	1,021.9	33.1

(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	520.121	79.775	25.332	0.000	0.000	625.229	31.919	15.631	7.129
12-2019	412.507	60.972	19.362	0.000	0.000	492.841	25.087	12.321	8.328
12-2020	345.155	49.930	15.855	0.000	0.000	410.940	20.883	10.273	9.438
12-2021	296.717	42.321	13.439	0.000	0.000	352.477	17.893	8.812	10.536
12-2022	261.661	36.951	11.734	0.000	0.000	310.345	15.742	7.759	11.579
12-2023	234.597	32.884	10.442	0.000	0.000	277.922	14.090	6.948	12.594
12-2024	213.575	29.765	9.452	0.000	0.000	252.792	12.810	6.320	13.558
12-2025	195.256	27.098	8.605	0.000	0.000	230.958	11.700	5.774	14.562
12-2026	179.636	24.911	7.910	0.000	0.000	212.457	10.762	5.311	15.563
12-2027	165.274	22.919	7.278	0.000	0.000	195.472	9.902	4.887	16.645
12-2028	152.460	21.142	6.714	0.000	0.000	180.317	9.134	4.508	17.783
12-2029	139.872	19.397	6.159	0.000	0.000	165.428	8.380	4.136	19.104
12-2030	128.690	17.846	5.667	0.000	0.000	152.203	7.710	3.805	20.495
12-2031	118.401	16.419	5.214	0.000	0.000	140.034	7.094	3.501	22.006
12-2032	109.222	15.146	4.810	0.000	0.000	129.177	6.544	3.229	23.594
12-2033	100.203	13.896	4.413	0.000	0.000	118.512	6.003	2.963	25.438
12-2034	92.192	12.785	4.060	0.000	0.000	109.037	5.523	2.726	27.379
12-2035	84.822	11.763	3.735	0.000	0.000	100.320	5.082	2.508	29.488
12-2036	78.246	10.851	3.446	0.000	0.000	92.542	4.688	2.314	31.706
S Tot	3,828.606	546.770	173.625	0.000	0.000	4,549.002	230.945	113.725	14.056
After	.000	.000	.000	0.000	0.000	.000	.000	.000	.000
Total	3,828.606	546.770	173.625	0.000	0.000	4,549.002	230.945	113.725	14.056

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	74.188	1	0.8	0.000	0.000	53.530	.000	449.962	449.962	430.230
12-2019	74.188	1	0.8	0.000	0.000	42.455	.000	338.790	788.752	724.572
12-2020	74.188	1	0.8	0.000	0.000	35.523	.000	270.072	1,058.824	937.801
12-2021	74.188	1	0.8	0.000	0.000	30.538	.000	221.047	1,279.871	1,096.408
12-2022	74.188	1	0.8	0.000	0.000	26.930	.000	185.726	1,465.597	1,217.546
12-2023	74.188	1	0.8	0.000	0.000	24.144	.000	158.552	1,624.150	1,311.553
12-2024	74.188	1	0.8	0.000	0.000	21.981	.000	137.494	1,761.643	1,385.655
12-2025	74.188	1	0.8	0.000	0.000	20.095	.000	119.201	1,880.844	1,444.048
12-2026	74.188	1	0.8	0.000	0.000	18.488	.000	103.708	1,984.552	1,490.237
12-2027	74.188	1	0.8	0.000	0.000	17.010	.000	89.485	2,074.038	1,526.473
12-2028	74.188	1	0.8	0.000	0.000	15.691	.000	76.796	2,150.833	1,554.746
12-2029	74.188	1	0.8	0.000	0.000	14.395	.000	64.329	2,215.163	1,576.275
12-2030	74.188	1	0.8	0.000	0.000	13.245	.000	53.255	2,268.418	1,592.480
12-2031	74.188	1	0.8	0.000	0.000	12.186	.000	43.067	2,311.485	1,604.396
12-2032	74.188	1	0.8	0.000	0.000	11.241	.000	33.976	2,345.461	1,612.945
12-2033	74.188	1	0.8	0.000	0.000	10.313	.000	25.045	2,370.506	1,618.675
12-2034	74.188	1	0.8	0.000	0.000	9.488	.000	17.112	2,387.617	1,622.236
12-2035	74.188	1	0.8	0.000	0.000	8.730	.000	9.812	2,397.430	1,624.095
12-2036	74.188	1	0.8	0.000	0.000	8.053	.000	3.300	2,400.729	1,624.668
S Tot	1,409.567			0.000	0.000	394.035	.000	2,400.729	2,400.729	1,624.668
After	.000			0.000	0.000	0.000	.000	.000	2,400.729	1,624.668
Total	1,409.567			0.000	0.000	394.035	.000	2,400.729	2,400.729	1,624.668

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units		Initial	Final	5.00	1,934.777
Oil Rate	1,730.	217.	bbls/mo	26.9%	1.20	0.0%	7,799.	7,799.	$/w/mo	Expense	79.2604	79.2604	8.00	1,734.978
Gas Rate	7,279.	805.	Mcf/mo	31.8%	1.20	0.0%				Revenue			10.00	1,624.668
GOR	4,200.	3,700.	scf/bbl							Oil	60.1633	60.1633	12.00	1,528.786
NGL Rate	474.	53.	bbls/mo							Gas	60.1633	60.1633	15.00	1,406.644
NGL Yield	65.2	66.4	bbl/MMcf										20.00	1,246.252
Gas Shrinkage	32.1	31.0	%
Oil Severance	4.6	4.6	%
Gas Severance	7.5	7.5	%
NGL Severance	7.5	7.5	%
Ad Valorem	18.9		%

12   Months in first year   19.001 Year Life (01/2037)    

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT. TEXAS REGISTERED ENGINEERING FIRM F-693. ASN 28 DEFAULT    1/10/2018 10:34:19 OIL PDP Table    5

Cawley, Gillespie & Associates, Inc.

Table 6

Reserve Estimates and Economic Forecasts as of December 31, 2017

Lilis Energy, Inc. Interests

Proved Developed Producing Reserves

LILIS ENERGY, INC. -- LION #1H

PHANTOM (WOLFCAMP B) FIELD -- WINKLER COUNTY, TEXAS

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	68.4	295.2	20.4	45.111	132.366	13.431	47.746	2.619	8.728
12-2019	40.5	174.8	12.1	26.706	78.359	7.951	47.746	2.619	8.728
12-2020	29.6	127.9	8.8	19.548	57.359	5.820	47.746	2.619	8.728
12-2021	23.6	101.7	7.0	15.537	45.589	4.626	47.746	2.619	8.728
12-2022	19.7	85.1	5.9	13.009	38.171	3.873	47.746	2.619	8.728
12-2023	17.0	73.6	5.1	11.240	32.981	3.347	47.746	2.619	8.728
12-2024	15.1	65.1	4.5	9.953	29.203	2.963	47.746	2.619	8.728
12-2025	13.5	58.3	4.0	8.908	26.137	2.652	47.746	2.619	8.728
12-2026	12.3	53.0	3.7	8.096	23.755	2.410	47.746	2.619	8.728
12-2027	11.3	48.6	3.4	7.427	21.792	2.211	47.746	2.619	8.728
12-2028	10.4	44.8	3.1	6.851	20.102	2.040	47.746	2.619	8.728
12-2029	9.5	41.1	2.8	6.285	18.442	1.871	47.746	2.619	8.728
12-2030	8.8	37.8	2.6	5.783	16.967	1.722	47.746	2.619	8.728
12-2031	8.1	34.8	2.4	5.320	15.611	1.584	47.746	2.619	8.728
12-2032	7.4	32.1	2.2	4.908	14.401	1.461	47.746	2.619	8.728
12-2033	6.8	29.5	2.0	4.503	13.212	1.341	47.746	2.619	8.728
12-2034	6.3	27.1	1.9	4.143	12.155	1.233	47.746	2.619	8.728
12-2035	5.8	24.9	1.7	3.811	11.184	1.135	47.746	2.619	8.728
02-2036	.6	2.8	.2	.428	1.257	.128	47.746	2.619	8.728
S Tot	314.8	1,358.3	93.7	207.567	609.042	61.800	47.746	2.619	8.728
After	.0	.0	.0	.000	.000	.000	.000	.000	.000
Total	314.8	1,358.3	93.7	207.567	609.042	61.800	47.746	2.619	8.728
Cum	54.4	186.2	.0
Ult	369.2	1,544.5	93.7
(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	2,153.893	346.649	117.223	0.000	0.000	2,617.765	134.329	65.444	5.073
12-2019	1,275.087	205.214	69.395	0.000	0.000	1,549.695	79.521	38.742	6.685
12-2020	933.366	150.217	50.797	0.000	0.000	1,134.380	58.210	28.360	8.132
12-2021	741.842	119.393	40.374	0.000	0.000	901.608	46.265	22.540	9.526
12-2022	621.136	99.966	33.804	0.000	0.000	754.907	38.737	18.873	10.846
12-2023	536.674	86.373	29.208	0.000	0.000	652.254	33.470	16.306	12.122
12-2024	475.202	76.480	25.862	0.000	0.000	577.544	29.636	14.439	13.337
12-2025	425.314	68.450	23.147	0.000	0.000	516.911	26.525	12.923	14.580
12-2026	386.544	62.211	21.037	0.000	0.000	469.792	24.107	11.745	15.768
12-2027	354.598	57.069	19.299	0.000	0.000	430.966	22.115	10.774	16.943
12-2028	327.098	52.643	17.802	0.000	0.000	397.544	20.400	9.939	18.137
12-2029	300.091	48.297	16.332	0.000	0.000	364.719	18.715	9.118	19.524
12-2030	276.099	44.436	15.026	0.000	0.000	335.561	17.219	8.389	20.982
12-2031	254.026	40.883	13.825	0.000	0.000	308.734	15.842	7.718	22.568
12-2032	234.331	37.713	12.753	0.000	0.000	284.797	14.614	7.120	24.235
12-2033	214.983	34.600	11.700	0.000	0.000	261.282	13.408	6.532	26.170
12-2034	197.795	31.833	10.765	0.000	0.000	240.394	12.336	6.010	28.207
12-2035	181.982	29.288	9.904	0.000	0.000	221.175	11.349	5.529	30.420
02-2036	20.458	3.292	1.113	0.000	0.000	24.863	1.276	.622	31.349
S Tot	9,910.518	1,595.008	539.366	0.000	0.000	12,044.892	618.075	301.122	11.944
After	.000	.000	.000	0.000	0.000	.000	.000	.000	.000
Total	9,910.518	1,595.008	539.366	0.000	0.000	12,044.892	618.075	301.122	11.944

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	177.553	1	0.9	0.000	0.000	207.508	.000	2,032.932	2,032.932	1,950.642
12-2019	177.553	1	0.9	0.000	0.000	122.843	.000	1,131.036	3,163.967	2,934.737
12-2020	177.553	1	0.9	0.000	0.000	89.921	.000	780.337	3,944.304	3,551.362
12-2021	177.553	1	0.9	0.000	0.000	71.470	.000	583.780	4,528.084	3,970.486
12-2022	177.553	1	0.9	0.000	0.000	59.841	.000	459.903	4,987.988	4,270.584
12-2023	177.553	1	0.9	0.000	0.000	51.704	.000	373.222	5,361.210	4,491.950
12-2024	177.553	1	0.9	0.000	0.000	45.781	.000	310.135	5,671.345	4,659.150
12-2025	177.553	1	0.9	0.000	0.000	40.975	.000	258.936	5,930.281	4,786.027
12-2026	177.553	1	0.9	0.000	0.000	37.240	.000	219.148	6,149.428	4,883.644
12-2027	177.553	1	0.9	0.000	0.000	34.162	.000	186.363	6,335.791	4,959.114
12-2028	177.553	1	0.9	0.000	0.000	31.513	.000	158.140	6,493.931	5,017.339
12-2029	177.553	1	0.9	0.000	0.000	28.911	.000	130.423	6,624.353	5,060.991
12-2030	177.553	1	0.9	0.000	0.000	26.600	.000	105.801	6,730.154	5,093.189
12-2031	177.553	1	0.9	0.000	0.000	24.473	.000	83.147	6,813.301	5,116.199
12-2032	177.553	1	0.9	0.000	0.000	22.576	.000	62.935	6,876.236	5,132.041
12-2033	177.553	1	0.9	0.000	0.000	20.712	.000	43.079	6,919.315	5,141.901
12-2034	177.553	1	0.9	0.000	0.000	19.056	.000	25.440	6,944.755	5,147.201
12-2035	177.553	1	0.9	0.000	0.000	17.532	.000	9.211	6,953.965	5,148.956
02-2036	20.629	1	0.9	0.000	0.000	1.971	.000	.366	6,954.331	5,149.021
S Tot	3,216.576			0.000	0.000	954.788	.000	6,954.331	6,954.331	5,149.021
After	.000			0.000	0.000	0.000	.000	.000	6,954.331	5,149.021
Total	3,216.576			0.000	0.000	954.788	.000	6,954.331	6,954.331	5,149.021

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units		Initial	Final	5.00	5,887.468
Oil Rate	8,363.	457.	bbls/mo	67.6%	1.20	0.0%	15,999.	15,999.	$/w/mo	Expense	92.4753	92.4753	8.00	5,414.870
Gas Rate	36,087.	1,974.	Mcf/mo	0.0%	0.00	0.0%				Revenue			10.00	5,149.021
GOR	4,310.	4,310.	scf/bbl							Oil	65.9402	65.9402	12.00	4,914.672
NGL Rate	2,430.	139.	bbls/mo							Gas	65.9402	65.9402	15.00	4,611.156
NGL Yield	67.3	70.7	bbl/MMcf										20.00	4,202.721
Gas Shrinkage	34.8	31.7	%
Oil Severance	4.6	4.6	%
Gas Severance	7.5	7.5	%
NGL Severance	7.5	7.5	%
Ad Valorem	44.9		%

12    Months in first year    18.116 Year Life (02/2036)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT. TEXAS REGISTERED ENGINEERING FIRM F-693.   ASN  319 DEFAULT    1/10/2018    10:34:19   
OIL  PDP
Table     6

Cawley, Gillespie & Associates, Inc.

Table 7

Reserve Estimates and Economic Forecasts as of December 31, 2017

Lilis Energy, Inc. Interests

Proved Developed Producing Reserves

IMPETRO OPERATING, LLC -- MEXICO P FEDERAL 001 001

JABALINA (WOLFCAMP, SOUTHWEST) FIELD -- LEA COUNTY, NEW MEXICO

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	2.7	.0	.0	2.056	.000	.000	47.746	.000	.000
12-2019	2.5	.0	.0	1.869	.000	.000	47.746	.000	.000
12-2020	2.3	.0	.0	1.714	.000	.000	47.746	.000	.000
12-2021	2.1	.0	.0	1.571	.000	.000	47.746	.000	.000
12-2022	1.9	.0	.0	1.446	.000	.000	47.746	.000	.000
12-2023	1.8	.0	.0	1.330	.000	.000	47.746	.000	.000
12-2024	1.6	.0	.0	1.227	.000	.000	47.746	.000	.000
12-2025	1.5	.0	.0	1.126	.000	.000	47.746	.000	.000
12-2026	1.4	.0	.0	1.036	.000	.000	47.746	.000	.000
09-2027	.9	.0	.0	.689	.000	.000	47.746	.000	.000
12-2028
12-2029
12-2030
12-2031
12-2032
12-2033
12-2034
12-2035
12-2036
S Tot	18.6	.0	.0	14.064	.000	.000	47.746	.000	.000
After	.0	.0	.0	.000	.000	.000	.000	.000	.000
Total	18.6	.0	.0	14.064	.000	.000	47.746	.000	.000
Cum	11.7	82.4	.0
Ult	30.3	82.4	.0
(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	98.172	.000	.000	0.000	0.000	98.172	6.960	4.909	19.125
12-2019	89.215	.000	.000	0.000	0.000	89.215	6.325	4.461	21.045
12-2020	81.843	.000	.000	0.000	0.000	81.843	5.803	4.092	22.940
12-2021	75.029	.000	.000	0.000	0.000	75.029	5.320	3.751	25.023
12-2022	69.031	.000	.000	0.000	0.000	69.031	4.894	3.452	27.198
12-2023	63.512	.000	.000	0.000	0.000	63.512	4.503	3.176	29.561
12-2024	58.588	.000	.000	0.000	0.000	58.588	4.154	2.929	32.046
12-2025	53.750	.000	.000	0.000	0.000	53.750	3.811	2.688	34.930
12-2026	49.453	.000	.000	0.000	0.000	49.453	3.506	2.473	37.965
09-2027	32.919	.000	.000	0.000	0.000	32.919	2.334	1.646	40.316
12-2028
12-2029
12-2030
12-2031
12-2032
12-2033
12-2034
12-2035
12-2036
S Tot	671.512	.000	.000	0.000	0.000	671.512	47.610	33.576	27.140
After	.000	.000	.000	0.000	0.000	.000	.000	.000	.000
Total	671.512	.000	.000	0.000	0.000	671.512	47.610	33.576	27.140

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	39.322	1	1.0	0.000	0.000	0.000	.000	46.980	46.980	44.866
12-2019	39.322	1	1.0	0.000	0.000	0.000	.000	39.106	86.087	78.818
12-2020	39.322	1	1.0	0.000	0.000	0.000	.000	32.626	118.712	104.570
12-2021	39.322	1	1.0	0.000	0.000	0.000	.000	26.636	145.348	123.681
12-2022	39.322	1	1.0	0.000	0.000	0.000	.000	21.363	166.711	137.618
12-2023	39.322	1	1.0	0.000	0.000	0.000	.000	16.511	183.222	147.414
12-2024	39.322	1	1.0	0.000	0.000	0.000	.000	12.182	195.404	153.988
12-2025	39.322	1	1.0	0.000	0.000	0.000	.000	7.930	203.334	157.880
12-2026	39.322	1	1.0	0.000	0.000	0.000	.000	4.152	207.486	159.737
09-2027	27.796	1	1.0	0.000	0.000	0.000	.000	1.143	208.629	160.209
12-2028
12-2029
12-2030
12-2031
12-2032
12-2033
12-2034
12-2035
12-2036
S Tot	381.697			0.000	0.000	0.000	.000	208.629	208.629	160.209
After	.000			0.000	0.000	0.000	.000	.000	208.629	160.209
Total	381.697			0.000	0.000	0.000	.000	208.629	208.629	160.209

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units		Initial	Final	5.00	181.299
Oil Rate	237.	103.	bbls/mo	9.8%	0.80	0.0%	3,375.	3,375.	$/w/mo	Expense	97.0634	97.0634	8.00	168.026
Gas Rate	0.	0.	Mcf/mo	0.0%	0.00	0.0%				Revenue			10.00	160.209
GOR	0.	0.	scf/bbl							Oil	75.7412	75.7412	12.00	153.099
NGL Rate	0.	0.	bbls/mo							Gas	75.7412	75.7412	15.00	143.577
NGL Yield	0.0	0.0	bbl/MMcf										20.00	130.206
Gas Shrinkage	0.0	0.0	%
Oil Severance	7.1	7.1	%
Gas Severance	0.0	0.0	%
NGL Severance	0.0	0.0	%
Ad Valorem	19.1		%

12    Months in first year    9.714 Year Life (09/2027)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.	ASN 133	DEFAULT   1/10/2018    10:34:19
TEXAS REGISTERED ENGINEERING FIRM F-693.		OIL PDP
		Table    7

Cawley, Gillespie & Associates, Inc.

Table 8

Reserve Estimates and Economic Forecasts as of December 31, 2017

Lilis Energy, Inc. Interests

Proved Developed Producing Reserves

LILIS ENERGY, INC. -- PRIZE HOG BWZ ST COM 1H #1H

TBD (WOLFCAMP B) FIELD -- LEA COUNTY, NEW MEXICO

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	104.4	198.4	13.7	55.160	71.266	7.231	47.746	2.619	8.728
12-2019	53.2	101.0	7.0	28.079	36.279	3.681	47.746	2.619	8.728
12-2020	37.3	70.8	4.9	19.677	25.422	2.580	47.746	2.619	8.728
12-2021	29.0	55.1	3.8	15.308	19.779	2.007	47.746	2.619	8.728
12-2022	24.0	45.5	3.1	12.655	16.351	1.659	47.746	2.619	8.728
12-2023	20.5	39.0	2.7	10.842	14.008	1.421	47.746	2.619	8.728
12-2024	18.1	34.3	2.4	9.542	12.329	1.251	47.746	2.619	8.728
12-2025	16.1	30.6	2.1	8.502	10.984	1.115	47.746	2.619	8.728
12-2026	14.6	27.7	1.9	7.699	9.948	1.009	47.746	2.619	8.728
12-2027	13.3	25.3	1.7	7.046	9.104	.924	47.746	2.619	8.728
12-2028	12.3	23.4	1.6	6.498	8.396	.852	47.746	2.619	8.728
12-2029	11.3	21.4	1.5	5.962	7.702	.782	47.746	2.619	8.728
12-2030	10.4	19.7	1.4	5.485	7.087	.719	47.746	2.619	8.728
12-2031	9.6	18.2	1.3	5.046	6.520	.662	47.746	2.619	8.728
12-2032	8.8	16.7	1.2	4.655	6.015	.610	47.746	2.619	8.728
12-2033	8.1	15.4	1.1	4.271	5.518	.560	47.746	2.619	8.728
12-2034	7.4	14.1	1.0	3.929	5.077	.515	47.746	2.619	8.728
12-2035	6.8	13.0	.9	3.615	4.671	.474	47.746	2.619	8.728
12-2036	6.3	12.0	.8	3.335	4.309	.437	47.746	2.619	8.728
S Tot	411.5	781.8	53.9	217.308	280.763	28.489	47.746	2.619	8.728
After	4.8	9.2	.6	2.550	3.294	.334	47.746	2.619	8.728
Total	416.3	791.0	54.6	219.858	284.057	28.823	47.746	2.619	8.728
Cum	17.0	32.2	.0
Ult	433.3	823.2	54.6
(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	2,633.669	186.638	63.113	0.000	0.000	2,883.420	206.557	144.171	4.844
12-2019	1,340.683	95.009	32.128	0.000	0.000	1,467.820	105.149	73.391	6.521
12-2020	939.483	66.578	22.514	0.000	0.000	1,028.574	73.683	51.429	7.981
12-2021	730.921	51.798	17.516	0.000	0.000	800.235	57.326	40.012	9.372
12-2022	604.251	42.821	14.480	0.000	0.000	661.552	47.391	33.078	10.686
12-2023	517.676	36.686	12.406	0.000	0.000	566.767	40.601	28.338	11.955
12-2024	455.608	32.287	10.918	0.000	0.000	498.814	35.733	24.941	13.160
12-2025	405.924	28.766	9.728	0.000	0.000	444.418	31.836	22.221	14.391
12-2026	367.619	26.052	8.810	0.000	0.000	402.480	28.832	20.124	15.567
12-2027	336.428	23.841	8.062	0.000	0.000	368.331	26.386	18.417	16.723
12-2028	310.262	21.987	7.435	0.000	0.000	339.684	24.334	16.984	17.871
12-2029	284.644	20.172	6.821	0.000	0.000	311.637	22.325	15.582	19.200
12-2030	261.888	18.559	6.276	0.000	0.000	286.722	20.540	14.336	20.599
12-2031	240.950	17.075	5.774	0.000	0.000	263.800	18.898	13.190	22.119
12-2032	222.269	15.751	5.326	0.000	0.000	243.347	17.432	12.167	23.717
12-2033	203.917	14.451	4.887	0.000	0.000	223.255	15.993	11.163	25.572
12-2034	187.614	13.296	4.496	0.000	0.000	205.406	14.715	10.270	27.525
12-2035	172.615	12.233	4.137	0.000	0.000	188.984	13.538	9.449	29.647
12-2036	159.232	11.284	3.816	0.000	0.000	174.332	12.488	8.717	31.878
S Tot	10,375.652	735.283	248.643	0.000	0.000	11,359.578	813.757	567.979	11.494
After	121.731	8.627	2.917	0.000	0.000	133.275	9.547	6.664	33.880
Total	10,497.384	743.910	251.560	0.000	0.000	11,492.853	823.305	574.643	11.754

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	124.800	1	0.7	0.000	0.000	222.676	.000	2,185.216	2,185.216	2,101.198
12-2019	124.800	1	0.7	0.000	0.000	113.354	.000	1,051.126	3,236.342	3,016.173
12-2020	124.800	1	0.7	0.000	0.000	79.433	.000	699.229	3,935.571	3,568.798
12-2021	124.800	1	0.7	0.000	0.000	61.799	.000	516.298	4,451.869	3,939.498
12-2022	124.800	1	0.7	0.000	0.000	51.089	.000	405.194	4,857.064	4,203.904
12-2023	124.800	1	0.7	0.000	0.000	43.769	.000	329.259	5,186.322	4,399.193
12-2024	124.800	1	0.7	0.000	0.000	38.521	.000	274.818	5,461.140	4,547.347
12-2025	124.800	1	0.7	0.000	0.000	34.321	.000	231.240	5,692.380	4,660.649
12-2026	124.800	1	0.7	0.000	0.000	31.082	.000	197.642	5,890.022	4,748.683
12-2027	124.800	1	0.7	0.000	0.000	28.445	.000	170.284	6,060.306	4,817.635
12-2028	124.800	1	0.7	0.000	0.000	26.233	.000	147.333	6,207.639	4,871.873
12-2029	124.800	1	0.7	0.000	0.000	24.067	.000	124.864	6,332.504	4,913.658
12-2030	124.800	1	0.7	0.000	0.000	22.142	.000	104.904	6,437.408	4,945.577
12-2031	124.800	1	0.7	0.000	0.000	20.372	.000	86.540	6,523.947	4,969.518
12-2032	124.800	1	0.7	0.000	0.000	18.793	.000	70.154	6,594.102	4,987.167
12-2033	124.800	1	0.7	0.000	0.000	17.241	.000	54.058	6,648.160	4,999.530
12-2034	124.800	1	0.7	0.000	0.000	15.863	.000	39.758	6,687.918	5,007.799
12-2035	124.800	1	0.7	0.000	0.000	14.595	.000	26.602	6,714.520	5,012.833
12-2036	124.800	1	0.7	0.000	0.000	13.463	.000	14.864	6,729.384	5,015.397
S Tot	2,371.200			0.000	0.000	877.257	.000	6,729.384	6,729.384	5,015.397
After	102.048			0.000	0.000	10.292	.000	4.724	6,734.108	5,016.147
Total	2,473.248			0.000	0.000	887.550	.000	6,734.108	6,734.108	5,016.147

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units		Initial	Final	5.00	5,710.824
Oil Rate	15,144.	470.	bbls/mo	85.6%	1.20	0.0%	16,000.	15,769.	$/w/mo	Expense	65.0000	65.0000	8.00	5,265.044
Gas Rate	28,774.	892.	Mcf/mo	0.0%	0.00	0.0%				Revenue			10.00	5,016.147
GOR	1,900.	1,900.	scf/bbl							Oil	52.8125	52.8125	12.00	4,797.759
NGL Rate	1,883.	61.	bbls/mo							Gas	52.8125	52.8125	15.00	4,516.181
NGL Yield	65.5	68.7	bbl/MMcf										20.00	4,139.095
Gas Shrinkage	36.7	31.5	%
Oil Severance	7.1	7.1	%
Gas Severance	7.9	7.9	%
NGL Severance	7.9	7.9	%
Ad Valorem	64.6		%

12    Months in first year    19.828 Year Life (10/2037)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.	ASN 317	DEFAULT   1/10/2018   10:34:19
TEXAS REGISTERED ENGINEERING FIRM F-693.		OIL  PDP
		Table     8

Cawley, Gillespie & Associates, Inc.

Table 9

Reserve Estimates and Economic Forecasts as of December 31, 2017

Lilis Energy, Inc. Interests

Proved Developed Producing Reserves

IMPETRO OPERATING LLC -- SHAMMO C24-4 1 1

HALEY \(LWR. WOLFCAMP-PENN CONS.\) FIELD -- Loving COUNTY, TEXAS

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
				Non-Commercial
Cum	.9	342.7	.0
Ult	.9	342.7	.0
(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units		Initial	Final	5.00	.000
Gas Rate	947.	947.	Mcf/mo	8.0%	0.00	0.0%	0.	0.	$/w/mo	Expense	65.0000	65.0000	8.00	.000
Oil Rate	0.	0.	bbls/mo	0.0%	0.00	0.0%				Revenue			10.00	.000
NGL Rate	0.	0.	bbls/mo							Oil	52.8125	52.8125	12.00	.000
Cond Yield	0.0	0.0	bbl/MMcf							Gas	52.8125	52.8125	15.00	.000
NGL Yield	0.0	0.0	bbl/MMcf										20.00	.000
Gas Shrinkage	100.0	100.0	%
Oil Severance	0.0	0.0	%
Gas Severance	0.0	0.0	%
NGL Severance	0.0	0.0	%
Ad Valorem	0.0		%

1 Months in first year   .000 Year Life (01/2018)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.	ASN 68	DEFAULT   1/10/2018   10:34:19
TEXAS REGISTERED ENGINEERING FIRM F-693.		GAS  PDP
		Table     9

Cawley, Gillespie & Associates, Inc.

Table 10

Reserve Estimates and Economic Forecasts as of December 31, 2017

Lilis Energy, Inc. Interests

Proved Developed Producing Reserves

LILIS ENERGY, INC. -- TIGER 1H

PHANTOM (WOLFCAMP B) FIELD -- WINKLER COUNTY, TEXAS

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	103.6	393.7	27.2	73.659	190.336	19.313	47.746	2.619	8.728
12-2019	46.7	177.5	12.2	33.211	85.818	8.708	47.746	2.619	8.728
12-2020	31.9	121.2	8.4	22.671	58.582	5.944	47.746	2.619	8.728
12-2021	24.5	93.2	6.4	17.428	45.035	4.570	47.746	2.619	8.728
12-2022	20.1	76.5	5.3	14.309	36.975	3.752	47.746	2.619	8.728
12-2023	17.2	65.2	4.5	12.204	31.535	3.200	47.746	2.619	8.728
12-2024	15.1	57.2	3.9	10.707	27.666	2.807	47.746	2.619	8.728
12-2025	13.4	50.9	3.5	9.517	24.591	2.495	47.746	2.619	8.728
12-2026	12.1	46.0	3.2	8.603	22.230	2.256	47.746	2.619	8.728
12-2027	11.1	42.0	2.9	7.862	20.316	2.061	47.746	2.619	8.728
12-2028	10.2	38.7	2.7	7.249	18.731	1.901	47.746	2.619	8.728
12-2029	9.4	35.5	2.5	6.650	17.184	1.744	47.746	2.619	8.728
12-2030	8.6	32.7	2.3	6.118	15.810	1.604	47.746	2.619	8.728
12-2031	7.9	30.1	2.1	5.629	14.546	1.476	47.746	2.619	8.728
12-2032	7.3	27.8	1.9	5.193	13.418	1.362	47.746	2.619	8.728
12-2033	6.7	25.5	1.8	4.764	12.310	1.249	47.746	2.619	8.728
12-2034	6.2	23.4	1.6	4.383	11.326	1.149	47.746	2.619	8.728
12-2035	5.7	21.6	1.5	4.033	10.421	1.057	47.746	2.619	8.728
12-2036	5.2	19.9	1.4	3.720	9.613	.975	47.746	2.619	8.728
S Tot	362.8	1,378.5	95.1	257.911	666.442	67.624	47.746	2.619	8.728
After	1.8	6.9	.5	1.296	3.348	.340	47.746	2.619	8.728
Total	364.6	1,385.5	95.6	259.206	669.789	67.964	47.746	2.619	8.728
Cum	15.7	59.7	.0
Ult	380.3	1,445.2	95.6
(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	3,516.950	498.466	168.561	0.000	0.000	4,183.976	212.538	104.599	3.932
12-2019	1,585.712	224.747	76.000	0.000	0.000	1,886.459	95.829	47.161	5.660
12-2020	1,082.453	153.419	51.880	0.000	0.000	1,287.752	65.415	32.194	7.124
12-2021	832.138	117.941	39.883	0.000	0.000	989.962	50.288	24.749	8.511
12-2022	683.202	96.832	32.745	0.000	0.000	812.779	41.288	20.319	9.819
12-2023	582.688	82.586	27.927	0.000	0.000	693.201	35.213	17.330	11.079
12-2024	511.200	72.454	24.501	0.000	0.000	608.155	30.893	15.204	12.277
12-2025	454.380	64.400	21.778	0.000	0.000	540.558	27.459	13.514	13.498
12-2026	410.754	58.217	19.687	0.000	0.000	488.658	24.823	12.216	14.665
12-2027	375.389	53.205	17.992	0.000	0.000	446.585	22.686	11.165	15.810
12-2028	346.096	49.053	16.588	0.000	0.000	411.737	20.915	10.293	16.935
12-2029	317.520	45.003	15.218	0.000	0.000	377.741	19.189	9.444	18.233
12-2030	292.135	41.405	14.001	0.000	0.000	347.541	17.654	8.689	19.599
12-2031	268.779	38.095	12.882	0.000	0.000	319.756	16.243	7.994	21.084
12-2032	247.941	35.141	11.883	0.000	0.000	294.965	14.984	7.374	22.645
12-2033	227.469	32.240	10.902	0.000	0.000	270.611	13.747	6.765	24.457
12-2034	209.283	29.662	10.031	0.000	0.000	248.976	12.648	6.224	26.364
12-2035	192.552	27.291	9.229	0.000	0.000	229.071	11.636	5.727	28.436
12-2036	177.623	25.175	8.513	0.000	0.000	211.311	10.734	5.283	30.615
S Tot	12,314.264	1,745.331	590.199	0.000	0.000	14,649.794	744.183	366.245	10.214
After	61.860	8.768	2.965	0.000	0.000	73.592	3.738	1.840	32.029
Total	12,376.124	1,754.098	593.164	0.000	0.000	14,723.386	747.921	368.085	10.323

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	167.390	1	0.9	0.000	0.000	296.277	.000	3,403.172	3,403.172	3,278.697
12-2019	167.390	1	0.9	0.000	0.000	133.584	.000	1,442.494	4,845.665	4,534.766
12-2020	167.390	1	0.9	0.000	0.000	91.189	.000	931.564	5,777.229	5,271.123
12-2021	167.390	1	0.9	0.000	0.000	70.101	.000	677.433	6,454.663	5,757.563
12-2022	167.390	1	0.9	0.000	0.000	57.555	.000	526.227	6,980.889	6,100.970
12-2023	167.390	1	0.9	0.000	0.000	49.087	.000	424.180	7,405.069	6,352.573
12-2024	167.390	1	0.9	0.000	0.000	43.065	.000	351.602	7,756.672	6,542.130
12-2025	167.390	1	0.9	0.000	0.000	38.278	.000	293.917	8,050.588	6,686.149
12-2026	167.390	1	0.9	0.000	0.000	34.603	.000	249.626	8,300.214	6,797.341
12-2027	167.390	1	0.9	0.000	0.000	31.624	.000	213.721	8,513.935	6,883.885
12-2028	167.390	1	0.9	0.000	0.000	29.156	.000	183.981	8,697.916	6,951.618
12-2029	167.390	1	0.9	0.000	0.000	26.749	.000	154.970	8,852.886	7,003.479
12-2030	167.390	1	0.9	0.000	0.000	24.610	.000	129.198	8,982.083	7,042.791
12-2031	167.390	1	0.9	0.000	0.000	22.643	.000	105.486	9,087.569	7,071.976
12-2032	167.390	1	0.9	0.000	0.000	20.887	.000	84.330	9,171.899	7,093.193
12-2033	167.390	1	0.9	0.000	0.000	19.163	.000	63.546	9,235.445	7,107.728
12-2034	167.390	1	0.9	0.000	0.000	17.631	.000	45.083	9,280.529	7,117.107
12-2035	167.390	1	0.9	0.000	0.000	16.221	.000	28.096	9,308.625	7,122.427
12-2036	167.390	1	0.9	0.000	0.000	14.963	.000	12.940	9,321.565	7,124.664
S Tot	3,180.416			0.000	0.000	1,037.385	.000	9,321.565	9,321.565	7,124.664
After	61.229			0.000	0.000	5.211	.000	1.574	9,323.139	7,124.918
Total	3,241.645			0.000	0.000	1,042.596	.000	9,323.139	9,323.139	7,124.918

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units		Initial	Final	5.00	8,020.337
Oil Rate	17,723.	404.	bbls/mo	95.0%	1.20	0.0%	15,999.	15,769.	$/w/mo	Expense	87.1825	87.1825	8.00	7,446.892
Gas Rate	67,350.	1,537.	Mcf/mo	0.0%	0.00	0.0%				Revenue			10.00	7,124.918
GOR	3,800.	3,800.	scf/bbl							Oil	71.0940	71.0940	12.00	6,841.262
NGL Rate	4,259.	105.	bbls/mo							Gas	71.0940	71.0940	15.00	6,473.833
NGL Yield	63.2	68.5	bbl/MMcf										20.00	5,978.527
Gas Shrinkage	38.8	31.7	%
Oil Severance	4.6	4.6	%
Gas Severance	7.5	7.5	%
NGL Severance	7.5	7.5	%
Ad Valorem	40.5		%

12   Months in first year    19.370 Year Life (05/2037)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.	ASN 322	DEFAULT   1/10/2018   10:34:19
TEXAS REGISTERED ENGINEERING FIRM F-693.		OIL  PDP
		Table   10

Cawley, Gillespie & Associates, Inc.

Table 11

Reserve Estimates and Economic Forecasts as of December 31, 2017

Lilis Energy, Inc. Interests

Proved Developed Producing Reserves

IMPETRO OPERATING LLC -- TUBB 1 UNIT 1 1

CRITTENDON \(ATOKA OOLITIC\) FIELD -- Winkler COUNTY, TEXAS

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
				Non-Commercial
Cum	.2	713.2	.0
Ult	.2	713.2	.0
(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units		Initial	Final	5.00	.000
Gas Rate	1,395.	1,395.	Mcf/mo	8.1%	0.90	0.0%	0.	0.	$/w/mo	Expense	87.1825	87.1825	8.00	.000
Oil Rate	0.	0.	bbls/mo	0.0%	0.00	0.0%				Revenue			10.00	.000
NGL Rate	0.	0.	bbls/mo							Oil	71.0940	71.0940	12.00	.000
Cond Yield	0.0	0.0	bbl/MMcf							Gas	71.0940	71.0940	15.00	.000
NGL Yield	0.0	0.0	bbl/MMcf										20.00	.000
Gas Shrinkage	100.0	100.0	%
Oil Severance	0.0	0.0	%
Gas Severance	0.0	0.0	%
NGL Severance	0.0	0.0	%
Ad Valorem	0.0		%

1    Months in first year   .000 Year Life (01/2018)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.	ASN 24	DEFAULT   1/10/2018   10:34:19
TEXAS REGISTERED ENGINEERING FIRM F-693.		GAS PDP
		Table  11

Cawley, Gillespie & Associates, Inc.

Table 12

Reserve Estimates and Economic Forecasts as of December 31, 2017

Lilis Energy, Inc. Interests

Proved Developed Producing Reserves

IMPETRO OPERATING LLC -- TUBB 22 UNIT 1R 1R

CRITTENDON \(MORROW\) FIELD -- Winkler COUNTY, TEXAS

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
				Non-Commercial
Cum	.6	2,462.5	.0
Ult	.6	2,462.5	.0
(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units		Initial	Final	5.00	.000
Gas Rate	1,530.	1,530.	Mcf/mo	10.0%	0.00	0.0%	0.	0.	$/w/mo	Expense	87.1825	87.1825	8.00	.000
Oil Rate	0.	0.	bbls/mo	0.0%	0.00	0.0%				Revenue			10.00	.000
NGL Rate	0.	0.	bbls/mo							Oil	71.0940	71.0940	12.00	.000
Cond Yield	0.0	0.0	bbl/MMcf							Gas	71.0940	71.0940	15.00	.000
NGL Yield	0.0	0.0	bbl/MMcf										20.00	.000
Gas Shrinkage	100.0	100.0	%
Oil Severance	0.0	0.0	%
Gas Severance	0.0	0.0	%
NGL Severance	0.0	0.0	%
Ad Valorem	0.0		%

1    Months in first year   .000 Year Life (01/2018)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.	ASN 104	DEFAULT   1/10/2018   10:34:19
TEXAS REGISTERED ENGINEERING FIRM F-693.		GAS PDP
		Table  12

Cawley, Gillespie & Associates, Inc.

Table 13

Reserve Estimates and Economic Forecasts as of December 31, 2017

Lilis Energy, Inc. Interests

Proved Developed Producing Reserves

IMPETRO OPERATING LLC -- TUBB 9 UNIT 1 1

CRITTENDON \(MORROW\) FIELD -- Winkler COUNTY, TEXAS

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
				Non-Commercial
Cum	3.0	1,418.6	.0
Ult	3.0	1,418.6	.0
(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units		Initial	Final	5.00	.000
Gas Rate	24.	24.	Mcf/mo	8.0%	0.00	0.0%	0.	0.	$/w/mo	Expense	87.1825	87.1825	8.00	.000
Oil Rate	0.	0.	bbls/mo	0.0%	0.00	0.0%				Revenue			10.00	.000
NGL Rate	0.	0.	bbls/mo							Oil	71.0940	71.0940	12.00	.000
cond Yield	0.0	0.0	bbl/MMcf							Gas	71.0940	71.0940	15.00	.000
NGL Yield	0.0	0.0	bbl/MMcf										20.00	.000
Gas Shrinkage	100.0	100.0	%
Oil Severance	0.0	0.0	%
Gas Severance	0.0	0.0	%
NGL Severance	0.0	0.0	%
Ad Valorem	0.0		%

1    Months in first year   .000 Year Life (01/2018)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.	ASN 94	DEFAULT   1/10/2018   10:34:19
TEXAS REGISTERED ENGINEERING FIRM F-693.		GAS PDP
		Table  13

Cawley, Gillespie & Associates, Inc.

Table 14

Reserve Estimates and Economic Forecasts as of December 31, 2017

Lilis Energy, Inc. Interests

Proved Developed Producing Reserves

IMPETRO OPERATING LLC -- TUBB ESTATE 1-75 1 1

CRITTENDON \(BRUSHY CANYON\) FIELD -- Winkler COUNTY, TEXAS

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
				Non-Commercial
Cum	74.3	89.7	.0
Ult	74.3	89.7	.0
(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units		Initial	Final	5.00	.000
Oil Rate	4.	4.	bbls/mo	22.4%	1.20	0.0%	0.	0.	$/w/mo	Expense	87.1825	87.1825	8.00	.000
Gas Rate	94.	94.	Mcf/mo	27.6%	1.20	0.0%				Revenue			10.00	.000
GOR	19,800.	19,800.	scf/bbl							Oil	71.0940	71.0940	12.00	.000
NGL Rate	0.	0.	bbls/mo							Gas	71.0940	71.0940	15.00	.000
NGL Yield	0.0	0.0	bbl/MMcf										20.00	.000
Gas Shrinkage	100.0	100.0	%
Oil Severance	0.0	0.0	%
Gas Severance	0.0	0.0	%
NGL Severance	0.0	0.0	%
Ad Valorem	0.0		%

1    Months in first year     .000 Year Life (01/2018)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.	ASN 23	DEFAULT  1/10/2018  10:34:19
TEXAS REGISTERED ENGINEERING FIRM F-693.		OIL  PDP
		Table   14

Cawley, Gillespie & Associates, Inc.

Table 15

Reserve Estimates and Economic Forecasts as of December 31, 2017

Lilis Energy, Inc. Interests

Proved Developed Producing Reserves

IMPETRO OPERATING LLC -- TUBB ESTATE 21 2 2

CRITTENDON \(BRUSHY CANYON\) FIELD -- Winkler COUNTY, TEXAS

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
				Non-Commercial
Cum	28.5	19.5	.0
Ult	28.5	19.5	.0
(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units		Initial	Final	5.00	.000
Oil Rate	99.	99.	bbls/mo	8.0%	0.0	0.0%	0.	0.	$/w/mo	Expense	87.1825	87.1825	8.00	.000
Gas Rate	0.	0.	Mcf/mo	0.0%	0.0	0.0%				Revenue			10.00	.000
GOR	0.	0.	scf/bbl							Oil	71.0940	71.0940	12.00	.000
NGL Rate	0.	0.	bbls/mo							Gas	71.0940	71.0940	15.00	.000
NGL Yield	0.0	0.0	bbl/MMcf										20.00	.000
Gas Shrinkage	0.0	0.0	%
Oil Severance	0.0	0.0	%
Gas Severance	0.0	0.0	%
NGL Severance	0.0	0.0	%
Ad Valorem	0.0		%

1   Months in first year   .000 Year Life (01/2018)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.	ASN 88	DEFAULT  1/10/2018   10:34:19
TEXAS REGISTERED ENGINEERING FIRM F-693.		OIL  PDP
		Table    15

Cawley, Gillespie & Associates, Inc.

Table 16

Reserve Estimates and Economic Forecasts as of December 31, 2017

Lilis Energy, Inc. Interests

Proved Developed Producing Reserves

IMPETRO OPERATING LLC -- TUBB ESTATE 25 1 1

CRITTENDON \(ELLEN. 21450\) FIELD -- Winkler COUNTY, TEXAS

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
				Non-Commercial
Cum	.0	60.5	.0
Ult	.0	60.5	.0
(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units		Initial	Final	5.00	.000
Gas Rate	308.	308.	Mcf/mo	10.0%	0.0	0.0%	0.	0.	$/w/mo	Expense	87.1825	87.1825	8.00	.000
Oil Rate	0.	0.	bbls/mo	0.0%	0.0	0.0%				Revenue			10.00	.000
NGL Rate	0.	0.	bbls/mo							Oil	71.0940	71.0940	12.00	.000
Cond Yield	0.0	0.0	bbl/MMcf							Gas	71.0940	71.0940	15.00	.000
NGL Yield	0.0	0.0	bbl/MMcf										20.00	.000
Gas Shrinkage	100.0	100.0	%
Oil Severance	0.0	0.0	%
Gas Severance	0.0	0.0	%
NGL Severance	0.0	0.0	%
Ad Valorem	0.0		%

1    Months in first year   .000 Year Life (01/2018)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.	ASN 99	DEFAULT  1/10/2018   10:34:19
TEXAS REGISTERED ENGINEERING FIRM F-693.		GAS PDP
		Table  16

Cawley, Gillespie & Associates, Inc.

Table 17

Reserve Estimates and Economic Forecasts as of December 31, 2017

Lilis Energy, Inc. Interests

Proved Developed Producing Reserves

IMPETRO OPERATING LLC -- TUBB ESTATE 25 3 3

CRITTENDON \(BRUSHY CANYON\) FIELD -- Winkler COUNTY, TEXAS

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	1.7	1.0	.1	1.253	.472	.051	49.286	2.619	10.268
11-2019	1.3	.8	.1	.973	.355	.038	49.286	2.619	10.268
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
12-2026
12-2027
12-2028
12-2029
12-2030
12-2031
12-2032
12-2033
12-2034
12-2035
12-2036
S Tot	3.0	1.8	.1	2.226	.827	.089	49.286	2.619	10.268
After	.0	.0	.0	.000	.000	.000	.000	.000	.000
Total	3.0	1.8	.1	2.226	.827	.089	49.286	2.619	10.268
Cum	11.3	12.7	.0
Ult	14.3	14.5	.1
(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	61.772	1.237	.521	0.000	0.000	63.530	2.984	1.588	36.210
11-2019	47.955	.930	.392	0.000	0.000	49.278	2.313	1.232	41.143
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
12-2026
12-2027
12-2028
12-2029
12-2030
12-2031
12-2032
12-2033
12-2034
12-2035
12-2036
S Tot	109.727	2.167	.914	0.000	0.000	112.807	5.297	2.820	38.363
After	.000	.000	.000	0.000	0.000	.000	.000	.000	.000
Total	109.727	2.167	.914	0.000	0.000	112.807	5.297	2.820	38.363

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	49.427	1	0.9	0.000	0.000	0.000	.000	9.531	9.531	9.145
11-2019	43.490	1	0.9	0.000	0.000	0.000	.000	2.243	11.774	11.123
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
12-2026
12-2027
12-2028
12-2029
12-2030
12-2031
12-2032
12-2033
12-2034
12-2035
12-2036
S Tot	92.916			0.000	0.000	0.000	.000	11.774	11.774	11.123
After	.000			0.000	0.000	0.000	.000	.000	11.774	11.123
Total	92.916			0.000	0.000	0.000	.000	11.774	11.774	11.123

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units		Initial	Final	5.00	11.433
Oil Rate	152.	118.	bbls/mo	15.2%	1.60	0.0%	4,499.	4,499.	$/w/mo	Expense	91.5312	91.5312	8.00	11.244
Gas Rate	94.	68.	Mcf/mo	19.0%	1.40	0.0%				Revenue			10.00	11.123
GOR	619.	581.	scf/bbl							Oil	74.0852	74.0852	12.00	11.006
NGL Rate	6.	4.	bbls/mo							Gas	74.0852	74.0852	15.00	10.838
NGL Yield	67.3	68.7	bbl/MMcf										20.00	10.576
Gas Shrinkage	39.8	39.2	%
Oil Severance	4.6	4.6	%
Gas Severance	7.5	7.5	%
NGL Severance	7.5	7.5	%
Ad Valorem	11.4		%

12    Months in first year   1.878 Year Life (11/2019)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.	ASN 71	DEFAULT   1/10/2018   10:34:19
TEXAS REGISTERED ENGINEERING FIRM F-693.		OIL PDP
		Table   17

Cawley, Gillespie & Associates, Inc.

Table   18

Reserve Estimates and Economic Forecasts as of December 31, 2017

Lilis Energy, Inc. Interests

Proved Developed Producing Reserves

LILIS ENERGY, INC. -- WILD HOG BWX ST COM 1H #1H

TBD (WOLFCAMP B) FIELD -- LEA COUNTY, NEW MEXICO

(1)	(2)	(3)		(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas		Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production		Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF		MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	83.6	217.3		15.0	44.146	78.051	7.920	47.746	2.619	8.728
12-2019	46.8	121.7		8.4	24.729	43.720	4.436	47.746	2.619	8.728
12-2020	33.7	87.6		6.0	17.786	31.445	3.191	47.746	2.619	8.728
12-2021	26.5	69.0		4.8	14.012	24.773	2.514	47.746	2.619	8.728
12-2022	22.1	57.5		4.0	11.670	20.632	2.094	47.746	2.619	8.728
12-2023	19.0	49.5		3.4	10.047	17.763	1.802	47.746	2.619	8.728
12-2024	16.8	43.7		3.0	8.873	15.688	1.592	47.746	2.619	8.728
12-2025	15.0	39.0		2.7	7.926	14.014	1.422	47.746	2.619	8.728
12-2026	13.6	35.4		2.4	7.193	12.717	1.290	47.746	2.619	8.728
12-2027	12.5	32.5		2.2	6.592	11.655	1.183	47.746	2.619	8.728
12-2028	11.5	29.9		2.1	6.080	10.750	1.091	47.746	2.619	8.728
12-2029	10.6	27.5		1.9	5.578	9.862	1.001	47.746	2.619	8.728
12-2030	9.7	25.3		1.7	5.132	9.074	.921	47.746	2.619	8.728
12-2031	8.9	23.2		1.6	4.722	8.349	.847	47.746	2.619	8.728
12-2032	8.2	21.4		1.5	4.356	7.701	.781	47.746	2.619	8.728
12-2033	7.6	19.7		1.4	3.996	7.065	.717	47.746	2.619	8.728
12-2034	7.0	18.1		1.2	3.677	6.501	.660	47.746	2.619	8.728
12-2035	6.4	16.7		1.1	3.383	5.981	.607	47.746	2.619	8.728
12-2036	5.9	15.4		1.1	3.121	5.517	.560	47.746	2.619	8.728
S Tot	365.5	950.2		65.6	193.019	341.257	34.628	47.746	2.619	8.728
After	2.4	6.3		.4	1.284	2.271	.230	47.746	2.619	8.728
Total	367.9	956.6		66.0	194.303	343.528	34.858	47.746	2.619	8.728
Cum	57.0	55.6		.0
Ult	424.9	1,012.2		66.0
(11)	(12)	(13)		(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas		NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue		Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$		M$	M$	M$	M$	M$	M$
12-2018	2,107.820	204.406		69.122	0.000	0.000	2,381.347	171.162	119.067	4.864
12-2019	1,180.694	114.498		38.718	0.000	0.000	1,333.910	95.877	66.695	6.437
12-2020	849.205	82.352		27.848	0.000	0.000	959.404	68.958	47.970	7.832
12-2021	669.014	64.878		21.939	0.000	0.000	755.831	54.326	37.792	9.172
12-2022	557.180	54.032		18.272	0.000	0.000	629.484	45.245	31.474	10.438
12-2023	479.695	46.518		15.731	0.000	0.000	541.944	38.953	27.097	11.662
12-2024	423.658	41.084		13.893	0.000	0.000	478.635	34.403	23.932	12.827
12-2025	378.446	36.700		12.410	0.000	0.000	427.557	30.731	21.378	14.017
12-2026	343.430	33.304		11.262	0.000	0.000	387.996	27.888	19.400	15.155
12-2027	314.742	30.522		10.321	0.000	0.000	355.585	25.558	17.779	16.275
12-2028	290.314	28.153		9.520	0.000	0.000	327.988	23.575	16.399	17.404
12-2029	266.344	25.829		8.734	0.000	0.000	300.907	21.628	15.045	18.713
12-2030	245.050	23.764		8.036	0.000	0.000	276.850	19.899	13.842	20.091
12-2031	225.459	21.864		7.393	0.000	0.000	254.716	18.308	12.736	21.588
12-2032	207.979	20.169		6.820	0.000	0.000	234.968	16.889	11.748	23.162
12-2033	190.807	18.503		6.257	0.000	0.000	215.567	15.494	10.778	24.989
12-2034	175.552	17.024		5.757	0.000	0.000	198.333	14.255	9.917	26.912
12-2035	161.517	15.663		5.297	0.000	0.000	182.477	13.116	9.124	29.001
12-2036	148.995	14.449		4.886	0.000	0.000	168.329	12.099	8.416	31.199
S Tot	9,215.903	893.711		302.216	0.000	0.000	10,411.829	748.364	520.591	11.565
After	61.324	5.947		2.011	0.000	0.000	69.282	4.980	3.464	32.703
Total	9,277.227	899.658		304.227	0.000	0.000	10,481.112	753.344	524.056	11.705
(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	124.800	1	0.7	0.000	0.000	178.215	.000	1,788.102	1,788.102	1,716.955
12-2019	124.800	1	0.7	0.000	0.000	99.827	.000	946.710	2,734.812	2,540.798
12-2020	124.800	1	0.7	0.000	0.000	71.800	.000	645.876	3,380.688	3,051.193
12-2021	124.800	1	0.7	0.000	0.000	56.565	.000	482.348	3,863.036	3,397.495
12-2022	124.800	1	0.7	0.000	0.000	47.109	.000	380.856	4,243.892	3,646.008
12-2023	124.800	1	0.7	0.000	0.000	40.558	.000	310.536	4,554.428	3,830.188
12-2024	124.800	1	0.7	0.000	0.000	35.820	.000	259.681	4,814.108	3,970.180
12-2025	124.800	1	0.7	0.000	0.000	31.998	.000	218.650	5,032.759	4,077.312
12-2026	124.800	1	0.7	0.000	0.000	29.037	.000	186.872	5,219.630	4,160.548
12-2027	124.800	1	0.7	0.000	0.000	26.611	.000	160.836	5,380.466	4,225.676
12-2028	124.800	1	0.7	0.000	0.000	24.546	.000	138.668	5,519.134	4,276.726
12-2029	124.800	1	0.7	0.000	0.000	22.519	.000	116.914	5,636.048	4,315.851
12-2030	124.800	1	0.7	0.000	0.000	20.719	.000	97.590	5,733.638	4,345.545
12-2031	124.800	1	0.7	0.000	0.000	19.062	.000	79.810	5,813.448	4,367.626
12-2032	124.800	1	0.7	0.000	0.000	17.585	.000	63.946	5,877.394	4,383.714
12-2033	124.800	1	0.7	0.000	0.000	16.133	.000	48.362	5,925.756	4,394.776
12-2034	124.800	1	0.7	0.000	0.000	14.843	.000	34.518	5,960.275	4,401.957
12-2035	124.800	1	0.7	0.000	0.000	13.656	.000	21.781	5,982.056	4,406.081
12-2036	124.800	1	0.7	0.000	0.000	12.597	.000	10.417	5,992.473	4,407.881
S Tot	2,371.200			0.000	0.000	779.201	.000	5,992.473	5,992.473	4,407.881
After	54.093			0.000	0.000	5.185	.000	1.561	5,994.033	4,408.132
Total	2,425.293			0.000	0.000	784.386	.000	5,994.033	5,994.033	4,408.132

Evaluation Parameters (Gross)								Expenses(Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def		Initial	Final	Units		Initial	Final	5.00	5,049.916
Oil Rate	10,834.	454.	bbls/mo	74.8%	1.20	0.0%		16,000.	16,000.	$/w/mo	Expense	65.0000	65.0000	8.00	4,638.095
Gas Rate	28,169.	1,181.	Mcf/mo	0.0%	0.00	0.0%					Revenue			10.00	4,408.132
GOR	2,600.	2,600.	scf/bbl								Oil	52.8125	52.8125	12.00	4,206.396
NGL Rate	1,879.	83.	bbls/mo								Gas	52.8125	52.8125	15.00	3,946.421
NGL Yield	66.7	70.7	bbl/MMcf											20.00	3,598.704
Gas Shrinkage	35.4	31.7	%
Oil Severance	7.1	7.1	%
Gas Severance	7.9	7.9	%
NGL Severance	7.9	7.9	%
Ad Valorem	66.3		%
							12    Months in first year   19.439 Year Life (06/2037)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.	ASN 314	DEFAULT	1/10/2018	10:34:19
TEXAS REGISTERED ENGINEERING FIRM F-693.				OIL	PDP
				Table	18

Cawley, Gillespie & Associates, Inc.

 

Table 19

Reserve Estimates and Economic Forecasts as of December 31, 2017

Lilis Energy, Inc. Interests

Proved Developed Producing Reserves

IMPETRO OPERATING LLC -- WOLFE UNIT #3H 3H

CRITTENDON \(BRUSHY CANYON\) FIELD -- Winkler COUNTY, TEXAS

(1) End Mo-Year	(2) Gross Oil Production MBBLS	(3) Gross Gas Production MMCF		(4) Gross NGL Production MBBLS	(5) Net Oil Production MBBLS	(6) Net Gas Sales MMCF	(7) Net NGL Production MBBLS	(8) Avg Oil Price $/BBL	(9) Avg Gas Price $/MCF	(10) Avg NGL Price $/BBL
12-2018	.1	.0		.0	.046	.000	.000	47.746	.000	.000
12-2019
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
12-2026
12-2027
12-2028
12-2029
12-2030
12-2031
12-2032
12-2033
12-2034
12-2035
12-2036
S Tot	.1	.0		.0	.046	.000	.000	47.746	.000	.000
After	.0	.0		.0	.000	.000	.000	.000	.000	.000
Total	.1	.0		.0	.046	.000	.000	47.746	.000	.000
Cum	32.9	.0		.0
Ult	32.9	.0		.0
(11)	(12)	(13)		(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas		NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue		Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$		M$	M$	M$	M$	M$	M$
12-2018	2.209	.000		.000	0.000	0.000	2.209	.102	.055	.000
12-2019
12-2020
12-2021
12-2022
12-2023
12-2024
12-2025
12-2026
12-2027
12-2028
12-2029
12-2030
12-2031
12-2032
12-2033
12-2034
12-2035
12-2036
S Tot	2.209	.000		.000	0.000	0.000	2.209	.102	.055	4.618
After	.000	.000		.000	0.000	0.000	.000	.000	.000	.000
Total	2.209	.000		.000	0.000	0.000	2.209	.102	.055	4.618
(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	.000	1	0.8	0.000	0.000	0.214	.000	1.838	1.838	1.830
12-2019
12-2020
12-2021 12-2022 12-2023
12-2024
12-2025
12-2026
12-2027
12-2028
12-2029
12-2030
12-2031
12-2032
12-2033
12-2034
12-2035
12-2036
S Tot	.000			0.000	0.000	0.214	.000	1.838	1.838	1.830
After	.000			0.000	0.000	0.000	.000	.000	1.838	1.830
Total	.000			0.000	0.000	0.214	.000	1.838	1.838	1.830

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units		Initial	Final	5.00	1.834
Oil Rate	147.	0.	bbls/mo	49.1%	1.20	0.0%	0.	0.	$/w/mo	Expense	85.4277	85.4277	8.00	1.832
Gas Rate	0.	0.	Mcf/mo	0.0%	0 00	0.0%				Revenue			10.00	1.830
GOR	0.	0.	scf/bbl							Oil	68.9935	68.9935	12.00	1.829
NGL Rate	0.	0.	bbls/mo							Gas	68.9935	68.9935	15.00	1.827
NGL Yield	0.0	0.0	bbl/MMcf										20.00	1.823
Gas Shrinkage	0.0	0.0	%
Oil Severance	4.6	0.0	%
Gas Severance	0.0	0.0	%
NGL Severance	0.0	0.0	%
Ad Valorem	0.0		%
					12   Months in first year   .999 Year Life (12/2018)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.	ASN 111	DEFAULT	1/10/2018	10:34:19
TEXAS REGISTERED ENGINEERING FIRM F-693.				OIL	PDP
				Table	19

Cawley, Gillespie & Associates, Inc.

 

Table 20

Reserve Estimates and Economic Forecasts as of December 31, 2017

Lilis Energy, Inc. Interests

Proved Developed Producing Reserves

IMPETRO OPERATING LLC -- WOLFE UNIT 1 1

CRITTENDON \(PENN.\) FIELD -- Winkler COUNTY, TEXAS

(1)	(2)	(3)		(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas		Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production		Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF		MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	.0	116.1		7.7	.000	27.882	2.998	.000	2.619	8.214
12-2019	.0	110.3		7.4	.000	26.489	2.848	.000	2.619	8.214
06-2020	.0	46.6		3.1	.000	11.190	1.203	.000	2.619	8.214
12-2021
12-2022
12-2023
12-2024
12-2025
12-2026
12-2027
12-2028
12-2029
12-2030
12-2031
12-2032
12-2033
12-2034
12-2035
12-2036
S Tot	.0	273.0		18.2	.000	65.561	7.050	.000	2.619	8.214
After	.0	.0		.0	.000	.000	.000	.000	.000	.000
Total	.0	273.0		18.2	.000	65.561	7.050	.000	2.619	8.214
Cum	766.7	67,568.6		.0
Ult	766.7	67,841.6		18.2
(11)	(12)	(13)		(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas		NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue		Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$		M$	M$	M$	M$	M$	M$
12-2018	.000	73.020		24.627	0.000	0.000	97.647	7.343	2.441	12.076
12-2019	.000	69.371		23.396	0.000	0.000	92.768	6.976	2.319	12.711
06-2020	.000	29.306		9.884	0.000	0.000	39.190	2.947	.980	13.042
12-2021
12-2022
12-2023
12-2024
12-2025
12-2026
12-2027
12-2028
12-2029
12-2030
12-2031
12-2032
12-2033
12-2034
12-2035
12-2036
S Tot	.000	171.698		57.907	0.000	0.000	229.605	17.266	5.740	12.497
After	.000	.000		.000	0.000	0.000	.000	.000	.000	.000
Total	.000	171.698		57.907	0.000	0.000	229.605	17.266	5.740	12.497
(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	79.650	1	0.5	0.000	0.000	0.000	.000	8.212	8.212	7.851
12-2019	79.650	1	0.5	0.000	0.000	0.000	.000	3.822	12.035	11.180
06-2020	34.523	1	0.5	0.000	0.000	0.000	.000	.740	12.775	11.782
12-2021
12-2022
12-2023
12-2024
12-2025
12-2026
12-2027
12-2028
12-2029
12-2030
12-2031
12-2032
12-2033 12-2034
12-2035
12-2036
S Tot	193.824			0.000	0.000	0.000	.000	12.775	12.775	11.782
After	.000			0.000	0.000	0.000	.000	.000	12.775	11.782
Total	193.824			0.000	0.000	0.000	.000	12.775	12.775	11.782

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	N	Def	Initial	Final	Units		Initial	Final	5.00	12.251
Gas Rate	9,931.	8,765.	Mcf/mo	5.0%	0.00	0.0%	13,785.	13,785.	$/w/mo	Expense	48.1433	48.1433	8.00	11.963
Oil Rate	0.	0.	bbls/mo	0.0%	0.00	0.0%				Revenue			10.00	11.782
NGL Rate	673.	597.	bbls/mo							Oil	38.7307	38.7307	12.00	11.607
Cond Yield	0.0	0.0	bbl/MMcf							Gas	38.7307	38.7307	15.00	11.358
NGL Yield	67.8	68.1	bbl/MMcf										20.002	10.971
Gas Shrinkage	38.1	37.9	%
Oil Severance	0.0	0.0	%
Gas Severance	7.5	7.5	%
NGL Severance	7.5	7.5	%
Ad Valorem	18.8		%
					12   Months in first year   2.437 Year Life (06/2020)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.	ASN 50	DEFAULT	1/10/2018	10:34:19
TEXAS REGISTERED ENGINEERING FIRM F-693.				GAS	PDP
				Table	20

Cawley, Gillespie & Associates, Inc.

 

Table 21

Reserve Estimates and Economic Forecasts as of December 31, 2017

Lilis Energy, Inc. Interests

Proved Developed Producing Reserves

IMPETRO OPERATING LLC -- WOLFE UNIT 4,5&6 4,5,6&7

CRITTENDON \(BELL CANYON\) FIELD -- Winkler COUNTY, TEXAS

(1)	(2)	(3)		(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas		Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production		Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF		MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	11.4	3.2		.2	6.580	1.145	.123	46.719	2.678	8.728
12-2019	10.2	2.9		.2	5.922	1.030	.111	46.719	2.678	8.728
12-2020	9.3	2.6		.2	5.393	.930	.100	46.719	2.678	8.728
12-2021	8.5	2.3		.2	4.921	.834	.090	46.719	2.678	8.728
12-2022	7.8	2.1		.1	4.526	.751	.081	46.719	2.678	8.728
12-2023	7.2	1.9		.1	4.164	.676	.073	46.719	2.678	8.728
12-2024	6.6	1.7		.1	3.841	.610	.066	46.719	2.678	8.728
04-2025	1.6	.4		.0	.936	.147	.016	46.719	2.678	8.728
12-2026
12-2027
12-2028
12-2029
12-2030
12-2031
12-2032
12-2033
12-2034
12-2035
12-2036
S Tot	62.8	17.1		1.1	36.282	6.122	.658	46.719	2.678	8.728
After	.0	.0		.0	.000	.000	.000	.000	.000	.000
Total	62.8	17.1		1.1	36.282	6.122	.658	46.719	2.678	8.728
Cum	945.8	877.9		.0
Ult	1,008.6	895.0		1.1
(11)	(12)	(13)		(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas		NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue		Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$		M$	M$	M$	M$	M$	M$
12-2018	307.403	3.066		1.074	0.000	0.000	311.543	14.505	7.789	23.067
12-2019	276.659	2.759		.967	0.000	0.000	280.385	13.055	7.010	25.630
12-2020	251.935	2.490		.872	0.000	0.000	255.297	11.886	6.382	28.155
12-2021	229.928	2.235		.783	0.000	0.000	232.945	10.844	5.824	30.870
12-2022	211.442	2.011		.705	0.000	0.000	214.158	9.967	5.354	33.597
12-2023	194.538	1.810		.634	0.000	0.000	196.983	9.166	4.925	36.546
12-2024	179.455	1.634		.572	0.000	0.000	181.661	8.452	4.542	39.649
04-2025	43.720	.392		.138	0.000	0.000	44.250	2.059	1.106	41.403
12-2026
12-2027
12-2028
12-2029
12-2030
12-2031
12-2032
12-2033
12-2034 12-2035
12-2036
S Tot	1,695.079	16.398		5.746	0.000	0.000	1,717.223	79.934	42.931	30.382
After	.000	.000		.000	0.000	0.000	.000	.000	.000	.000
Total	1,695.079	16.398		5.746	0.000	0.000	1,717.223	79.934	42.931	30.382
(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	158.019	2	1.4	0.000	0.000	0.000	.000	131.230	131.230	125.372
12-2019	158.019	2	1.4	0.000	0.000	0.000	.000	102.302	233.531	214.231
12-2020	158.019	2	1.4	0.000	0.000	0.000	.000	79.010	312.541	276.633
12-2021	158.019	2	1.4	0.000	0.000	0.000	.000	58.259	370.800	318.459
12-2022	158.019	2	1.4	0.000	0.000	0.000	.000	40.818	411.618	345.113
12-2023	158.019	2	1.4	0.000	0.000	0.000	.000	24.872	436.491	359.896
12-2024	158.019	2	1.4	0.000	0.000	0.000	.000	10.649	447.139	365.679
04-2025	40.181	2	1.4	0.000	0.000	0.000	.000	.905	448.044	366.139
12-2026
12-2027
12-2028
12-2029
12-2030
12-2031
12-2032
12-2033
12-2034
12-2035
12-2036
S Tot	1,146.315			0.000	0.000	0.000	.000	448.044	448.044	366.139
After	.000			0.000	0.000	0.000	.000	.000	448.044	366.139
Total	1,146.315			0.000	0.000	0.000	.000	448.044	448.044	366.139

Evaluation Parameter (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units		Initial	Final	5.00	402.837
Oil Rate	1,003.	518.	bbls/mo	11.0%	0.90	0.0%	0.	0.	$/w/mo	Expense	68.5740	68.5740	8.00	379.944
Gas Rate	280.	130.	Mcf/mo	10.0%	0.00	0.0%	19,202.	19,202.	$/mo	Revenue			10.00	366.139
GOR	279.	251.	scf/bbl							Oil	57.8050	57.8050	12.00	353.359
NGL Rate	19.	8.	bbls/mo							Gas	57.8050	57.8050	15.00	335.892
NGL Yield	67.6	68.3	bbl/MMcf										20.00	310.621
Gas Shrinkage	38.9	39.1	%
Oil Severance	4.6	4.6	%
Gas Severance	7.5	7.5	%
NGL Severance	7.5	7.5	%
Ad Valorem	36.3		%
					12   Months in first year   7.258 Year Life (04/2025)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.	ASN 15	DEFAULT	1/10/2018	10:34:19
TEXAS REGISTERED ENGINEERING FIRM F-693.				OIL	PDP
				Table	21

Cawley, Gillespie & Associates, Inc.

Table I - PDNP

Composite Reserve Estimates and Economic Forecasts

Lilis Energy, Inc. Interests

Delaware Basin Properties in Texas and New Mexico

Proved Developed Non-Producing Reserves

As of December 31, 2017

(1)	(2)	(3)		(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas		Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production		Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF		MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	360.5	1,124.0		76.6	226.251	475.616	47.505	47.746	2.611	8.198
12-2019	193.1	651.7		44.0	121.630	276.014	27.244	47.746	2.604	7.797
12-2020	127.0	455.4		30.5	79.949	192.517	18.831	47.746	2.600	7.485
12-2021	96.1	360.1		24.0	60.499	152.057	14.784	47.746	2.597	7.276
12-2022	78.2	302.5		20.1	49.240	127.661	12.360	47.746	2.594	7.130
12-2023	66.3	262.5		17.4	41.763	110.717	10.688	47.746	2.593	7.028
12-2024	58.0	233.1		15.4	36.498	98.275	9.468	47.746	2.592	6.957
12-2025	51.4	208.8		13.8	32.349	87.997	8.467	47.746	2.591	6.911
12-2026	46.3	189.4		12.5	29.180	79.846	7.676	47.746	2.591	6.885
12-2027	42.3	173.3		11.5	26.622	73.025	7.018	47.746	2.591	6.873
12-2028	36.9	159.7		10.6	23.108	67.309	6.469	47.746	2.591	6.871
12-2029	33.1	146.5		9.7	20.695	61.752	5.935	47.746	2.591	6.871
12-2030	30.5	201.4		12.9	19.041	84.383	7.790	47.746	2.571	5.430
12-2031	28.0	197.4		12.6	17.519	82.631	7.589	47.746	2.568	5.243
12-2032	25.9	182.1		11.6	16.160	76.225	7.001	47.746	2.568	5.243
12-2033	23.7	167.0		10.7	14.826	69.931	6.423	47.746	2.568	5.243
12-2034	21.8	153.7		9.8	13.641	64.340	5.909	47.746	2.568	5.243
12-2035	20.1	141.4		9.0	12.550	59.197	5.437	47.746	2.568	5.243
12-2036	18.5	113.7		7.3	11.538	47.674	4.428	47.746	2.574	5.653
S Tot	1,357.6	5,423.6		360.1	853.059	2,287.167	221.021	47.746	2.593	7.064
After	6.7	20.2		1.4	4.151	8.468	.859	47.746	2.619	8.728
Total	1,364.3	5,443.8		361.5	857.210	2,295.636	221.881	47.746	2.594	7.071
Cum	.0	.0		.0
Ult	1,364.3	5,443.8		361.5
(11)	(12)	(13)		(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas		NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue		Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$		M$	M$	M$	M$	M$	M$
12-2018	10,802.639	1,241.603		389.470	0.000	0.000	12,433.712	612.401	310.843	4.490
12-2019	5,807.357	718.833		212.415	0.000	0.000	6,738.605	334.313	168.465	6.087
12-2020	3,817.266	500.474		140.953	0.000	0.000	4,458.692	224.498	111.467	7.557
12-2021	2,888.620	394.822		107.561	0.000	0.000	3,391.003	171.165	84.775	8.915
12-2022	2,351.016	331.202		88.122	0.000	0.000	2,770.340	140.096	69.259	10.183
12-2023	1,994.008	287.077		75.110	0.000	0.000	2,356.196	119.315	58.905	11.404
12-2024	1,742.625	254.717		65.870	0.000	0.000	2,063.213	104.579	51.580	12.571
12-2025	1,544.542	228.020		58.516	0.000	0.000	1,831.077	92.872	45.777	13.771
12-2026	1,393.217	206.867		52.849	0.000	0.000	1,652.933	83.867	41.323	14.931
12-2027	1,271.098	189.183		48.236	0.000	0.000	1,508.517	76.551	37.713	16.083
12-2028	1,103.323	174.374		44.449	0.000	0.000	1,322.145	67.406	33.054	16.164
12-2029	988.131	159.976		40.779	0.000	0.000	1,188.885	60.728	29.722	16.946
12-2030	909.132	216.923		42.303	0.000	0.000	1,168.357	61.489	29.209	15.843
12-2031	836.449	212.215		39.787	0.000	0.000	1,088.452	57.591	27.211	16.615
12-2032	771.599	195.762		36.703	0.000	0.000	1,004.063	53.126	25.102	17.828
12-2033	707.890	179.598		33.672	0.000	0.000	921.160	48.740	23.029	19.235
12-2034	651.296	165.240		30.980	0.000	0.000	847.516	44.843	21.188	20.716
12-2035	599.226	152.029		28.503	0.000	0.000	779.759	41.258	19.494	22.326
12-2036	550.884	122.697		25.033	0.000	0.000	698.614	36.555	17.465	25.350
S Tot	40,730.317	5,931.614		1,561.311	0.000	0.000	48,223.241	2,431.392	1,205.581	10.307
After	198.204	22.178		7.500	0.000	0.000	227.882	11.383	5.697	33.423
Total	40,928.521	5,953.792		1,568.810	0.000	0.000	48,451.123	2,442.775	1,211.278	10.409
(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	485.506	5	4.2	0.000	0.000	1,024.791	6,266.409	3,733.763	3,733.763	3,395.776
12-2019	576.560	5	4.2	0.000	0.000	551.696	.000	5,107.572	8,841.334	7,845.272
12-2020	576.560	5	4.2	0.000	0.000	362.581	.000	3,183.586	12,024.920	10,362.114
12-2021	576.560	5	4.2	0.000	0.000	274.358	.000	2,284.145	14,309.065	12,002.393
12-2022	576.560	5	4.2	0.000	0.000	223.290	.000	1,761.136	16,070.201	13,151.732
12-2023	576.560	5	4.2	0.000	0.000	189.379	.000	1,412.037	17,482.238	13,989.313
12-2024	576.560	5	4.2	0.000	0.000	165.502	.000	1,164.991	18,647.229	14,617.410
12-2025	576.560	5	4.2	0.000	0.000	146.688	.000	969.181	19,616.410	15,092.322
12-2026	576.560	5	4.2	0.000	0.000	132.316	.000	818.867	20,435.276	15,457.090
12-2027	576.560	5	4.2	0.000	0.000	120.717	.000	696.976	21,132.252	15,739.335
12-2028	518.154	5	4.2	0.000	0.000	104.678	.000	598.853	21,731.105	15,959.797
12-2029	496.775	4	3.4	0.000	0.000	93.709	.000	507.951	22,239.057	16,129.777
12-2030	518.492	4	3.4	0.000	0.000	86.218	.000	472.950	22,712.007	16,273.562
12-2031	522.544	4	3.4	0.000	0.000	79.325	.000	401.781	23,113.787	16,384.709
12-2032	522.544	4	3.4	0.000	0.000	73.175	.000	330.117	23,443.904	16,467.748
12-2033	522.544	4	3.4	0.000	0.000	67.133	.000	259.715	23,703.619	16,527.136
12-2034	522.544	4	3.4	0.000	0.000	61.766	.000	197.175	23,900.795	16,568.139
12-2035	522.544	4	3.4	0.000	0.000	56.828	.000	139.636	24,040.430	16,594.552
12-2036	514.630	4	3.4	0.000	0.000	52.238	.000	77.726	24,118.156	16,608.013
S Tot	10,335.317			0.000	0.000	3,866.386	6,266.409	24,118.156	24,118.156	16,608.013
After	186.374			0.000	0.000	18.211	.000	6.217	24,124.373	16,609.000
Total	10,521.690			0.000	0.000	3,884.597	6,266.409	24,124.373	24,124.373	16,609.000

	SEC Pricing YE2017			Percent	Cum. Disc.
		WTI Cushing	Henry Hub	5.00	19,645.597
	Year	Oil $/STB	Gas $/MMBTU	8.00	17,696.862
	2018	51.34	2.976	10.00	16,609.000
	Thereafter	Flat	Flat	12.00	15,654.402
	Cap	51.34	2.976	15.00	14,423.212
				20.00	12.773.115
12 Months in first year       19.929 Year Life (12/2037)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.	1/10/2018	10:34:19
TEXAS REGISTERED ENGINEERING FIRM F-693.		Summary

Cawley, Gillespie & Associates, Inc.

 

Table II - PDNP

Lease Reserve Summary

Lilis Energy, Inc. Interests

Delaware Basin Properties in Texas and New Mexico

Proved Developed Non-Producing Reserves

As of December 31, 2017

OPERATOR						Current Interest		WellCnt Life	Ultimate Recovery	Gross Reserves	Net Reserves	Oil Revenue Gas Revenue	Prod Tax Adv. Tax	Expenses Investments	Future Net Cash Flow	Cash Flow Disc.@ 10.0
LEASE NAME				Start		%			____________MBBL / MMCF____________			M$ / M$	M$ / M$	M$ / M$	M$	M$
Table	Class	Major	Well No.	Date	ASN
PHANTOM (WOLFCAMP B) -- WINKLER COUNTY, TEXAS
LILIS ENERGY, INC.
GRIZZLY #2H						61.0414	NI	1	427.7	427.7	261.1	12,466.0	715.9	4,348.7	7,003.2	4,906.7
1     PDNP		Oil		02/18	426	86.6526	WI	18.8	1,283.2	1,283.2	532.6	1,394.9	358.3	1,906.4
CHEYENNE (ATOKA) -- WINKLER COUNTY, TEXAS
TRATON OPERATING COMPANY
HILL, A. G. 1{INCR}						58.3125	NI	1	1.1	0.0	0.0	0.0	119.9	170.2	1,428.0	732.0
2     PDNP		Gas	1	01/18	478	77.7500	WI	18.7	5,479.6	1,574.6	651.9	1,649.1	44.1	0.0
PHANTOM (WOLFCAMP B) -- WINKLER COUNTY, TEXAS
LILIS ENERGY, INC.
KUDU #2H						60.1633	NI	1	433.3	433.3	260.7	12,446.8	714.8	4,142.7	8,897.1	6,681.3
3     PDNP		Oil		02/18	320	79.2604	WI	19.8	1,299.9	1,299.9	531.8	1,392.7	357.8	198.2
LION #3H						66.2369	NI	1	428.7	428.7	284.0	13,558.5	778.7	4,691.3	5,737.6	3,429.4
4     PDNP		Oil		04/18	427	92.8237	WI	18.9	1,286.2	1,286.2	579.3	1,517.1	389.7	3,991.4
CRITTENDON (BRUSHY CANYON) -- WINKLER COUNTY, TEXAS
IMPETRO OPERATING LLC
WOLFE UNIT #3H WORKOVER						68.9934	NI	1	74.6	74.6	51.5	2,457.2	113.4	1,053.4	1,058.4	859.6
5	PDNP	Oil	3H	01/18	425	85.2409	WI	10.2	0.0	0.0	0.0	0.0	61.4	170.5
GRAND TOTAL								4	1,364.3	1,364.3	857.2	40,928.5	2,442.8	14,406.3	24,124.4	16,609.0
									5,443.8	5,443.8	2,295.6	5,953.8	1,211.3	6,266.4

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT. TEXAS REGISTERED ENGINEERING FIRM F-693. Scenario: .550 1/10/2018  10:34:19 AM

Cawley, Gillespie & Associates, Inc.

Page 1

Rate-Time History-Forecast Curves

And

Tabular Reserves and Economics

By Property

Cawley, Gillespie & Associates, Inc.

Petroleum Consultants

 Table 1

Reserve Estimates and Economic Forecasts as of December 31, 2017

Lilis Energy, Inc. Interests

Proved Developed Non-Producing Reserves

LILIS ENERGY, INC. -- GRIZZLY #2H

PHANTOM (WOLFCAMP B) FIELD -- WINKLER COUNTY, TEXAS

(1)	(2)	(3)		(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas		Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	AvgGas	Avg NGL
End	Production	Production		Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF		MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	114.4	343.3		23.7	69.847	142.488	14.458	47.746	2.619	8.728
12-2019	59.7	179.0		12.4	36.428	74.314	7.541	47.746	2.619	8.728
12-2020	39.2	117.7		8.1	23.943	48.843	4.956	47.746	2.619	8.728
12-2021	29.7	89.0		6.1	18.110	36.944	3.749	47.746	2.619	8.728
12-2022	24.1	72.4		5.0	14.734	30.057	3.050	47.746	2.619	8.728
12-2023	20.5	61.4		4.2	12.493	25.486	2.586	47.746	2.619	8.728
12-2024	17.9	53.6		3.7	10.916	22.268	2.260	47.746	2.619	8.728
12-2025	15.8	47.5		3.3	9.673	19.734	2.002	47.746	2.619	8.728
12-2026	14.3	42.9		3.0	8.724	17.798	1.806	47.746	2.619	8.728
12-2027	13.0	39.1		2.7	7.959	16.236	1.648	47.746	2.619	8.728
12-2028	12.0	36.0		2.5	7.334	14.961	1.518	47.746	2.619	8.728
12-2029	11.0	33.1		2.3	6.728	13.726	1.393	47.746	2.619	8.728
12-2030	10.1	30.4		2.1	6.190	12.629	1.281	47.746	2.619	8.728
12-2031	9.3	28.0		1.9	5.696	11.619	1.179	47.746	2.619	8.728
12-2032	8.6	25.8		1.8	5.254	10.718	1.088	47.746	2.619	8.728
12-2033	7.9	23.7		1.6	4.820	9.833	.998	47.746	2.619	8.728
12-2034	7.3	21.8		1.5	4.435	9.047	.918	47.746	2.619	8.728
12-2035	6.7	20.1		1.4	4.080	8.324	.845	47.746	2.619	8.728
12-2036	6.1	18.3		1.3	3.724	7.598	.771	47.746	2.619	8.728
S Tot	427.7	1,283.2		88.5	261.089	532.622	54.045	47.746	2.619	8.728
After	.0	.0		.0	.000	.000	.000	.000	.000	.000
Total	427.7	1,283.2		88.5	261.089	532.622	54.045	47.746	2.619	8.728
Cum	.0	.0		.0
Ult	427.7	1,283.2		88.5
(11)	(12)	(13)		(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas		NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue		Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$		M$	M$	M$	M$	M$	M$
12-2018	3,334.932	373.159		126.187	0.000	0.000	3,834.278	191.525	95.857	4.518
12-2019	1,739.321	194.620		65.812	0.000	0.000	1,999.753	99.889	49.994	6.255
12-2020	1,143.172	127.914		43.255	0.000	0.000	1,314.342	65.652	32.859	7.870
12-2021	864.666	96.751		32.717	0.000	0.000	994.134	49.658	24.853	9.388
12-2022	703.484	78.716		26.618	0.000	0.000	808.818	40.401	20.220	10.816
12-2023	596.494	66.744		22.570	0.000	0.000	685.809	34.257	17.145	12.189
12-2024	521.185	58.317		19.721	0.000	0.000	599.223	29.932	14.981	13.494
12-2025	461.866	51.680		17.476	0.000	0.000	531.022	26.525	13.276	14.822
12-2026	416.560	46.611		15.762	0.000	0.000	478.933	23.923	11.973	16.090
12-2027	380.011	42.521		14.379	0.000	0.000	436.911	21.824	10.923	17.334
12-2028	350.168	39.182		13.250	0.000	0.000	402.599	20.110	10.065	18.542
12-2029	321.255	35.947		12.156	0.000	0.000	369.358	18.450	9.234	19.927
12-2030	295.572	33.073		11.184	0.000	0.000	339.828	16.975	8.496	21.384
12-2031	271.942	30.429		10.290	0.000	0.000	312.660	15.618	7.816	22.968
12-2032	250.858	28.069		9.492	0.000	0.000	288.419	14.407	7.210	24.633
12-2033	230.145	25.752		8.708	0.000	0.000	264.605	13.217	6.615	26.566
12-2034	211.746	23.693		8.012	0.000	0.000	243.451	12.161	6.086	28.600
12-2035	194.817	21.799		7.371	0.000	0.000	223.987	11.188	5.600	30.810
12-2036	177.829	19.898		6.729	0.000	0.000	204.455	10.213	5.111	33.126
S Tot	12,466.022	1,394.874		471.689	0.000	0.000	14,332.584	715.923	358.315	11.296
After	.000	.000		.000	0.000	0.000	.000	.000	.000	.000
Total	12,466.022	1,394.874		471.689	0.000	0.000	14,332.584	715.923	358.315	11.296
(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	140.130	1	0.9	0.000	0.000	325.222	1,906.358	1,175.187	1,175.187	1,062.893
12-2019	166.373	1	0.9	0.000	0.000	169.618	.000	1,513.879	2,689.066	2,381.760
12-2020	166.373	1	0.9	0.000	0.000	111.482	.000	937.976	3,627.042	3,123.332
12-2021	166.373	1	0.9	0.000	0.000	84.322	.000	668.928	4,295.969	3,603.720
12-2022	166.373	1	0.9	0.000	0.000	68.604	.000	513.220	4,809.190	3,938.666
12-2023	166.373	1	0.9	0.000	0.000	58.170	.000	409.864	5,219.053	4,181.793
12-2024	166.373	1	0.9	0.000	0.000	50.826	.000	337.112	5,556.165	4,363.548
12-2025	166.373	1	0.9	0.000	0.000	45.041	.000	279.807	5,835.973	4,500.660
12-2026	166.373	1	0.9	0.000	0.000	40.623	.000	236.040	6,072.013	4,605.806
12-2027	166.373	1	0.9	0.000	0.000	37.059	.000	200.732	6,272.746	4,687.094
12-2028	166.373	1	0.9	0.000	0.000	34.148	.000	171.903	6,444.648	4,750.381
12-2029	166.373	1	0.9	0.000	0.000	31.329	.000	143.972	6,588.620	4,798.564
12-2030	166.373	1	0.9	0.000	0.000	28.824	.000	119.161	6,707.781	4,834.823
12-2031	166.373	1	0.9	0.000	0.000	26.520	.000	96.333	6,804.114	4,861.478
12-2032	166.373	1	0.9	0.000	0.000	24.464	.000	75.965	6,880.080	4,880.593
12-2033	166.373	1	0.9	0.000	0.000	22.444	.000	55.956	6,936.036	4,893.393
12-2034	166.373	1	0.9	0.000	0.000	20.649	.000	38.181	6,974.217	4,901.339
12-2035	166.373	1	0.9	0.000	0.000	18.998	.000	21.828	6,996.045	4,905.475
12-2036	164.584	1	0.9	0.000	0.000	17.342	.000	7.205	7,003.250	4,906.728
S Tot	3,133.056			0.000	0.000	1,215.683	1,906.358	7,003.250	7,003.250	4,906.728
After	.000			0.000	0.000	0.000	.000	.000	7,003.250	4,906.728
Total	3,133.056			0.000	0.000	1,215.683	1,906.358	7,003.250	7,003.250	4,906.728

Evaluation Parameters (Gross)							Expenses  (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units			Final	5.00	5,765.007
Oil Rate	22,812.	492.	bbls/mo	96.5%	1.20	0.0%	1,713.	15,999.	$/w/mo	Expense	86.6526	86.6526	8.00	5,216.055
Gas Rate	68,437.	1,476.	Mcf/mo	0.0%	0.00	0.0%				Revenue			10.00	4,906.728
GOR	3,000.	3,000.	scf/bbl							Oil	61.0414	61.0414	12.00	4,633.554
NGL Rate	459.	101.	bbls/mo							Gas	61.0414	61.0414	15.00	4,278.801
NGL Yield	6.7	68.7	bbl/MMcf										20.00	3,799.071
Gas Shrinkage	92.8	31.5	%
Oil Severance	4.6	4.6	%
Gas Severance	7.5	7.5	%
NGL Severance	7.5	7.5	%
Ad Valorem	41.0		%
Start Date: 02/2018   11   Months in year ’18     18.907 Year Life (12/2036)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.	ASN   426	DEFAULT	1/10/2018	10:34:19
TEXAS REGISTERED ENGINEERING FIRM F-693.				OIL	PDNP
				Table	1

Cawley, Gillespie & Associates, Inc.

Table 2

Reserve Estimates and Economic Forecasts as of December 31, 2017

Lilis Energy, Inc. Interests

Proved Developed Non-Producing Reserves

TRATON OPERATING COMPANY -- HILL, A. G. 1{INCR} 1

CHEYENNE \(ATOKA\) FIELD -- Winkler COUNTY, TEXAS 

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	.0	107.6	6.5	.000	44.568	3.766	.000	2.530	2.054
12-2019	.0	108.6	6.5	.000	44.971	3.800	.000	2.530	2.054
12-2020	.0	100.2	6.0	.000	41.485	3.506	.000	2.530	2.054
12-2021	.0	91.9	5.5	.000	38.059	3.216	.000	2.530	2.054
12-2022	.0	84.6	5.1	.000	35.017	2.959	.000	2.530	2.054
12-2023	.0	77.8	4.7	.000	32.217	2.723	.000	2.530	2.054
12-2024	.0	71.8	4.3	.000	29.719	2.511	.000	2.530	2.054
12-2025	.0	65.9	4.0	.000	27.266	2.304	.000	2.530	2.054
12-2026	.0	60.6	3.6	.000	25.086	2.120	.000	2.530	2.054
12-2027	.0	55.7	3.3	.000	23.080	1.950	.000	2.530	2.054
12-2028	.0	51.4	3.1	.000	21.291	1.799	.000	2.530	2.054
12-2029	.0	47.2	2.8	.000	19.533	1.651	.000	2.530	2.054
12-2030	.0	110.0	6.6	.000	45.539	3.848	.000	2.530	2.054
12-2031	.0	113.3	6.8	.000	46.893	3.963	.000	2.530	2.054
12-2032	.0	104.5	6.3	.000	43.258	3.656	.000	2.530	2.054
12-2033	.0	95.9	5.8	.000	39.686	3.354	.000	2.530	2.054
12-2034	.0	88.2	5.3	.000	36.513	3.086	.000	2.530	2.054
12-2035	.0	81.1	4.9	.000	33.594	2.839	.000	2.530	2.054
10-2036	.0	58.3	3.5	.000	24.137	2.040	.000	2.530	2.054
S Tot	.0	1,574.6	94.5	.000	651.912	55.091	.000	2.530	2.054
After	.0	.0	.0	.000	.000	.000	.000	.000	.000
Total	.0	1,574.6	94.5	.000	651.912	55.091	.000	2.530	2.054
Cum	1.1	3,905.0	.0
Ult	1.1	5,479.6	94.5

(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	.000	112.738	7.734	0.000	0.000	120.473	.045	3.012	.000
12-2019	.000	113.760	7.804	0.000	0.000	121.564	5.298	3.039	.000
12-2020	.000	104.940	7.199	0.000	0.000	112.139	8.452	2.803	.000
12-2021	.000	96.275	6.605	0.000	0.000	102.880	7.754	2.572	.000
12-2022	.000	88.578	6.077	0.000	0.000	94.655	7.134	2.366	.000
12-2023	.000	81.497	5.591	0.000	0.000	87.088	6.564	2.177	.000
12-2024	.000	75.178	5.158	0.000	0.000	80.336	6.055	2.008	.000
12-2025	.000	68.971	4.732	0.000	0.000	73.702	5.555	1.843	.000
12-2026	.000	63.457	4.353	0.000	0.000	67.810	5.111	1.695	.000
12-2027	.000	58.384	4.005	0.000	0.000	62.389	4.702	1.560	.000
12-2028	.000	53.857	3.695	0.000	0.000	57.552	4.338	1.439	.000
12-2029	.000	49.410	3.390	0.000	0.000	52.800	3.980	1.320	.000
12-2030	.000	115.196	7.903	0.000	0.000	123.099	9.278	3.077	2.152
12-2031	.000	118.621	8.138	0.000	0.000	126.759	9.554	3.169	2.480
12-2032	.000	109.425	7.507	0.000	0.000	116.932	8.813	2.923	2.688
12-2033	.000	100.390	6.887	0.000	0.000	107.277	8.085	2.682	2.930
12-2034	.000	92.364	6.337	0.000	0.000	98.700	7.439	2.468	3.185
12-2035	.000	84.980	5.830	0.000	0.000	90.809	6.844	2.270	3.462
10-2036	.000	61.057	4.189	0.000	0.000	65.245	4.918	1.631	3.673
S Tot	.000	1,649.076	113.133	0.000	0.000	1,762.209	119.918	44.055	1.178
After	.000	.000	.000	0.000	0.000	.000	.000	.000	.000
Total	.000	1,649.076	113.133	0.000	0.000	1,762.209	119.918	44.055	1.178

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	.000	1	0.8	0.000	0.000	0.000	.000	117.416	117.416	111.592
12-2019	.000	1	0.8	0.000	0.000	0.000	.000	113.227	230.643	209.930
12-2020	.000	1	0.8	0.000	0.000	0.000	.000	100.884	331.527	289.503
12-2021	.000	1	0.8	0.000	0.000	0.000	.000	92.554	424.081	355.865
12-2022	.000	1	0.8	0.000	0.000	0.000	.000	85.154	509.235	411.375
12-2023	.000	1	0.8	0.000	0.000	0.000	.000	78.347	587.582	457.807
12-2024	.000	1	0.8	0.000	0.000	0.000	.000	72.272	659.854	496.743
12-2025	.000	1	0.8	0.000	0.000	0.000	.000	66.305	726.159	529.214
12-2026	.000	1	0.8	0.000	0.000	0.000	.000	61.004	787.163	556.375
12-2027	.000	1	0.8	0.000	0.000	0.000	.000	56.127	843.290	579.095
12-2028	.000	1	0.8	0.000	0.000	0.000	.000	51.775	895.065	598.146
12-2029	.000	1	0.8	0.000	0.000	0.000	.000	47.500	942.566	614.035
12-2030	21.717	1	0.8	0.000	0.000	0.000	.000	89.027	1,031.592	641.001
12-2031	25.769	1	0.8	0.000	0.000	0.000	.000	88.267	1,119.859	665.407
12-2032	25.769	1	0.8	0.000	0.000	0.000	.000	79.426	1,199.285	685.372
12-2033	25.769	1	0.8	0.000	0.000	0.000	.000	70.740	1,270.025	701.537
12-2034	25.769	1	0.8	0.000	0.000	0.000	.000	63.024	1,333.049	714.629
12-2035	25.769	1	0.8	0.000	0.000	0.000	.000	55.925	1,388.974	725.192
10-2036	19.644	1	0.8	0.000	0.000	0.000	.000	39.052	1,428.027	731.968
S Tot	170.209			0.000	0.000	0.000	.000	1,428.027	1,428.027	731.968
After	.000			0.000	0.000	0.000	.000	.000	1,428.027	731.968
Total	170.209			0.000	0.000	0.000	.000	1,428.027	1,428.027	731.968

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units			Final	5.00	2,147.204
Gas Rate	18,835.	6,835.	Mcf/mo	8.0%	0.00	0.0%	2,761.	2,721.	$/w/mo	Expense	77.7500	77.7500	8.00	1,854.416
Oil Rate	0.	0.	bbls/mo	0.0%	0.00	0.0%				Revenue			10.00	1,698.806
NGL Rate	1,147.	361.	bbls/mo							Oil	58.3125	58.3125	12.00	1,567.224
Cond Yield	0.0	0.0	bbl/MMcf							Gas	58.3125	58.3125	15.00	1,404.751
NGL Yield	60.9	52.9	bbl/MMcf										20.00	1,200.504
Gas Shrinkage	29.2	36.5	%
Oil Severance	0.0	0.0	%
Gas Severance	0.0	7.5	%
NGL Severance	0.0	7.5	%
Ad Valorem	16.9		%

Start Date: 01/2018 12   Months in year  ‘18 18.771 Year Life (10/2036)  

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.
TEXAS REGISTERED ENGINEERING FIRM F-693. ASN 478 DEFAULT   1/10/2018    10:34:19        GAS PDNP Table      2   

Cawley, Gillespie & Associates, Inc.

Table 3

Reserve Estimates and Economic Forecasts as of December 31, 2017

Lilis Energy, Inc. Interests

Proved Developed Non-Producing Reserves

LILIS ENERGY, INC. -- KUDU #2H

PHANTOM (WOLFCAMP B) FIELD -- WINKLER COUNTY, TEXAS 

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	117.9	353.6	24.4	70.906	144.648	14.678	47.746	2.619	8.728
12-2019	58.3	174.8	12.1	35.052	71.506	7.256	47.746	2.619	8.728
12-2020	38.7	116.0	8.0	23.264	47.458	4.816	47.746	2.619	8.728
12-2021	29.4	88.1	6.1	17.668	36.042	3.657	47.746	2.619	8.728
12-2022	23.9	71.8	5.0	14.407	29.390	2.982	47.746	2.619	8.728
12-2023	20.3	61.0	4.2	12.233	24.956	2.532	47.746	2.619	8.728
12-2024	17.8	53.4	3.7	10.699	21.827	2.215	47.746	2.619	8.728
12-2025	15.8	47.3	3.3	9.489	19.357	1.964	47.746	2.619	8.728
12-2026	14.2	42.7	2.9	8.563	17.468	1.772	47.746	2.619	8.728
12-2027	13.0	39.0	2.7	7.815	15.942	1.618	47.746	2.619	8.728
12-2028	12.0	35.9	2.5	7.202	14.692	1.491	47.746	2.619	8.728
12-2029	11.0	32.9	2.3	6.607	13.479	1.368	47.746	2.619	8.728
12-2030	10.1	30.3	2.1	6.079	12.402	1.258	47.746	2.619	8.728
12-2031	9.3	27.9	1.9	5.593	11.410	1.158	47.746	2.619	8.728
12-2032	8.6	25.7	1.8	5.160	10.525	1.068	47.746	2.619	8.728
12-2033	7.9	23.6	1.6	4.734	9.656	.980	47.746	2.619	8.728
12-2034	7.2	21.7	1.5	4.355	8.884	.902	47.746	2.619	8.728
12-2035	6.7	20.0	1.4	4.007	8.174	.829	47.746	2.619	8.728
12-2036	6.1	18.4	1.3	3.696	7.540	.765	47.746	2.619	8.728
S Tot	428.0	1,284.1	88.6	257.528	525.357	53.308	47.746	2.619	8.728
After	5.3	15.8	1.1	3.159	6.444	.654	47.746	2.619	8.728
Total	433.3	1,299.9	89.7	260.686	531.800	53.962	47.746	2.619	8.728
Cum	.0	.0	.0
Ult	433.3	1,299.9	89.7

(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	3,385.484	378.816	128.100	0.000	0.000	3,892.400	194.428	97.310	4.226
12-2019	1,673.608	187.267	63.326	0.000	0.000	1,924.201	96.115	48.105	5.875
12-2020	1,110.761	124.288	42.029	0.000	0.000	1,277.077	63.791	31.927	7.367
12-2021	843.570	94.390	31.919	0.000	0.000	969.880	48.446	24.247	8.772
12-2022	687.865	76.968	26.027	0.000	0.000	790.860	39.504	19.772	10.094
12-2023	584.087	65.356	22.101	0.000	0.000	671.543	33.544	16.789	11.367
12-2024	510.852	57.161	19.330	0.000	0.000	587.343	29.338	14.684	12.576
12-2025	453.040	50.692	17.142	0.000	0.000	520.875	26.018	13.022	13.807
12-2026	408.829	45.746	15.469	0.000	0.000	470.044	23.479	11.751	14.983
12-2027	373.122	41.750	14.118	0.000	0.000	428.991	21.428	10.725	16.137
12-2028	343.872	38.477	13.011	0.000	0.000	395.361	19.749	9.884	17.260
12-2029	315.480	35.300	11.937	0.000	0.000	362.717	18.118	9.068	18.550
12-2030	290.258	32.478	10.983	0.000	0.000	333.719	16.670	8.343	19.907
12-2031	267.053	29.882	10.105	0.000	0.000	307.039	15.337	7.676	21.382
12-2032	246.348	27.565	9.321	0.000	0.000	283.234	14.148	7.081	22.933
12-2033	226.008	25.289	8.552	0.000	0.000	259.848	12.980	6.496	24.733
12-2034	207.939	23.267	7.868	0.000	0.000	239.074	11.942	5.977	26.628
12-2035	191.315	21.407	7.239	0.000	0.000	219.961	10.987	5.499	28.687
12-2036	176.482	19.747	6.678	0.000	0.000	202.907	10.135	5.073	30.852
S Tot	12,295.971	1,375.846	465.254	0.000	0.000	14,137.072	706.157	353.427	10.501
After	150.818	16.876	5.707	0.000	0.000	173.400	8.661	4.335	33.320
Total	12,446.789	1,392.722	470.961	0.000	0.000	14,310.472	714.819	357.762	10.777

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	135.422	1	0.8	0.000	0.000	306.394	198.151	2,960.694	2,960.694	2,827.567
12-2019	152.180	1	0.8	0.000	0.000	151.465	.000	1,476.335	4,437.029	4,113.523
12-2020	152.180	1	0.8	0.000	0.000	100.526	.000	928.653	5,365.682	4,847.663
12-2021	152.180	1	0.8	0.000	0.000	76.345	.000	668.661	6,034.344	5,327.830
12-2022	152.180	1	0.8	0.000	0.000	62.253	.000	517.151	6,551.495	5,665.323
12-2023	152.180	1	0.8	0.000	0.000	52.861	.000	416.169	6,967.664	5,912.177
12-2024	152.180	1	0.8	0.000	0.000	46.233	.000	344.908	7,312.572	6,098.125
12-2025	152.180	1	0.8	0.000	0.000	41.001	.000	288.654	7,601.225	6,239.564
12-2026	152.180	1	0.8	0.000	0.000	37.000	.000	245.634	7,846.859	6,348.978
12-2027	152.180	1	0.8	0.000	0.000	33.768	.000	210.889	8,057.748	6,434.374
12-2028	152.180	1	0.8	0.000	0.000	31.121	.000	182.427	8,240.175	6,501.532
12-2029	152.180	1	0.8	0.000	0.000	28.552	.000	154.800	8,394.975	6,553.334
12-2030	152.180	1	0.8	0.000	0.000	26.269	.000	130.257	8,525.232	6,592.966
12-2031	152.180	1	0.8	0.000	0.000	24.169	.000	107.677	8,632.910	6,622.755
12-2032	152.180	1	0.8	0.000	0.000	22.295	.000	87.530	8,720.440	6,644.774
12-2033	152.180	1	0.8	0.000	0.000	20.454	.000	67.738	8,788.178	6,660.265
12-2034	152.180	1	0.8	0.000	0.000	18.819	.000	50.156	8,838.334	6,670.697
12-2035	152.180	1	0.8	0.000	0.000	17.314	.000	33.980	8,872.314	6,677.127
12-2036	152.180	1	0.8	0.000	0.000	15.972	.000	19.547	8,891.861	6,680.496
S Tot	2,874.662			0.000	0.000	1,112.814	198.151	8,891.861	8,891.861	6,680.496
After	141.544			0.000	0.000	13.649	.000	5.210	8,897.071	6,681.321
Total	3,016.206			0.000	0.000	1,126.463	198.151	8,897.071	8,897.071	6,681.321

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units			Final	5.00	7,581.893
Oil Rate	22,812.	453.	bbls/mo	96.5%	1.20	0.0%	10,856.	15,999.	$/w/mo	Expense	79.2604	79.2604	8.00	7,004.908
Gas Rate	68,437.	1,360.	Mcf/mo	0.0%	0.00	0.0%				Revenue			10.00	6,681.321
GOR	3,000.	3,000.	scf/bbl							Oil	60.1633	60.1633	12.00	6,396.397
NGL Rate	2,719.	92.	bbls/mo							Gas	60.1633	60.1633	15.00	6,027.436
NGL Yield	39.7	68.3	bbl/MMcf										20.00	5,529.989
Gas Shrinkage	57.4	31.8	%
Oil Severance	4.6	4.6	%
Gas Severance	7.5	7.5	%
NGL Severance	7.5	7.5	%
Ad Valorem	37.1		%

Start Date: 02/2018 11   Months in year  ‘18 19.846 Year Life (12/2037)  

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.
TEXAS REGISTERED ENGINEERING FIRM F-693. ASN 320 DEFAULT   1/10/2018    10:34:19      OIL PDNP Table    3   

Cawley, Gillespie & Associates, Inc.

Table 4

Reserve Estimates and Economic Forecasts as of December 31, 2017

Lilis Energy, Inc. Interests

Proved Developed Non-Producing Reserves

LILIS ENERGY, INC. -- LION #3H

PHANTOM (WOLFCAMP B) FIELD -- WINKLER COUNTY, TEXAS 

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	106.5	319.5	22.0	70.546	143.913	14.603	47.746	2.619	8.728
12-2019	63.1	189.2	13.1	41.776	85.222	8.648	47.746	2.619	8.728
12-2020	40.5	121.5	8.4	26.829	54.731	5.554	47.746	2.619	8.728
12-2021	30.4	91.1	6.3	20.104	41.012	4.162	47.746	2.619	8.728
12-2022	24.6	73.7	5.1	16.273	33.198	3.369	47.746	2.619	8.728
12-2023	20.8	62.3	4.3	13.754	28.058	2.847	47.746	2.619	8.728
12-2024	18.1	54.3	3.7	11.991	24.461	2.482	47.746	2.619	8.728
12-2025	16.0	48.0	3.3	10.609	21.642	2.196	47.746	2.619	8.728
12-2026	14.4	43.3	3.0	9.556	19.494	1.978	47.746	2.619	8.728
12-2027	13.1	39.4	2.7	8.709	17.767	1.803	47.746	2.619	8.728
12-2028	12.1	36.3	2.5	8.022	16.365	1.661	47.746	2.619	8.728
12-2029	11.1	33.3	2.3	7.360	15.014	1.523	47.746	2.619	8.728
12-2030	10.2	30.7	2.1	6.771	13.813	1.402	47.746	2.619	8.728
12-2031	9.4	28.2	1.9	6.230	12.709	1.290	47.746	2.619	8.728
12-2032	8.7	26.0	1.8	5.747	11.724	1.190	47.746	2.619	8.728
12-2033	8.0	23.9	1.6	5.272	10.756	1.091	47.746	2.619	8.728
12-2034	7.3	22.0	1.5	4.851	9.896	1.004	47.746	2.619	8.728
12-2035	6.7	20.2	1.4	4.463	9.105	.924	47.746	2.619	8.728
12-2036	6.2	18.6	1.3	4.117	8.399	.852	47.746	2.619	8.728
S Tot	427.2	1,281.7	88.4	282.979	577.277	58.577	47.746	2.619	8.728
After	1.5	4.5	.3	.992	2.025	.205	47.746	2.619	8.728
Total	428.7	1,286.2	88.7	283.971	579.301	58.782	47.746	2.619	8.728
Cum	.0	.0	.0
Ult	428.7	1,286.2	88.7

(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	3,368.280	376.890	127.449	0.000	0.000	3,872.620	193.440	96.815	4.397
12-2019	1,994.627	223.187	75.473	0.000	0.000	2,293.287	114.551	57.332	6.010
12-2020	1,280.968	143.333	48.469	0.000	0.000	1,472.769	73.566	36.819	7.622
12-2021	959.888	107.406	36.320	0.000	0.000	1,103.614	55.126	27.590	9.129
12-2022	776.988	86.940	29.400	0.000	0.000	893.328	44.622	22.333	10.544
12-2023	656.699	73.481	24.848	0.000	0.000	755.028	37.714	18.876	11.905
12-2024	572.511	64.061	21.663	0.000	0.000	658.234	32.879	16.456	13.197
12-2025	506.523	56.677	19.166	0.000	0.000	582.365	29.090	14.559	14.510
12-2026	456.268	51.054	17.264	0.000	0.000	524.586	26.203	13.115	15.765
12-2027	415.826	46.528	15.734	0.000	0.000	478.088	23.881	11.952	16.995
12-2028	383.021	42.858	14.493	0.000	0.000	440.371	21.997	11.009	18.184
12-2029	351.395	39.319	13.296	0.000	0.000	404.011	20.181	10.100	19.540
12-2030	323.302	36.176	12.233	0.000	0.000	371.711	18.567	9.293	20.967
12-2031	297.455	33.283	11.255	0.000	0.000	341.994	17.083	8.550	22.518
12-2032	274.393	30.703	10.382	0.000	0.000	315.479	15.758	7.887	24.149
12-2033	251.737	28.168	9.525	0.000	0.000	289.430	14.457	7.236	26.041
12-2034	231.611	25.916	8.764	0.000	0.000	266.291	13.301	6.657	28.033
12-2035	213.095	23.844	8.063	0.000	0.000	245.002	12.238	6.125	30.198
12-2036	196.573	21.995	7.438	0.000	0.000	226.007	11.289	5.650	32.474
S Tot	13,511.162	1,511.818	511.235	0.000	0.000	15,534.215	775.946	388.355	11.125
After	47.387	5.302	1.793	0.000	0.000	54.482	2.721	1.362	33.750
Total	13,558.548	1,517.121	513.028	0.000	0.000	15,588.697	778.667	389.717	11.204

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	133.171	1	0.9	0.000	0.000	324.266	3,991.419	-866.492	-866.492	-932.695
12-2019	178.221	1	0.9	0.000	0.000	192.024	.000	1,751.158	884.666	593.319
12-2020	178.221	1	0.9	0.000	0.000	123.320	.000	1,060.843	1,945.509	1,432.110
12-2021	178.221	1	0.9	0.000	0.000	92.409	.000	750.267	2,695.776	1,970.936
12-2022	178.221	1	0.9	0.000	0.000	74.801	.000	573.350	3,269.126	2,345.133
12-2023	178.221	1	0.9	0.000	0.000	63.221	.000	456.996	3,726.121	2,616.221
12-2024	178.221	1	0.9	0.000	0.000	55.116	.000	375.562	4,101.683	2,818.708
12-2025	178.221	1	0.9	0.000	0.000	48.763	.000	311.732	4,413.415	2,971.464
12-2026	178.221	1	0.9	0.000	0.000	43.925	.000	263.121	4,676.536	3,088.673
12-2027	178.221	1	0.9	0.000	0.000	40.032	.000	224.002	4,900.538	3,179.384
12-2028	178.221	1	0.9	0.000	0.000	36.874	.000	192.270	5,092.808	3,250.168
12-2029	178.221	1	0.9	0.000	0.000	33.829	.000	161.679	5,254.487	3,304.275
12-2030	178.221	1	0.9	0.000	0.000	31.125	.000	134.505	5,388.992	3,345.203
12-2031	178.221	1	0.9	0.000	0.000	28.636	.000	109.503	5,498.495	3,375.500
12-2032	178.221	1	0.9	0.000	0.000	26.416	.000	87.196	5,585.691	3,397.439
12-2033	178.221	1	0.9	0.000	0.000	24.235	.000	65.281	5,650.972	3,412.371
12-2034	178.221	1	0.9	0.000	0.000	22.297	.000	45.814	5,696.785	3,421.903
12-2035	178.221	1	0.9	0.000	0.000	20.515	.000	27.903	5,724.688	3,427.188
12-2036	178.221	1	0.9	0.000	0.000	18.924	.000	11.922	5,736.609	3,429.251
S Tot	3,341.158			0.000	0.000	1,300.728	3,991.419	5,736.609	5,736.609	3,429.251
After	44.830			0.000	0.000	4.562	.000	1.007	5,737.616	3,429.414
Total	3,385.988			0.000	0.000	1,305.290	3,991.419	5,737.616	5,737.616	3,429.414

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units			Final	5.00	4,368.771
Oil Rate	22,812.	485.	bbls/mo	96.5%	1.20	0.0%	15,465.	15,999.	$/w/mo	Expense	92.8237	92.8237	8.00	3,766.881
Gas Rate	68,437.	1,455.	Mcf/mo	0.0%	0.00	0.0%				Revenue			10.00	3,429.414
GOR	3,000.	3,000.	scf/bbl							Oil	66.2369	66.2369	12.00	3,132.557
NGL Rate	3,996.	102.	bbls/mo							Gas	66.2369	66.2369	15.00	2,748.922
NGL Yield	58.4	70.6	bbl/MMcf										20.00	2,234.147
Gas Shrinkage	41.6	31.9	%
Oil Severance	4.6	4.6	%
Gas Severance	7.5	7.5	%
NGL Severance	7.5	7.5	%
Ad Valorem	45.1		%

Start Date: 04/2018 9   Months in year  ‘18 19.005 Year Life (04/2037)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.
TEXAS REGISTERED ENGINEERING FIRM F-693. ASN 427 DEFAULT    1/10/2018    10:34:19      OIL PDNP Table     4  

Cawley, Gillespie & Associates, Inc.

Table 5

Reserve Estimates and Economic Forecasts as of December 31, 2017

Lilis Energy, Inc. Interests

Proved Developed Non-Producing Reserves

IMPETRO OPERATING LLC -- WOLFE UNIT #3H WORKOVER 3H

CRITTENDON \(BRUSHY CANYON\) FIELD -- Winkler COUNTY, TEXAS 

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	21.7	.0	.0	14.953	.000	.000	47.746	.000	.000
12-2019	12.1	.0	.0	8.373	.000	.000	47.746	.000	.000
12-2020	8.6	.0	.0	5.914	.000	.000	47.746	.000	.000
12-2021	6.7	.0	.0	4.618	.000	.000	47.746	.000	.000
12-2022	5.5	.0	.0	3.826	.000	.000	47.746	.000	.000
12-2023	4.8	.0	.0	3.283	.000	.000	47.746	.000	.000
12-2024	4.2	.0	.0	2.892	.000	.000	47.746	.000	.000
12-2025	3.7	.0	.0	2.578	.000	.000	47.746	.000	.000
12-2026	3.4	.0	.0	2.337	.000	.000	47.746	.000	.000
12-2027	3.1	.0	.0	2.139	.000	.000	47.746	.000	.000
04-2028	.8	.0	.0	.550	.000	.000	47.746	.000	.000
12-2029
12-2030
12-2031
12-2032
12-2033
12-2034
12-2035
12-2036
S Tot	74.6	.0	.0	51.463	.000	.000	47.746	.000	.000
After	.0	.0	.0	.000	.000	.000	.000	.000	.000
Total	74.6	.0	.0	51.463	.000	.000	47.746	.000	.000
Cum	.0	.0	.0
Ult	74.6	.0	.0

(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	713.942	.000	.000	0.000	0.000	713.942	32.963	17.849	9.743
12-2019	399.801	.000	.000	0.000	0.000	399.801	18.459	9.995	14.137
12-2020	282.365	.000	.000	0.000	0.000	282.365	13.037	7.059	18.100
12-2021	220.495	.000	.000	0.000	0.000	220.495	10.180	5.512	21.885
12-2022	182.678	.000	.000	0.000	0.000	182.678	8.434	4.567	25.462
12-2023	156.728	.000	.000	0.000	0.000	156.728	7.236	3.918	28.914
12-2024	138.077	.000	.000	0.000	0.000	138.077	6.375	3.452	32.198
12-2025	123.113	.000	.000	0.000	0.000	123.113	5.684	3.078	35.551
12-2026	111.561	.000	.000	0.000	0.000	111.561	5.151	2.789	38.755
12-2027	102.139	.000	.000	0.000	0.000	102.139	4.716	2.553	41.905
04-2028	26.262	.000	.000	0.000	0.000	26.262	1.213	.657	43.479
12-2029
12-2030
12-2031
12-2032
12-2033
12-2034
12-2035
12-2036
S Tot	2,457.161	.000	.000	0.000	0.000	2,457.161	113.448	61.429	20.469
After	.000	.000	.000	0.000	0.000	.000	.000	.000	.000
Total	2,457.161	.000	.000	0.000	0.000	2,457.161	113.448	61.429	20.469

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	76.783	1	0.8	0.000	0.000	68.909	170.482	346.958	346.958	326.419
12-2019	79.786	1	0.8	0.000	0.000	38.588	.000	252.973	599.931	546.740
12-2020	79.786	1	0.8	0.000	0.000	27.253	.000	155.230	755.161	669.505
12-2021	79.786	1	0.8	0.000	0.000	21.282	.000	103.735	858.896	744.042
12-2022	79.786	1	0.8	0.000	0.000	17.632	.000	72.260	931.156	791.235
12-2023	79.786	1	0.8	0.000	0.000	15.127	.000	50.661	981.817	821.315
12-2024	79.786	1	0.8	0.000	0.000	13.327	.000	35.138	1,016.955	840.286
12-2025	79.786	1	0.8	0.000	0.000	11.883	.000	22.683	1,039.638	851.420
12-2026	79.786	1	0.8	0.000	0.000	10.768	.000	13.068	1,052.705	857.257
12-2027	79.786	1	0.8	0.000	0.000	9.858	.000	5.226	1,057.931	859.387
04-2028	21.380	1	0.8	0.000	0.000	2.535	.000	.478	1,058.409	859.570
12-2029
12-2030
12-2031
12-2032
12-2033
12-2034
12-2035
12-2036
S Tot	816.232			0.000	0.000	237.162	170.482	1,058.409	1,058.409	859.570
After	.000			0.000	0.000	0.000	.000	.000	1,058.409	859.570
Total	816.232			0.000	0.000	237.162	170.482	1,058.409	1,058.409	859.570

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units			Final	5.00	947.704
Oil Rate	3,041.	242.	bbls/mo	80.0%	1.20	0.0%	4,277.	7,799.	$/w/mo	Expense	85.2409	85.2409	8.00	892.560
Gas Rate	0.	0.	Mcf/mo	0.0%	0.00	0.0%				Revenue			10.00	859.570
GOR	0.	0.	scf/bbl							Oil	68.9934	68.9934	12.00	829.190
NGL Rate	0.	0.	bbls/mo							Gas	68.9934	68.9934	15.00	787.889
NGL Yield	0.0	0.0	bbl/MMcf										20.00	728.507
Gas Shrinkage	0.0	0.0	%
Oil Severance	4.6	4.6	%
Gas Severance	0.0	0.0	%
NGL Severance	0.0	0.0	%
Ad Valorem	20.4		%

Start Date: 01/2018 12   Months in year  ‘18 10.270 Year Life (04/2028)  

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.
TEXAS REGISTERED ENGINEERING FIRM F-693. ASN 425 DEFAULT    1/10/2018    10:34:19      OIL PDNP Table     5  

Cawley, Gillespie & Associates, Inc.

Table I - PUD

Composite Reserve Estimates and Economic Forecasts

Lilis Energy, Inc. Interests

Delaware Basin Properties in Texas and New Mexico

Proved Undeveloped Reserves

As of December 31, 2017 

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	466.0	1,397.9	96.5	256.035	522.312	52.999	47.746	2.619	8.728
12-2019	751.7	2,255.2	155.6	426.674	870.415	88.322	47.746	2.619	8.728
12-2020	1,306.5	3,919.4	270.4	704.369	1,436.913	145.804	47.746	2.619	8.728
12-2021	1,270.1	3,810.3	262.9	620.383	1,265.581	128.419	47.746	2.619	8.728
12-2022	780.6	2,341.9	161.6	391.330	798.313	81.005	47.746	2.619	8.728
12-2023	588.6	1,765.8	121.8	297.719	607.347	61.628	47.746	2.619	8.728
12-2024	481.0	1,443.1	99.6	244.521	498.824	50.616	47.746	2.619	8.728
12-2025	408.0	1,224.1	84.5	208.066	424.455	43.070	47.746	2.619	8.728
12-2026	356.8	1,070.4	73.9	182.324	371.941	37.741	47.746	2.619	8.728
12-2027	318.0	954.1	65.8	162.772	332.054	33.694	47.746	2.619	8.728
12-2028	288.2	864.7	59.7	147.710	301.329	30.576	47.746	2.619	8.728
12-2029	262.4	787.1	54.3	134.561	274.504	27.854	47.746	2.619	8.728
12-2030	240.9	722.7	49.9	123.586	252.115	25.582	47.746	2.619	8.728
12-2031	221.6	664.8	45.9	113.693	231.934	23.535	47.746	2.619	8.728
12-2032	204.4	613.3	42.3	104.879	213.952	21.710	47.746	2.619	8.728
12-2033	187.5	562.6	38.8	96.219	196.287	19.917	47.746	2.619	8.728
12-2034	172.6	517.7	35.7	88.527	180.594	18.325	47.746	2.619	8.728
12-2035	158.8	476.3	32.9	81.449	166.156	16.860	47.746	2.619	8.728
12-2036	146.4	439.3	30.3	75.134	153.274	15.553	47.746	2.619	8.728
S Tot	8,610.2	25,830.6	1,782.3	4,459.952	9,098.302	923.210	47.746	2.619	8.728
After	367.4	1,102.3	76.1	179.990	367.179	37.258	47.746	2.619	8.728
Total	8,977.7	26,933.0	1,858.4	4,639.942	9,465.481	960.468	47.746	2.619	8.728
Cum	.0	.0	.0
Ult	8,977.7	26,933.0	1,858.4

(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	12,224.704	1,367.871	462.558	0.000	0.000	14,055.133	804.254	467.207	3.938
12-2019	20,372.064	2,279.513	770.837	0.000	0.000	23,422.413	1,343.379	782.117	4.406
12-2020	33,630.959	3,763.104	1,272.527	0.000	0.000	38,666.589	2,085.970	1,141.836	4.767
12-2021	29,620.928	3,314.405	1,120.795	0.000	0.000	34,056.128	1,797.349	960.465	5.805
12-2022	18,684.521	2,090.687	706.984	0.000	0.000	21,482.192	1,145.464	619.131	7.475
12-2023	14,214.965	1,590.570	537.865	0.000	0.000	16,343.400	875.165	475.232	8.892
12-2024	11,674.972	1,306.360	441.757	0.000	0.000	13,423.089	720.464	392.217	10.185
12-2025	9,934.371	1,111.597	375.896	0.000	0.000	11,421.865	613.965	334.778	11.454
12-2026	8,705.283	974.069	329.390	0.000	0.000	10,008.742	538.564	293.992	12.656
12-2027	7,771.726	869.610	294.066	0.000	0.000	8,935.402	481.177	262.883	13.825
12-2028	7,052.606	789.145	266.856	0.000	0.000	8,108.606	436.908	238.847	14.936
12-2029	6,424.773	718.894	243.100	0.000	0.000	7,386.767	398.163	217.753	16.109
12-2030	5,900.754	660.259	223.272	0.000	0.000	6,784.285	365.734	200.045	17.280
12-2031	5,428.423	607.408	205.400	0.000	0.000	6,241.231	336.461	184.035	18.530
12-2032	5,007.554	560.315	189.476	0.000	0.000	5,757.345	310.375	169.767	19.842
12-2033	4,594.093	514.052	173.831	0.000	0.000	5,281.975	284.748	155.750	21.365
12-2034	4,226.806	472.954	159.934	0.000	0.000	4,859.695	261.983	143.298	22.968
12-2035	3,888.884	435.143	147.147	0.000	0.000	4,471.174	241.038	131.842	24.711
12-2036	3,587.376	401.406	135.739	0.000	0.000	4,124.521	222.351	121.620	26.542
S Tot	212,945.760	23,827.361	8,057.432	0.000	0.000	244,830.554	13,263.512	7,292.816	9.786
After	8,593.824	961.598	325.173	0.000	0.000	9,880.594	522.954	280.351	30.235
Total	221,539.584	24,788.959	8,382.604	0.000	0.000	254,711.148	13,786.465	7,573.166	10.579

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	390.609	5	3.5	0.000	0.000	1,096.168	26,722.000	-15,425.105	-15,425.105	-15,237.953
12-2019	996.819	10	7.4	0.000	0.000	1,775.036	38,783.407	-20,258.345	-35,683.450	-32,876.622
12-2020	1,969.493	19	12.8	0.000	0.000	2,981.477	41,955.067	-11,467.255	-47,150.705	-41,995.420
12-2021	2,599.578	20	13.6	0.000	0.000	2,710.771	.000	25,987.966	-21,162.739	-23,279.466
12-2022	2,617.403	20	13.6	0.000	0.000	1,695.738	.000	15,404.456	-5,758.283	-13,214.258
12-2023	2,617.403	20	13.6	0.000	0.000	1,286.185	.000	11,089.415	5,331.132	-6,632.271
12-2024	2,617.403	20	13.6	0.000	0.000	1,054.744	.000	8,638.260	13,969.392	-1,973.371
12-2025	2,617.403	20	13.6	0.000	0.000	896.657	.000	6,959.060	20,928.452	1,437.469
12-2026	2,617.403	20	13.6	0.000	0.000	785.229	.000	5,773.554	26,702.005	4,009.715
12-2027	2,617.403	20	13.6	0.000	0.000	700.704	.000	4,873.235	31,575.241	5,983.348
12-2028	2,617.403	20	13.6	0.000	0.000	635.650	.000	4,179.798	35,755.038	7,522.101
12-2029	2,617.403	20	13.6	0.000	0.000	578.919	.000	3,574.528	39,329.566	8,718.200
12-2030	2,617.403	20	13.6	0.000	0.000	531.644	.000	3,069.459	42,399.025	9,651.992
12-2031	2,617.403	20	13.6	0.000	0.000	489.084	.000	2,614.248	45,013.273	10,375.089
12-2032	2,617.403	20	13.6	0.000	0.000	451.165	.000	2,208.635	47,221.907	10,930.532
12-2033	2,617.403	20	13.6	0.000	0.000	413.913	.000	1,810.161	49,032.068	11,344.352
12-2034	2,617.403	20	13.6	0.000	0.000	380.822	.000	1,456.188	50,488.256	11,647.055
12-2035	2,617.403	20	13.6	0.000	0.000	350.376	.000	1,130.515	51,618.771	11,860.758
12-2036	2,617.403	20	13.6	0.000	0.000	323.211	.000	839.936	52,458.707	12,005.186
S Tot	45,217.550			0.000	0.000	19,137.494	107,460.474	52,458.707	52,458.707	12,005.186
After	7,249.817			0.000	0.000	774.734	.000	1,052.739	53,511.446	12,159.725
Total	52,467.366			0.000	0.000	19,912.229	107,460.474	53,511.446	53,511.446	12,159.725

SEC Pricing YE2017			Percent	Cum. Disc.
	WTI Cushing	Henry Hub	5.00	27,835.429
Year	Oil $/STB	Gas $/MMBTU	8.00	17,577.982
2018	51.34	2.976	10.00	12,159.725
Thereafter	Flat	Flat	12.00	7,615.337
Cap	51.34	2.976	15.00	2,083.374
			20.00	-4,652.116

12 Months in first year 25.065           Year Life (01/2043)     

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.
TEXAS REGISTERED ENGINEERING FIRM F-693. 1/10/2018     10:34:19   
Summary

Cawley, Gillespie & Associates, Inc.

 

Table II – PUD
Lease Reserve Summary
Lilis Energy, Inc. Interests

Delaware Basin Properties in Texas and New Mexico
Proved Undeveloped Reserves

As of December 31, 2017

OPERATOR						Current	WellCnt	Ultimate	Gross	Net	Oil Revenue	Prod Tax	Expenses	Future Net	Cash Flow
LEASE NAME						Interest	Life	Recovery	Reserves	Reserves	Gas Revenue	Adv. Tax	Investments	Cash Flow	Disc.@ 10.0
Table	Class	Major	Well No.	Start Date	ASN	%		__________________MBBL / MMCF__________________			M$ / M$	M$ / M$	M$ / M$	M$	M$
PHANTOM (WOLFCAMP B) -- WINKLER COUNTY, TEXAS
LILIS ENERGY, INC.
BISON PUD-2						39.0000 NI	1	438.3	438.3	170.9	8,161.1	468.7	2,726.5	1,793.3	256.7
1	PUD	Oil		04/20	486	52.0000 WI	19.8	1,314.8	1,314.8	348.7	913.2	234.6	4,160.0
BISON PUD-3						4.5000 NI	1	438.3	438.3	19.7	941.7	54.1	314.6	207.0	28.3
2	PUD	Oil		10/20	494	6.0000 WI	19.8	1,314.8	1,314.8	40.2	105.4	27.1	480.0
GRIZZLY PUD-1						61.0414 NI	1	439.2	439.2	268.1	12,801.4	735.2	4,435.2	2,247.7	12.4
3	PUD	Oil		12/20	496	86.6526 WI	19.1	1,317.7	1,317.7	547.0	1,432.4	368.0	6,932.2
GRIZZLY PUD-3						61.0414 NI	1	439.2	439.2	268.1	12,801.4	735.2	4,434.9	2,248.0	12.3
4	PUD	Oil		02/21	488	86.6526 WI	19.1	1,317.7	1,317.7	547.0	1,432.4	368.0	6,932.2
HIPPO #2H						75.1094 NI	1	438.4	438.4	329.3	15,721.1	902.9	5,246.8	5,173.6	2,387.8
5	PUD	Oil		04/18	432	100.0000 WI	19.8	1,315.1	1,315.1	671.7	1,759.1	451.9	6,300.0
HIPPO PUD-1						68.9935 NI	1	443.4	443.4	305.9	14,606.1	838.8	4,651.2	4,049.1	1,059.4
6	PUD	Oil		12/19	491	85.4277 WI	20.7	1,330.2	1,330.2	624.1	1,634.3	419.8	6,834.2
HIPPO PUD-2						75.1094 NI	1	438.4	438.4	329.3	15,721.1	902.9	5,248.5	3,471.9	517.7
7	PUD	Oil		01/20	492	100.0000 WI	19.8	1,315.1	1,315.1	671.7	1,759.1	451.9	8,000.0
HIPPO PUD-3						3.7500 NI	1	438.3	438.3	16.4	784.7	45.1	262.1	172.5	23.4
8	PUD	Oil		11/20	493	5.0000 WI	19.8	1,314.8	1,314.8	33.5	87.8	22.6	400.0
PHANTOM (WOLFCAMP A) -- WINKLER COUNTY, TEXAS
LILIS ENERGY, INC.
KUDU 1 PUD-2						71.0940 NI	1	400.3	400.3	284.6	13,588.7	780.4	4,463.8	3,014.0	439.4
9	PUD	Oil		03/20	484	87.1825 WI	19.8	1,201.0	1,201.0	580.6	1,520.5	390.6	6,974.6
PHANTOM (WOLFCAMP B) -- WINKLER COUNTY, TEXAS
LILIS ENERGY, INC.
LION 1 PUD-2						65.9402 NI	1	434.5	434.5	286.5	13,679.9	785.6	4,718.1	2,433.2	38.0
10	PUD	Oil		07/20	490	92.4753 WI	19.1	1,303.5	1,303.5	584.5	1,530.7	393.2	7,398.0
LION 3 PUD-1						65.9402 NI	1	434.5	434.5	286.5	13,679.9	785.6	4,718.2	2,433.1	37.3
11	PUD	Oil		08/20	497	92.4753 WI	19.1	1,303.5	1,303.5	584.5	1,530.7	393.2	7,398.0
MEERKAT #1H						59.2500 NI	1	438.3	438.3	259.7	12,398.6	712.1	4,141.7	3,672.9	1,486.1
12	PUD	Oil		05/18	435	79.0000 WI	19.7	1,314.8	1,314.8	529.7	1,387.3	356.4	5,372.0
MOOSE #1H						37.5000 NI	1	673.6	673.6	252.6	12,061.5	692.7	3,448.5	4,329.6	1,590.4
13	PUD	Oil		08/18	498	50.0000 WI	24.4	2,020.9	2,020.9	515.3	1,349.6	346.7	5,050.0
PHANTOM (WOLFCAMP B) -- LEA COUNTY, NEW MEXICO
LILIS ENERGY, INC.
PRIZE HOG 2H						50.0000 NI	1	439.2	439.2	219.6	10,484.1	868.0	3,297.6	2,285.6	408.3
14	PUD	Oil		07/19	479	62.5000 WI	19.9	1,317.5	1,317.5	447.9	1,173.1	602.7	5,000.0
PRIZE HOG 3H						50.0000 NI	1	439.2	439.2	219.6	10,484.1	868.0	3,297.5	2,285.7	402.8
15	PUD	Oil		09/19	480	62.5000 WI	19.9	1,317.5	1,317.5	447.9	1,173.1	602.7	5,000.0
PHANTOM (WOLFCAMP B) -- WINKLER COUNTY, TEXAS
LILIS ENERGY, INC.
TIGER #2H						71.0940 NI	1	444.0	444.0	315.7	15,072.5	865.6	4,770.2	4,285.7	1,246.9
16	PUD	Oil		04/19	485	87.1825 WI	20.9	1,332.1	1,332.1	644.0	1,686.5	433.2	6,974.6
TIGER 1 PUD-2						71.0940 NI	1	444.0	444.0	315.7	15,072.6	865.6	4,770.1	4,285.8	1,230.7
17	PUD	Oil		05/19	489	87.1825 WI	20.9	1,332.1	1,332.1	644.0	1,686.5	433.2	6,974.6
TIGER PUD-3						12.0000 NI	1	438.3	438.3	52.6	2,511.1	144.2	838.9	551.8	78.1
18	PUD	Oil		06/20	495	16.0000 WI	19.7	1,314.8	1,314.8	107.3	281.0	72.2	1,280.0
PHANTOM (WOLFCAMP B) -- LEA COUNTY, NEW MEXICO
LILIS ENERGY, INC.
WILD HOG 2H						50.0000 NI	1	439.2	439.2	219.6	10,484.1	868.0	3,297.7	2,285.5	455.0
19	PUD	Oil		05/18	481	62.5000 WI	20.0	1,317.5	1,317.5	447.9	1,173.1	602.7	5,000.0

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT. TEXAS REGISTERED ENGINEERING FIRM F-693. Scenario:   6.428 1/10/2018  10:34:19 AM

Cawley, Gillespie & Associates, Inc.

Page 1

Table II - PUD (cont.)

Lease Reserve Summary

Lilis Energy, Inc. Interests

Delaware Basin Properties in Texas and New Mexico

Proved Undeveloped Reserves

As of December 31, 2017

OPERATOR						Current	WellCnt	Ultimate	Gross	Net	Oil Revenue	Prod Tax	Expenses	Future Net	Cash Flow
LEASE NAME						Interest	Life	Recovery	Reserves	Reserves	Gas Revenue	Adv. Tax	Investments	Cash Flow	Disc.@ 10.0
Table	Class	Major	Well No.	Start Date	ASN	%		_________________MBBL / MMCF_________________			M$ / M$	M$ / M$	M$ / M$	M$	M$
PHANTOM (WOLFCAMP B) -- LEA COUNTY, NEW MEXICO
LILIS ENERGY, INC.
WILD HOG 3H						50.0000 NI	1	439.2	439.2	219.6	10,484.1	868.0	3,297.6	2,285.6	448.7
20	PUD	Oil		07/18	483	62.5000 WI	20.0	1,317.5	1,317.5	447.9	1,173.1	602.7	5,000.0
GRAND TOTAL							20	8,977.7	8,977.7	4,639.9	221,539.6	13,786.5	72,379.6	53,511.4	12,159.7
								26,933.0	26,933.0	9,465.5	24,789.0	7,573.2	107,460.5

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.
TEXAS REGISTERED ENGINEERING FIRM F-693. Scenario:   6.428 1/10/2018  10:34:19 AM

Cawley, Gillespie & Associates, Inc.

Page 2

Rate-Time History-Forecast Curves
And

Tabular Reserves and Economics

By Property

Cawley, Gillespie & Associates, Inc.

Petroleum Consultants

 

Table 1

Reserve Estimates and Economic Forecasts as of December 31, 2017
Lilis Energy, Inc. Interests

Proved Undeveloped Reserves
LILIS ENERGY, INC. -- BISON PUD-2

PHANTOM (WOLFCAMP B) FIELD -- WINKLER COUNTY, TEXAS

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	.0	.0	.0	.000	.000	.000	.000	.000	.000
12-2019	.0	.0	.0	.000	.000	.000	.000	.000	.000
12-2020	102.6	307.8	21.2	40.011	81.622	8.282	47.746	2.619	8.728
12-2021	65.8	197.5	13.6	25.680	52.387	5.316	47.746	2.619	8.728
12-2022	41.7	125.0	8.6	16.247	33.144	3.363	47.746	2.619	8.728
12-2023	31.2	93.5	6.4	12.152	24.789	2.515	47.746	2.619	8.728
12-2024	25.2	75.6	5.2	9.833	20.060	2.035	47.746	2.619	8.728
12-2025	21.2	63.6	4.4	8.272	16.875	1.712	47.746	2.619	8.728
12-2026	18.4	55.3	3.8	7.185	14.657	1.487	47.746	2.619	8.728
12-2027	16.3	49.0	3.4	6.370	12.994	1.319	47.746	2.619	8.728
12-2028	14.7	44.2	3.1	5.749	11.728	1.190	47.746	2.619	8.728
12-2029	13.4	40.2	2.8	5.222	10.652	1.081	47.746	2.619	8.728
12-2030	12.3	36.9	2.5	4.796	9.784	.993	47.746	2.619	8.728
12-2031	11.3	33.9	2.3	4.413	9.002	.913	47.746	2.619	8.728
12-2032	10.4	31.3	2.2	4.071	8.304	.843	47.746	2.619	8.728
12-2033	9.6	28.7	2.0	3.734	7.618	.773	47.746	2.619	8.728
12-2034	8.8	26.4	1.8	3.436	7.009	.711	47.746	2.619	8.728
12-2035	8.1	24.3	1.7	3.161	6.449	.654	47.746	2.619	8.728
12-2036	7.5	22.4	1.5	2.916	5.949	.604	47.746	2.619	8.728
S Tot	418.6	1,255.7	86.6	163.247	333.024	33.792	47.746	2.619	8.728
After	19.7	59.1	4.1	7.680	15.666	1.590	47.746	2.619	8.728
Total	438.3	1,314.8	90.7	170.927	348.691	35.382	47.746	2.619	8.728
Cum	.0	.0	.0
Ult	438.3	1,314.8	90.7

(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	.000	.000	.000	0.000	0.000	.000	.000	.000	.000
12-2019	.000	.000	.000	0.000	0.000	.000	.000	.000	.000
12-2020	1,910.360	213.758	72.284	0.000	0.000	2,196.402	109.712	54.910	4.141
12-2021	1,226.107	137.194	46.393	0.000	0.000	1,409.694	70.415	35.242	5.603
12-2022	775.747	86.801	29.353	0.000	0.000	891.901	44.551	22.298	7.133
12-2023	580.189	64.920	21.953	0.000	0.000	667.062	33.320	16.677	8.538
12-2024	469.498	52.534	17.765	0.000	0.000	539.797	26.963	13.495	9.852
12-2025	394.965	44.194	14.945	0.000	0.000	454.104	22.683	11.353	11.151
12-2026	343.057	38.386	12.981	0.000	0.000	394.423	19.702	9.861	12.389
12-2027	304.136	34.031	11.508	0.000	0.000	349.675	17.467	8.742	13.595
12-2028	274.492	30.714	10.386	0.000	0.000	315.592	15.764	7.890	14.743
12-2029	249.319	27.897	9.434	0.000	0.000	286.650	14.318	7.166	15.933
12-2030	228.996	25.623	8.665	0.000	0.000	263.285	13.151	6.582	17.083
12-2031	210.689	23.575	7.972	0.000	0.000	242.235	12.100	6.056	18.310
12-2032	194.354	21.747	7.354	0.000	0.000	223.455	11.162	5.586	19.600
12-2033	178.307	19.951	6.747	0.000	0.000	205.005	10.240	5.125	21.097
12-2034	164.051	18.356	6.207	0.000	0.000	188.615	9.421	4.715	22.672
12-2035	150.936	16.889	5.711	0.000	0.000	173.536	8.668	4.338	24.384
12-2036	139.234	15.579	5.268	0.000	0.000	160.081	7.996	4.002	26.185
S Tot	7,794.436	872.151	294.926	0.000	0.000	8,961.513	447.634	224.038	9.890
After	366.672	41.028	13.874	0.000	0.000	421.575	21.058	10.539	30.537
Total	8,161.109	913.179	308.800	0.000	0.000	9,383.088	468.692	234.577	10.818

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	.000	0	0.0	0.000	0.000	0.000	.000	.000	.000	.000
12-2019	.000	0	0.0	0.000	0.000	0.000	.000	.000	.000	.000
12-2020	69.333	1	0.5	0.000	0.000	174.980	4,160.000	-2,372.533	-2,372.533	-1,996.105
12-2021	99.840	1	0.5	0.000	0.000	112.306	.000	1,091.891	-1,280.643	-1,209.737
12-2022	99.840	1	0.5	0.000	0.000	71.055	.000	654.158	-626.485	-782.272
12-2023	99.840	1	0.5	0.000	0.000	53.143	.000	464.082	-162.403	-506.787
12-2024	99.840	1	0.5	0.000	0.000	43.004	.000	356.495	194.093	-314.498
12-2025	99.840	1	0.5	0.000	0.000	36.177	.000	284.051	478.144	-175.265
12-2026	99.840	1	0.5	0.000	0.000	31.422	.000	233.599	711.743	-71.185
12-2027	99.840	1	0.5	0.000	0.000	27.857	.000	195.769	907.512	8.105
12-2028	99.840	1	0.5	0.000	0.000	25.142	.000	166.956	1,074.468	69.571
12-2029	99.840	1	0.5	0.000	0.000	22.836	.000	142.489	1,216.957	117.250
12-2030	99.840	1	0.5	0.000	0.000	20.975	.000	122.736	1,339.693	154.588
12-2031	99.840	1	0.5	0.000	0.000	19.298	.000	104.942	1,444.634	183.614
12-2032	99.840	1	0.5	0.000	0.000	17.802	.000	89.065	1,533.699	206.012
12-2033	99.840	1	0.5	0.000	0.000	16.332	.000	73.467	1,607.167	222.807
12-2034	99.840	1	0.5	0.000	0.000	15.026	.000	59.612	1,666.778	235.198
12-2035	99.840	1	0.5	0.000	0.000	13.825	.000	46.864	1,713.643	244.056
12-2036	99.840	1	0.5	0.000	0.000	12.753	.000	35.490	1,749.133	250.157
S Tot	1,666.773			0.000	0.000	713.935	4,160.000	1,749.133	1,749.133	250.157
After	312.214			0.000	0.000	33.586	.000	44.178	1,793.311	256.716
Total	1,978.987			0.000	0.000	747.520	4,160.000	1,793.311	1,793.311	256.716

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units			Final	5.00	825.261
Oil Rate	22,812.	459.	bbls/mo	96.3%	1.20	0.0%	5,332.	16,000.	$/w/mo	Expense	52.0000	52.0000	8.00	450.311
Gas Rate	68,437.	1,378.	Mcf/mo	0.0%	0.00	0.0%				Revenue			10.00	256.716
GOR	3,000.	3,000.	scf/bbl							Oil	39.0000	39.0000	12.00	97.605
NGL Rate	1,485.	97.	bbls/mo							Gas	39.0000	39.0000	15.00	-90.710
NGL Yield	21.7	70.8	bbl/MMcf										20.00	-308.244
Gas Shrinkage	78.3	31.7	%
Oil Severance	4.6	4.6	%
Gas Severance	7.5	7.5	%
NGL Severance	7.5	7.5	%
Ad Valorem	25.2		%

Start Date: 04/2020 9   Months in year  ‘20 19.877 Year Life (02/2040)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.
TEXAS REGISTERED ENGINEERING FIRM F-693. ASN 486 DEFAULT    1/10/2018    10:34:19    OIL PUD Table    1

Cawley, Gillespie & Associates, Inc.

Table 2

Reserve Estimates and Economic Forecasts as of December 31, 2017
Lilis Energy, Inc. Interests

Proved Undeveloped Reserves
LILIS ENERGY, INC. -- BISON PUD-3

PHANTOM (WOLFCAMP B) FIELD -- WINKLER COUNTY, TEXAS

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	.0	.0	.0	.000	.000	.000	.000	.000	.000
12-2019	.0	.0	.0	.000	.000	.000	.000	.000	.000
12-2020	48.6	145.7	10.1	2.186	4.459	.452	47.746	2.619	8.728
12-2021	94.3	282.8	19.5	4.242	8.654	.878	47.746	2.619	8.728
12-2022	49.8	149.5	10.3	2.242	4.574	.464	47.746	2.619	8.728
12-2023	35.2	105.5	7.3	1.583	3.228	.328	47.746	2.619	8.728
12-2024	27.6	82.9	5.7	1.244	2.537	.257	47.746	2.619	8.728
12-2025	22.8	68.5	4.7	1.028	2.096	.213	47.746	2.619	8.728
12-2026	19.6	58.8	4.1	.882	1.799	.183	47.746	2.619	8.728
12-2027	17.2	51.7	3.6	.775	1.581	.160	47.746	2.619	8.728
12-2028	15.4	46.3	3.2	.695	1.418	.144	47.746	2.619	8.728
12-2029	14.0	41.9	2.9	.628	1.281	.130	47.746	2.619	8.728
12-2030	12.8	38.3	2.6	.575	1.173	.119	47.746	2.619	8.728
12-2031	11.8	35.3	2.4	.529	1.079	.110	47.746	2.619	8.728
12-2032	10.8	32.5	2.2	.488	.996	.101	47.746	2.619	8.728
12-2033	9.9	29.8	2.1	.448	.913	.093	47.746	2.619	8.728
12-2034	9.2	27.5	1.9	.412	.840	.085	47.746	2.619	8.728
12-2035	8.4	25.3	1.7	.379	.773	.078	47.746	2.619	8.728
12-2036	7.8	23.3	1.6	.350	.713	.072	47.746	2.619	8.728
S Tot	415.2	1,245.7	86.0	18.685	38.118	3.868	47.746	2.619	8.728
After	23.0	69.1	4.8	1.037	2.116	.215	47.746	2.619	8.728
Total	438.3	1,314.8	90.7	19.722	40.234	4.083	47.746	2.619	8.728
Cum	.0	.0	.0
Ult	438.3	1,314.8	90.7

(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	.000	.000	.000	0.000	0.000	.000	.000	.000	.000
12-2019	.000	.000	.000	0.000	0.000	.000	.000	.000	.000
12-2020	104.370	11.678	3.949	0.000	0.000	119.997	5.994	3.000	3.811
12-2021	202.557	22.665	7.664	0.000	0.000	232.886	11.633	5.822	4.807
12-2022	107.055	11.979	4.051	0.000	0.000	123.084	6.148	3.077	6.450
12-2023	75.561	8.455	2.859	0.000	0.000	86.875	4.339	2.172	7.903
12-2024	59.376	6.644	2.247	0.000	0.000	68.267	3.410	1.707	9.248
12-2025	49.067	5.490	1.857	0.000	0.000	56.414	2.818	1.410	10.568
12-2026	42.111	4.712	1.593	0.000	0.000	48.416	2.418	1.210	11.824
12-2027	37.013	4.141	1.400	0.000	0.000	42.555	2.126	1.064	13.044
12-2028	33.188	3.714	1.256	0.000	0.000	38.157	1.906	.954	14.205
12-2029	29.991	3.356	1.135	0.000	0.000	34.482	1.722	.862	15.404
12-2030	27.461	3.073	1.039	0.000	0.000	31.573	1.577	.789	16.550
12-2031	25.261	2.827	.956	0.000	0.000	29.043	1.451	.726	17.733
12-2032	23.302	2.607	.882	0.000	0.000	26.791	1.338	.670	18.974
12-2033	21.378	2.392	.809	0.000	0.000	24.579	1.228	.614	20.414
12-2034	19.669	2.201	.744	0.000	0.000	22.614	1.130	.565	21.931
12-2035	18.097	2.025	.685	0.000	0.000	20.806	1.039	.520	23.579
12-2036	16.694	1.868	.632	0.000	0.000	19.193	.959	.480	25.311
S Tot	892.150	99.826	33.757	0.000	0.000	1,025.734	51.236	25.643	9.755
After	49.516	5.541	1.874	0.000	0.000	56.930	2.844	1.423	29.953
Total	941.666	105.367	35.631	0.000	0.000	1,082.664	54.080	27.067	10.817

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	.000	0	0.0	0.000	0.000	0.000	.000	.000	.000	.000
12-2019	.000	0	0.0	0.000	0.000	0.000	.000	.000	.000	.000
12-2020	2.725	1	0.1	0.000	0.000	9.560	480.000	-381.282	-381.282	-299.629
12-2021	11.520	1	0.1	0.000	0.000	18.553	.000	185.358	-195.924	-165.804
12-2022	11.520	1	0.1	0.000	0.000	9.806	.000	92.533	-103.391	-105.298
12-2023	11.520	1	0.1	0.000	0.000	6.921	.000	61.923	-41.468	-68.529
12-2024	11.520	1	0.1	0.000	0.000	5.439	.000	46.192	4.724	-43.609
12-2025	11.520	1	0.1	0.000	0.000	4.494	.000	36.172	40.896	-25.877
12-2026	11.520	1	0.1	0.000	0.000	3.857	.000	29.410	70.306	-12.772
12-2027	11.520	1	0.1	0.000	0.000	3.390	.000	24.455	94.761	-2.867
12-2028	11.520	1	0.1	0.000	0.000	3.040	.000	20.737	115.498	4.768
12-2029	11.520	1	0.1	0.000	0.000	2.747	.000	17.630	133.129	10.668
12-2030	11.520	1	0.1	0.000	0.000	2.515	.000	15.171	148.300	15.283
12-2031	11.520	1	0.1	0.000	0.000	2.314	.000	13.032	161.332	18.887
12-2032	11.520	1	0.1	0.000	0.000	2.134	.000	11.129	172.461	21.686
12-2033	11.520	1	0.1	0.000	0.000	1.958	.000	9.259	181.720	23.802
12-2034	11.520	1	0.1	0.000	0.000	1.802	.000	7.598	189.317	25.382
12-2035	11.520	1	0.1	0.000	0.000	1.658	.000	6.069	195.387	26.529
12-2036	11.520	1	0.1	0.000	0.000	1.529	.000	4.706	200.092	27.337
S Tot	187.045			0.000	0.000	81.717	480.000	200.092	200.092	27.337
After	41.269			0.000	0.000	4.535	.000	6.859	206.951	28.341
Total	228.314			0.000	0.000	86.252	480.000	206.951	206.951	28.341

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units			Final	5.00	93.108
Oil Rate	22,812.	459.	bbls/mo	96.3%	1.20	0.0%	13,416.	16,000.	$/w/mo	Expense	6.0000	6.0000	8.00	50.145
Gas Rate	68,437.	1,378.	Mcf/mo	0.0%	0.00	0.0%				Revenue			10.00	28.341
GOR	3,000.	3,000.	scf/bbl							Oil	4.5000	4.5000	12.00	10.680
NGL Rate	3,628.	97.	bbls/mo							Gas	4.5000	4.5000	15.00	-9.825
NGL Yield	53.0	70.6	bbl/MMcf										20.00	-32.715
Gas Shrinkage	48.7	32.3	%
Oil Severance	4.6	4.6	%
Gas Severance	7.5	7.5	%
NGL Severance	7.5	7.5	%
Ad Valorem	2.9		%

Start Date: 10/2020 3   Months in year  ‘20 19.837 Year Life (08/2040)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.
TEXAS REGISTERED ENGINEERING FIRM F-693. ASN 494 DEFAULT   1/10/2018    10:34:19   
OIL  PUD
Table     2

Cawley, Gillespie & Associates, Inc.

Table 3

Reserve Estimates and Economic Forecasts as of December 31, 2017
Lilis Energy, Inc. Interests

Proved Undeveloped Reserves

LILIS ENERGY, INC. -- GRIZZLY PUD-1

PHANTOM (WOLFCAMP B) FIELD -- WINKLER COUNTY, TEXAS

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	.0	.0	.0	.000	.000	.000	.000	.000	.000
12-2019	.0	.0	.0	.000	.000	.000	.000	.000	.000
12-2020	2.2	6.7	.5	1.355	2.763	.280	47.746	2.619	8.728
12-2021	126.1	378.4	26.1	77.002	157.085	15.939	47.746	2.619	8.728
12-2022	56.1	168.3	11.6	34.240	69.849	7.088	47.746	2.619	8.728
12-2023	38.1	114.3	7.9	23.258	47.446	4.814	47.746	2.619	8.728
12-2024	29.4	88.3	6.1	17.957	36.631	3.717	47.746	2.619	8.728
12-2025	24.1	72.2	5.0	14.688	29.964	3.040	47.746	2.619	8.728
12-2026	20.5	61.5	4.2	12.522	25.545	2.592	47.746	2.619	8.728
12-2027	17.9	53.8	3.7	10.954	22.346	2.267	47.746	2.619	8.728
12-2028	16.0	48.1	3.3	9.788	19.967	2.026	47.746	2.619	8.728
12-2029	14.5	43.4	3.0	8.821	17.995	1.826	47.746	2.619	8.728
12-2030	13.2	39.6	2.7	8.060	16.443	1.669	47.746	2.619	8.728
12-2031	12.1	36.4	2.5	7.412	15.120	1.534	47.746	2.619	8.728
12-2032	11.2	33.6	2.3	6.837	13.948	1.415	47.746	2.619	8.728
12-2033	10.3	30.8	2.1	6.273	12.796	1.298	47.746	2.619	8.728
12-2034	9.5	28.4	2.0	5.771	11.773	1.195	47.746	2.619	8.728
12-2035	8.7	26.1	1.8	5.310	10.832	1.099	47.746	2.619	8.728
12-2036	8.0	24.1	1.7	4.898	9.992	1.014	47.746	2.619	8.728
S Tot	418.0	1,254.0	86.5	255.145	520.496	52.815	47.746	2.619	8.728
After	21.2	63.7	4.4	12.968	26.455	2.684	47.746	2.619	8.728
Total	439.2	1,317.7	90.9	268.113	546.951	55.499	47.746	2.619	8.728
Cum	.0	.0	.0
Ult	439.2	1,317.7	90.9
(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	.000	.000	.000	0.000	0.000	.000	.000	.000	.000
12-2019	.000	.000	.000	0.000	0.000	.000	.000	.000	.000
12-2020	64.675	7.237	2.447	0.000	0.000	74.359	3.714	1.859	3.829
12-2021	3,676.569	411.386	139.114	0.000	0.000	4,227.069	211.145	105.677	4.623
12-2022	1,634.816	182.926	61.858	0.000	0.000	1,879.601	93.887	46.990	6.453
12-2023	1,110.485	124.257	42.018	0.000	0.000	1,276.760	63.775	31.919	8.009
12-2024	857.358	95.933	32.441	0.000	0.000	985.731	49.238	24.643	9.441
12-2025	701.297	78.471	26.536	0.000	0.000	806.304	40.275	20.158	10.839
12-2026	597.870	66.898	22.622	0.000	0.000	687.390	34.336	17.185	12.168
12-2027	523.017	58.522	19.790	0.000	0.000	601.329	30.037	15.033	13.458
12-2028	467.328	52.291	17.683	0.000	0.000	537.302	26.839	13.433	14.685
12-2029	421.170	47.126	15.936	0.000	0.000	484.232	24.188	12.106	15.949
12-2030	384.858	43.063	14.562	0.000	0.000	442.483	22.102	11.062	17.156
12-2031	353.885	39.598	13.390	0.000	0.000	406.873	20.324	10.172	18.381
12-2032	326.448	36.528	12.352	0.000	0.000	375.328	18.748	9.383	19.660
12-2033	299.494	33.512	11.332	0.000	0.000	344.338	17.200	8.608	21.145
12-2034	275.550	30.832	10.426	0.000	0.000	316.809	15.825	7.920	22.708
12-2035	253.521	28.367	9.593	0.000	0.000	291.481	14.560	7.287	24.407
12-2036	233.865	26.168	8.849	0.000	0.000	268.882	13.431	6.722	26.193
S Tot	12,182.206	1,363.116	460.950	0.000	0.000	14,006.271	699.624	350.157	10.237
After	619.186	69.283	23.429	0.000	0.000	711.898	35.560	17.797	30.532
Total	12,801.391	1,432.399	484.378	0.000	0.000	14,718.169	735.184	367.954	11.218

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	.000	0	0.0	0.000	0.000	0.000	.000	.000	.000	.000
12-2019	.000	0	0.0	0.000	0.000	0.000	.000	.000	.000	.000
12-2020	1.342	1	0.9	0.000	0.000	6.307	6,932.210	-6,871.074	-6,871.074	-5,248.314
12-2021	166.373	1	0.9	0.000	0.000	358.538	.000	3,385.336	-3,485.738	-2,797.464
12-2022	166.373	1	0.9	0.000	0.000	159.427	.000	1,412.923	-2,072.815	-1,873.130
12-2023	166.373	1	0.9	0.000	0.000	108.294	.000	906.399	-1,166.416	-1,334.803
12-2024	166.373	1	0.9	0.000	0.000	83.609	.000	661.868	-504.548	-977.693
12-2025	166.373	1	0.9	0.000	0.000	68.390	.000	511.108	6.560	-727.112
12-2026	166.373	1	0.9	0.000	0.000	58.304	.000	411.193	417.752	-543.876
12-2027	166.373	1	0.9	0.000	0.000	51.004	.000	338.881	756.634	-406.607
12-2028	166.373	1	0.9	0.000	0.000	45.574	.000	285.084	1,041.718	-301.641
12-2029	166.373	1	0.9	0.000	0.000	41.072	.000	240.493	1,282.211	-221.161
12-2030	166.373	1	0.9	0.000	0.000	37.531	.000	205.414	1,487.626	-158.669
12-2031	166.373	1	0.9	0.000	0.000	34.511	.000	175.494	1,663.119	-110.129
12-2032	166.373	1	0.9	0.000	0.000	31.835	.000	148.989	1,812.108	-72.662
12-2033	166.373	1	0.9	0.000	0.000	29.207	.000	122.950	1,935.058	-44.555
12-2034	166.373	1	0.9	0.000	0.000	26.872	.000	99.819	2,034.877	-23.807
12-2035	166.373	1	0.9	0.000	0.000	24.723	.000	78.538	2,113.415	-8.962
12-2036	166.373	1	0.9	0.000	0.000	22.806	.000	59.550	2,172.965	1.276
S Tot	2,663.311			0.000	0.000	1,188.005	6,932.210	2,172.965	2,172.965	1.276
After	523.460			0.000	0.000	60.383	.000	74.698	2,247.662	12.360
Total	3,186.771			0.000	0.000	1,248.388	6,932.210	2,247.662	2,247.662	12.360

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units			Final	5.00	809.355
Oil Rate	22,812.	492.	bbls/mo	96.1%	1.20	0.0%	1,547.	15,999.	$/w/mo	Expense	86.6526	86.6526	8.00	277.684
Gas Rate	68,437.	1,476.	Mcf/mo	0.0%	0.00	0.0%				Revenue			10.00	12.360
GOR	3,000.	3,000.	scf/bbl							Oil	61.0414	61.0414	12.00	-199.211
NGL Rate	459.	104.	bbls/mo							Gas	61.0414	61.0414	15.00	-439.270
NGL Yield	6.7	70.9	bbl/MMcf										20.00	-695.012
Gas Shrinkage	93.5	31.5	%
Oil Severance	4.6	4.6	%
Gas Severance	7.5	7.5	%
NGL Severance	7.5	7.5	%
Ad Valorem	42.4		%

Start Date: 12/2020 1   Months in year  ‘20 19.229 Year Life (02/2040)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.
TEXAS REGISTERED ENGINEERING FIRM F-693. ASN 496 DEFAULT   1/10/2018   10:34:19    OIL PUD Table    3

Cawley, Gillespie & Associates, Inc.

 

Table 4

Reserve Estimates and Economic Forecasts as of December 31, 2017

Lilis Energy, Inc. Interests

Proved Undeveloped Reserves

LILIS ENERGY, INC. -- GRIZZLY PUD-3

PHANTOM (WOLFCAMP B) FIELD -- WINKLER COUNTY, TEXAS

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	.0	.0	.0	.000	.000	.000	.000	.000	.000
12-2019	.0	.0	.0	.000	.000	.000	.000	.000	.000
12-2020	.0	.0	.0	.000	.000	.000	.000	.000	.000
12-2021	119.7	359.1	24.8	73.061	149.045	15.124	47.746	2.619	8.728
12-2022	59.5	178.6	12.3	36.333	74.120	7.521	47.746	2.619	8.728
12-2023	39.5	118.5	8.2	24.115	49.194	4.992	47.746	2.619	8.728
12-2024	30.2	90.6	6.3	18.432	37.602	3.815	47.746	2.619	8.728
12-2025	24.6	73.7	5.1	14.992	30.584	3.103	47.746	2.619	8.728
12-2026	20.9	62.6	4.3	12.735	25.979	2.636	47.746	2.619	8.728
12-2027	18.2	54.6	3.8	11.112	22.669	2.300	47.746	2.619	8.728
12-2028	16.2	48.7	3.4	9.911	20.218	2.051	47.746	2.619	8.728
12-2029	14.6	43.8	3.0	8.919	18.194	1.846	47.746	2.619	8.728
12-2030	13.3	40.0	2.8	8.141	16.607	1.685	47.746	2.619	8.728
12-2031	12.3	36.8	2.5	7.483	15.266	1.549	47.746	2.619	8.728
12-2032	11.3	33.9	2.3	6.903	14.082	1.429	47.746	2.619	8.728
12-2033	10.4	31.1	2.1	6.333	12.919	1.311	47.746	2.619	8.728
12-2034	9.5	28.6	2.0	5.827	11.887	1.206	47.746	2.619	8.728
12-2035	8.8	26.3	1.8	5.361	10.936	1.110	47.746	2.619	8.728
12-2036	8.1	24.3	1.7	4.945	10.088	1.024	47.746	2.619	8.728
S Tot	417.1	1,251.3	86.3	254.604	519.391	52.703	47.746	2.619	8.728
After	22.1	66.4	4.6	13.510	27.560	2.797	47.746	2.619	8.728
Total	439.2	1,317.7	90.9	268.113	546.951	55.499	47.746	2.619	8.728
Cum	.0	.0	.0
Ult	439.2	1,317.7	90.9
(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	.000	.000	.000	0.000	0.000	.000	.000	.000	.000
12-2019	.000	.000	.000	0.000	0.000	.000	.000	.000	.000
12-2020	.000	.000	.000	0.000	0.000	.000	.000	.000	.000
12-2021	3,488.395	390.331	131.994	0.000	0.000	4,010.719	200.338	100.268	4.537
12-2022	1,734.778	194.111	65.640	0.000	0.000	1,994.530	99.628	49.863	6.263
12-2023	1,151.397	128.834	43.567	0.000	0.000	1,323.798	66.125	33.095	7.837
12-2024	880.071	98.475	33.300	0.000	0.000	1,011.846	50.542	25.296	9.279
12-2025	715.822	80.096	27.085	0.000	0.000	823.003	41.110	20.575	10.684
12-2026	608.043	68.036	23.007	0.000	0.000	699.086	34.920	17.477	12.018
12-2027	530.570	59.368	20.076	0.000	0.000	610.013	30.471	15.250	13.311
12-2028	473.191	52.947	17.905	0.000	0.000	544.043	27.175	13.601	14.543
12-2029	425.840	47.649	16.113	0.000	0.000	489.602	24.456	12.240	15.808
12-2030	388.690	43.492	14.707	0.000	0.000	446.890	22.322	11.172	17.018
12-2031	357.294	39.979	13.519	0.000	0.000	410.793	20.519	10.270	18.235
12-2032	329.593	36.880	12.471	0.000	0.000	378.944	18.929	9.474	19.503
12-2033	302.379	33.834	11.441	0.000	0.000	347.655	17.366	8.691	20.974
12-2034	278.205	31.129	10.527	0.000	0.000	319.861	15.977	7.997	22.522
12-2035	255.963	28.641	9.685	0.000	0.000	294.289	14.700	7.357	24.204
12-2036	236.118	26.420	8.934	0.000	0.000	271.473	13.560	6.787	25.973
S Tot	12,156.350	1,360.223	459.971	0.000	0.000	13,976.545	698.139	349.414	10.201
After	645.041	72.176	24.407	0.000	0.000	741.624	37.045	18.541	30.382
Total	12,801.391	1,432.399	484.378	0.000	0.000	14,718.169	735.184	367.954	11.218

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	.000	0	0.0	0.000	0.000	0.000	.000	.000	.000	.000
12-2019	.000	0	0.0	0.000	0.000	0.000	.000	.000	.000	.000
12-2020	.000	0	0.0	0.000	0.000	0.000	6,932.210	-6,932.210	-6,932.210	-5,236.550
12-2021	148.547	1	0.9	0.000	0.000	340.187	.000	3,221.378	-3,710.832	-2,919.833
12-2022	166.373	1	0.9	0.000	0.000	169.175	.000	1,509.490	-2,201.342	-1,932.046
12-2023	166.373	1	0.9	0.000	0.000	112.284	.000	945.921	-1,255.421	-1,370.186
12-2024	166.373	1	0.9	0.000	0.000	85.824	.000	683.810	-571.610	-1,001.215
12-2025	166.373	1	0.9	0.000	0.000	69.807	.000	525.139	-46.471	-743.746
12-2026	166.373	1	0.9	0.000	0.000	59.296	.000	421.020	374.548	-556.127
12-2027	166.373	1	0.9	0.000	0.000	51.741	.000	346.178	720.727	-415.899
12-2028	166.373	1	0.9	0.000	0.000	46.145	.000	290.748	1,011.474	-308.847
12-2029	166.373	1	0.9	0.000	0.000	41.528	.000	245.005	1,256.479	-226.856
12-2030	166.373	1	0.9	0.000	0.000	37.905	.000	209.117	1,465.596	-163.238
12-2031	166.373	1	0.9	0.000	0.000	34.843	.000	178.787	1,644.383	-113.787
12-2032	166.373	1	0.9	0.000	0.000	32.142	.000	152.027	1,796.410	-75.556
12-2033	166.373	1	0.9	0.000	0.000	29.488	.000	125.737	1,922.148	-46.813
12-2034	166.373	1	0.9	0.000	0.000	27.130	.000	102.384	2,024.531	-25.532
12-2035	166.373	1	0.9	0.000	0.000	24.961	.000	80.897	2,105.429	-10.242
12-2036	166.373	1	0.9	0.000	0.000	23.026	.000	61.726	2,167.155	.370
S Tot	2,644.143			0.000	0.000	1,185.484	6,932.210	2,167.155	2,167.155	.370
After	542.335			0.000	0.000	62.904	.000	80.800	2,247.955	12.314
Total	3,186.478			0.000	0.000	1,248.388	6,932.210	2,247.955	2,247.955	12.314

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units			Final	5.00	804.964
Oil Rate	22,812.	492.	bbls/mo	96.1%	1.20	0.0%	11,428.	15,999.	$/w/mo	Expense	86.6526	86.6526	8.00	275.339
Gas Rate	68,437.	1,476.	Mcf/mo	0.0%	0.00	0.0%				Revenue			10.00	12.314
GOR	3,000.	3,000.	scf/bbl							Oil	61.0414	61.0414	12.00	-196.551
NGL Rate	2,858.	104.	bbls/mo							Gas	61.0414	61.0414	15.00	-432.193
NGL Yield	41.8	70.6	bbl/MMcf										20.00	-680.523
Gas Shrinkage	55.3	31.8	%
Oil Severance	4.6	4.6	%
Gas Severance	7.5	7.5	%
NGL Severance	7.5	7.5	%
Ad Valorem	42.2		%

Start Date: 02/2021 11   Months in year  ‘21 19.178 Year Life (04/2040)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT. TEXAS REGISTERED ENGINEERING FIRM F-693. ASN 488 DEFAULT    1/10/2018    10:34:19    OIL PUD Table    4

Cawley, Gillespie & Associates, Inc.

 

Table 5

Reserve Estimates and Economic Forecasts as of December 31, 2017

Lilis Energy, Inc. Interests

Proved Undeveloped Reserves

LILIS ENERGY, INC. -- HIPPO #2H

PHANTOM (WOLFCAMP B) FIELD -- WINKLER COUNTY, TEXAS

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	102.3	307.0	21.2	76.869	156.813	15.912	47.746	2.619	8.728
12-2019	66.0	197.9	13.7	49.540	101.062	10.255	47.746	2.619	8.728
12-2020	41.8	125.4	8.7	31.393	64.042	6.498	47.746	2.619	8.728
12-2021	31.2	93.5	6.4	23.402	47.741	4.844	47.746	2.619	8.728
12-2022	25.2	75.5	5.2	18.890	38.536	3.910	47.746	2.619	8.728
12-2023	21.2	63.7	4.4	15.938	32.513	3.299	47.746	2.619	8.728
12-2024	18.5	55.4	3.8	13.878	28.311	2.873	47.746	2.619	8.728
12-2025	16.3	49.0	3.4	12.268	25.026	2.539	47.746	2.619	8.728
12-2026	14.7	44.1	3.0	11.043	22.528	2.286	47.746	2.619	8.728
12-2027	13.4	40.2	2.8	10.059	20.520	2.082	47.746	2.619	8.728
12-2028	12.3	37.0	2.6	9.263	18.897	1.917	47.746	2.619	8.728
12-2029	11.3	33.9	2.3	8.498	17.337	1.759	47.746	2.619	8.728
12-2030	10.4	31.2	2.2	7.819	15.951	1.619	47.746	2.619	8.728
12-2031	9.6	28.7	2.0	7.194	14.675	1.489	47.746	2.619	8.728
12-2032	8.8	26.5	1.8	6.636	13.538	1.374	47.746	2.619	8.728
12-2033	8.1	24.3	1.7	6.088	12.420	1.260	47.746	2.619	8.728
12-2034	7.5	22.4	1.5	5.601	11.427	1.159	47.746	2.619	8.728
12-2035	6.9	20.6	1.4	5.154	10.513	1.067	47.746	2.619	8.728
12-2036	6.3	19.0	1.3	4.754	9.698	.984	47.746	2.619	8.728
S Tot	431.8	1,295.3	89.4	324.288	661.547	67.128	47.746	2.619	8.728
After	6.6	19.9	1.4	4.976	10.152	1.030	47.746	2.619	8.728
Total	438.4	1,315.1	90.7	329.264	671.699	68.158	47.746	2.619	8.728
Cum	.0	.0	.0
Ult	438.4	1,315.1	90.7
(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	3,670.208	410.674	138.873	0.000	0.000	4,219.755	210.780	105.494	4.133
12-2019	2,365.358	264.669	89.500	0.000	0.000	2,719.528	135.842	67.988	5.590
12-2020	1,498.897	167.718	56.715	0.000	0.000	1,723.330	86.082	43.083	7.109
12-2021	1,117.376	125.028	42.279	0.000	0.000	1,284.682	64.171	32.117	8.525
12-2022	901.945	100.922	34.128	0.000	0.000	1,036.995	51.799	25.925	9.854
12-2023	760.976	85.149	28.794	0.000	0.000	874.918	43.703	21.873	11.131
12-2024	662.620	74.143	25.072	0.000	0.000	761.836	38.054	19.046	12.344
12-2025	585.730	65.540	22.163	0.000	0.000	673.433	33.638	16.836	13.576
12-2026	527.263	58.998	19.951	0.000	0.000	606.212	30.281	15.155	14.753
12-2027	480.275	53.740	18.173	0.000	0.000	552.188	27.582	13.805	15.906
12-2028	442.280	49.488	16.735	0.000	0.000	508.503	25.400	12.713	17.018
12-2029	405.761	45.402	15.353	0.000	0.000	466.517	23.303	11.663	18.283
12-2030	373.322	41.772	14.126	0.000	0.000	429.220	21.440	10.731	19.615
12-2031	343.476	38.433	12.996	0.000	0.000	394.905	19.726	9.873	21.062
12-2032	316.846	35.453	11.989	0.000	0.000	364.288	18.196	9.107	22.583
12-2033	290.685	32.526	10.999	0.000	0.000	334.209	16.694	8.355	24.349
12-2034	267.445	29.926	10.120	0.000	0.000	307.490	15.359	7.687	26.207
12-2035	246.064	27.533	9.311	0.000	0.000	282.907	14.131	7.073	28.227
12-2036	226.986	25.398	8.589	0.000	0.000	260.973	13.036	6.524	30.351
S Tot	15,483.512	1,732.513	585.864	0.000	0.000	17,801.889	889.218	445.047	10.467
After	237.606	26.587	8.991	0.000	0.000	273.183	13.646	6.830	32.955
Total	15,721.118	1,759.099	594.855	0.000	0.000	18,075.073	902.863	451.877	10.807

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	132.800	1	1.0	0.000	0.000	335.685	6,300.000	-2,865.003	-2,865.003	-2,872.118
12-2019	192.000	1	1.0	0.000	0.000	216.340	.000	2,107.357	-757.647	-1,035.449
12-2020	192.000	1	1.0	0.000	0.000	137.092	.000	1,265.073	507.426	-35.153
12-2021	192.000	1	1.0	0.000	0.000	102.197	.000	894.197	1,401.623	607.037
12-2022	192.000	1	1.0	0.000	0.000	82.494	.000	684.778	2,086.401	1,053.951
12-2023	192.000	1	1.0	0.000	0.000	69.600	.000	547.742	2,634.143	1,378.862
12-2024	192.000	1	1.0	0.000	0.000	60.605	.000	452.131	3,086.274	1,622.623
12-2025	192.000	1	1.0	0.000	0.000	53.572	.000	377.386	3,463.661	1,807.545
12-2026	192.000	1	1.0	0.000	0.000	48.225	.000	320.551	3,784.212	1,950.332
12-2027	192.000	1	1.0	0.000	0.000	43.927	.000	274.874	4,059.086	2,061.639
12-2028	192.000	1	1.0	0.000	0.000	40.452	.000	237.939	4,297.024	2,149.230
12-2029	192.000	1	1.0	0.000	0.000	37.112	.000	202.439	4,499.464	2,216.973
12-2030	192.000	1	1.0	0.000	0.000	34.145	.000	170.905	4,670.368	2,268.972
12-2031	192.000	1	1.0	0.000	0.000	31.415	.000	141.892	4,812.260	2,308.225
12-2032	192.000	1	1.0	0.000	0.000	28.979	.000	116.005	4,928.265	2,337.406
12-2033	192.000	1	1.0	0.000	0.000	26.587	.000	90.574	5,018.839	2,358.119
12-2034	192.000	1	1.0	0.000	0.000	24.461	.000	67.983	5,086.821	2,372.257
12-2035	192.000	1	1.0	0.000	0.000	22.505	.000	47.198	5,134.019	2,381.186
12-2036	192.000	1	1.0	0.000	0.000	20.761	.000	28.652	5,162.671	2,386.122
S Tot	3,588.800			0.000	0.000	1,416.153	6,300.000	5,162.671	5,162.671	2,386.122
After	220.090			0.000	0.000	21.732	.000	10.886	5,173.557	2,387.831
Total	3,808.890			0.000	0.000	1,437.885	6,300.000	5,173.557	5,173.557	2,387.831

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units			Final	5.00	3,507.651
Oil Rate	22,812.	458.	bbls/mo	96.3%	1.20	0.0%	4,799.	16,000.	$/w/mo	Expense	100.0000	100.0000	8.00	2,787.667
Gas Rate	68,437.	1,376.	Mcf/mo	0.0%	0.00	0.0%				Revenue			10.00	2,387.831
GOR	3,000.	3,000.	scf/bbl							Oil	75.1094	75.1094	12.00	2,038.602
NGL Rate	1,342.	97.	bbls/mo							Gas	75.1094	75.1094	15.00	1,591.031
NGL Yield	19.6	70.9	bbl/MMcf										20.00	997.882
Gas Shrinkage	80.4	31.5	%
Oil Severance	4.6	4.6	%
Gas Severance	7.5	7.5	%
NGL Severance	7.5	7.5	%
Ad Valorem	48.6		%

Start Date: 04/2018 9   Months in year  ‘18 19.898 Year Life (02/2038)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT. TEXAS REGISTERED ENGINEERING FIRM F-693. ASN 432 DEFAULT   1/10/2018    10:34:19   OIL PUD Table    5

Cawley, Gillespie & Associates, Inc.

��

 

Table 6

Reserve Estimates and Economic Forecasts as of December 31, 2017

Lilis Energy, Inc. Interests

Proved Undeveloped Reserves

LILIS ENERGY, INC. -- HIPPO PUD-1

PHANTOM (WOLFCAMP B) FIELD -- WINKLER COUNTY, TEXAS

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	.0	.0	.0	.000	.000	.000	.000	.000	.000
12-2019	10.5	31.6	2.2	7.278	14.847	1.507	47.746	2.619	8.728
12-2020	119.5	358.4	24.7	82.415	168.127	17.060	47.746	2.619	8.728
12-2021	54.5	163.5	11.3	37.597	76.698	7.783	47.746	2.619	8.728
12-2022	37.2	111.7	7.7	25.689	52.406	5.318	47.746	2.619	8.728
12-2023	28.8	86.3	6.0	19.837	40.467	4.106	47.746	2.619	8.728
12-2024	23.7	71.0	4.9	16.339	33.331	3.382	47.746	2.619	8.728
12-2025	20.1	60.4	4.2	13.901	28.358	2.878	47.746	2.619	8.728
12-2026	17.6	52.9	3.7	12.169	24.824	2.519	47.746	2.619	8.728
12-2027	15.7	47.2	3.3	10.850	22.135	2.246	47.746	2.619	8.728
12-2028	14.3	42.8	3.0	9.836	20.066	2.036	47.746	2.619	8.728
12-2029	13.0	39.0	2.7	8.965	18.288	1.856	47.746	2.619	8.728
12-2030	11.9	35.8	2.5	8.244	16.818	1.707	47.746	2.619	8.728
12-2031	11.0	33.0	2.3	7.585	15.473	1.570	47.746	2.619	8.728
12-2032	10.1	30.4	2.1	6.997	14.274	1.448	47.746	2.619	8.728
12-2033	9.3	27.9	1.9	6.419	13.095	1.329	47.746	2.619	8.728
12-2034	8.6	25.7	1.8	5.906	12.048	1.223	47.746	2.619	8.728
12-2035	7.9	23.6	1.6	5.434	11.085	1.125	47.746	2.619	8.728
12-2036	7.3	21.8	1.5	5.013	10.226	1.038	47.746	2.619	8.728
S Tot	421.0	1,263.0	87.2	290.473	592.566	60.128	47.746	2.619	8.728
After	22.4	67.1	4.6	15.439	31.495	3.196	47.746	2.619	8.728
Total	443.4	1,330.2	91.8	305.912	624.061	63.324	47.746	2.619	8.728
Cum	.0	.0	.0
Ult	443.4	1,330.2	91.8
(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	.000	.000	.000	0.000	0.000	.000	.000	.000	.000
12-2019	347.505	38.884	13.149	0.000	0.000	399.537	19.957	9.988	3.371
12-2020	3,935.005	440.304	148.893	0.000	0.000	4,524.201	225.987	113.105	4.104
12-2021	1,795.120	200.863	67.924	0.000	0.000	2,063.907	103.094	51.598	5.713
12-2022	1,226.554	137.244	46.410	0.000	0.000	1,410.209	70.441	35.255	7.084
12-2023	947.120	105.977	35.837	0.000	0.000	1,088.935	54.393	27.223	8.362
12-2024	780.116	87.290	29.518	0.000	0.000	896.924	44.802	22.423	9.562
12-2025	663.719	74.266	25.114	0.000	0.000	763.098	38.117	19.077	10.756
12-2026	581.014	65.012	21.984	0.000	0.000	668.011	33.368	16.700	11.895
12-2027	518.066	57.968	19.603	0.000	0.000	595.637	29.752	14.891	13.006
12-2028	469.636	52.549	17.770	0.000	0.000	539.956	26.971	13.499	14.063
12-2029	428.042	47.895	16.196	0.000	0.000	492.134	24.582	12.303	15.162
12-2030	393.623	44.044	14.894	0.000	0.000	452.560	22.606	11.314	16.247
12-2031	362.153	40.523	13.703	0.000	0.000	416.379	20.798	10.409	17.419
12-2032	334.075	37.381	12.641	0.000	0.000	384.097	19.186	9.602	18.652
12-2033	306.492	34.295	11.597	0.000	0.000	352.383	17.602	8.810	20.083
12-2034	281.988	31.553	10.670	0.000	0.000	324.211	16.195	8.105	21.588
12-2035	259.444	29.030	9.817	0.000	0.000	298.291	14.900	7.457	23.225
12-2036	239.329	26.780	9.056	0.000	0.000	275.165	13.745	6.879	24.946
S Tot	13,869.002	1,551.859	524.775	0.000	0.000	15,945.636	796.497	398.641	9.280
After	737.142	82.482	27.892	0.000	0.000	847.515	42.334	21.188	29.718
Total	14,606.144	1,634.340	552.667	0.000	0.000	16,793.151	838.831	419.829	10.311

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	.000	0	0.0	0.000	0.000	0.000	.000	.000	.000	.000
12-2019	6.614	1	0.8	0.000	0.000	29.559	6,834.214	-6,500.794	-6,500.794	-5,484.396
12-2020	164.021	1	0.8	0.000	0.000	334.712	.000	3,686.376	-2,814.418	-2,550.011
12-2021	164.021	1	0.8	0.000	0.000	152.693	.000	1,592.501	-1,221.917	-1,404.239
12-2022	164.021	1	0.8	0.000	0.000	104.331	.000	1,036.161	-185.756	-727.408
12-2023	164.021	1	0.8	0.000	0.000	80.562	.000	762.735	576.979	-274.737
12-2024	164.021	1	0.8	0.000	0.000	66.357	.000	599.321	1,176.300	48.482
12-2025	164.021	1	0.8	0.000	0.000	56.456	.000	485.427	1,661.727	286.397
12-2026	164.021	1	0.8	0.000	0.000	49.421	.000	404.501	2,066.227	466.607
12-2027	164.021	1	0.8	0.000	0.000	44.067	.000	342.905	2,409.133	605.479
12-2028	164.021	1	0.8	0.000	0.000	39.947	.000	295.517	2,704.650	714.266
12-2029	164.021	1	0.8	0.000	0.000	36.409	.000	254.818	2,959.468	799.527
12-2030	164.021	1	0.8	0.000	0.000	33.482	.000	221.138	3,180.606	866.798
12-2031	164.021	1	0.8	0.000	0.000	30.805	.000	190.346	3,370.951	919.444
12-2032	164.021	1	0.8	0.000	0.000	28.416	.000	162.871	3,533.823	960.400
12-2033	164.021	1	0.8	0.000	0.000	26.070	.000	135.881	3,669.703	991.461
12-2034	164.021	1	0.8	0.000	0.000	23.986	.000	111.904	3,781.607	1,014.719
12-2035	164.021	1	0.8	0.000	0.000	22.068	.000	89.845	3,871.452	1,031.699
12-2036	164.021	1	0.8	0.000	0.000	20.357	.000	70.162	3,941.614	1,043.758
S Tot	2,794.973			0.000	0.000	1,179.697	6,834.214	3,941.614	3,941.614	1,043.758
After	613.844			0.000	0.000	62.701	.000	107.448	4,049.062	1,059.410
Total	3,408.817			0.000	0.000	1,242.399	6,834.214	4,049.062	4,049.062	1,059.410

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units			Final	5.00	2,182.729
Oil Rate	22,812.	423.	bbls/mo	96.3%	1.20	0.0%	7,741.	15,768.	$/w/mo	Expense	85.4277	85.4277	8.00	1,445.838
Gas Rate	68,437.	1,271.	Mcf/mo	0.0%	0.00	0.0%				Revenue			10.00	1,059.410
GOR	3,000.	3,000.	scf/bbl							Oil	68.9935	68.9935	12.00	737.240
NGL Rate	2,183.	86.	bbls/mo							Gas	68.9935	68.9935	15.00	348.155
NGL Yield	31.9	68.2	bbl/MMcf										20.00	-118.834
Gas Shrinkage	69.1	31.9	%
Oil Severance	4.6	4.6	%
Gas Severance	7.5	7.5	%
NGL Severance	7.5	7.5	%
Ad Valorem	39.7		%

Start Date: 12/2019 1   Months in year  ‘19 20.832 Year Life (09/2040)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT. TEXAS REGISTERED ENGINEERING FIRM F-693. ASN 491 DEFAULT   1/10/2018   10:34:19    OIL PUD Table    6

Cawley, Gillespie & Associates, Inc.

Table 7

Reserve Estimates and Economic Forecasts as of December 31, 2017

Lilis Energy, Inc. Interests

Proved Undeveloped Reserves

LILIS ENERGY, INC. -- HIPPO PUD-2

PHANTOM (WOLFCAMP B) FIELD -- WINKLER COUNTY, TEXAS

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	.0	.0	.0	.000	.000	.000	.000	.000	.000
12-2019	.0	.0	.0	.000	.000	.000	.000	.000	.000
12-2020	121.6	364.9	25.2	91.351	186.357	18.910	47.746	2.619	8.728
12-2021	57.8	173.3	12.0	43.381	88.496	8.980	47.746	2.619	8.728
12-2022	38.6	115.8	8.0	28.984	59.127	6.000	47.746	2.619	8.728
12-2023	29.5	88.5	6.1	22.162	45.211	4.588	47.746	2.619	8.728
12-2024	24.2	72.5	5.0	18.153	37.032	3.758	47.746	2.619	8.728
12-2025	20.5	61.5	4.2	15.389	31.394	3.186	47.746	2.619	8.728
12-2026	17.9	53.7	3.7	13.438	27.413	2.782	47.746	2.619	8.728
12-2027	15.9	47.8	3.3	11.960	24.398	2.476	47.746	2.619	8.728
12-2028	14.4	43.2	3.0	10.826	22.086	2.241	47.746	2.619	8.728
12-2029	13.1	39.4	2.7	9.857	20.107	2.040	47.746	2.619	8.728
12-2030	12.1	36.2	2.5	9.061	18.485	1.876	47.746	2.619	8.728
12-2031	11.1	33.3	2.3	8.337	17.007	1.726	47.746	2.619	8.728
12-2032	10.2	30.7	2.1	7.691	15.689	1.592	47.746	2.619	8.728
12-2033	9.4	28.2	1.9	7.056	14.393	1.460	47.746	2.619	8.728
12-2034	8.6	25.9	1.8	6.491	13.243	1.344	47.746	2.619	8.728
12-2035	8.0	23.9	1.6	5.972	12.184	1.236	47.746	2.619	8.728
12-2036	7.3	22.0	1.5	5.509	11.239	1.140	47.746	2.619	8.728
S Tot	420.2	1,260.6	87.0	315.619	643.863	65.333	47.746	2.619	8.728
After	18.2	54.5	3.8	13.645	27.836	2.825	47.746	2.619	8.728
Total	438.4	1,315.1	90.7	329.264	671.699	68.158	47.746	2.619	8.728
Cum	.0	.0	.0
Ult	438.4	1,315.1	90.7

(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	.000	.000	.000	0.000	0.000	.000	.000	.000	.000
12-2019	.000	.000	.000	0.000	0.000	.000	.000	.000	.000
12-2020	4,361.681	488.046	165.037	0.000	0.000	5,014.764	250.491	125.369	4.283
12-2021	2,071.260	231.762	78.372	0.000	0.000	2,381.394	118.952	59.535	5.963
12-2022	1,383.874	154.847	52.363	0.000	0.000	1,591.085	79.476	39.777	7.454
12-2023	1,058.164	118.402	40.039	0.000	0.000	1,216.605	60.770	30.415	8.837
12-2024	866.744	96.984	32.796	0.000	0.000	996.523	49.777	24.913	10.134
12-2025	734.779	82.217	27.803	0.000	0.000	844.799	42.198	21.120	11.423
12-2026	641.610	71.792	24.277	0.000	0.000	737.679	36.848	18.442	12.651
12-2027	571.036	63.896	21.607	0.000	0.000	656.539	32.795	16.413	13.849
12-2028	516.916	57.840	19.559	0.000	0.000	594.315	29.686	14.858	14.989
12-2029	470.614	52.659	17.807	0.000	0.000	541.080	27.027	13.527	16.172
12-2030	432.643	48.410	16.370	0.000	0.000	497.424	24.847	12.436	17.331
12-2031	398.055	44.540	15.062	0.000	0.000	457.656	22.860	11.441	18.580
12-2032	367.193	41.087	13.894	0.000	0.000	422.174	21.088	10.554	19.893
12-2033	336.875	37.694	12.747	0.000	0.000	387.316	19.347	9.683	21.416
12-2034	309.943	34.681	11.728	0.000	0.000	356.351	17.800	8.909	23.020
12-2035	285.164	31.908	10.790	0.000	0.000	327.862	16.377	8.197	24.763
12-2036	263.055	29.434	9.953	0.000	0.000	302.442	15.107	7.561	26.595
S Tot	15,069.606	1,686.199	570.203	0.000	0.000	17,326.008	865.447	433.150	9.945
After	651.509	72.900	24.652	0.000	0.000	749.060	37.416	18.727	30.819
Total	15,721.114	1,759.099	594.855	0.000	0.000	18,075.068	902.863	451.877	10.810

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	.000	0	0.0	0.000	0.000	0.000	.000	.000	.000	.000
12-2019	.000	0	0.0	0.000	0.000	0.000	8,000.000	-8,000.000	-8,000.000	-6,669.620
12-2020	178.065	1	1.0	0.000	0.000	398.928	.000	4,061.911	-3,938.089	-3,449.158
12-2021	192.000	1	1.0	0.000	0.000	189.442	.000	1,821.465	-2,116.624	-2,138.252
12-2022	192.000	1	1.0	0.000	0.000	126.572	.000	1,153.260	-963.364	-1,384.827
12-2023	192.000	1	1.0	0.000	0.000	96.782	.000	836.637	-126.727	-888.251
12-2024	192.000	1	1.0	0.000	0.000	79.274	.000	650.559	523.832	-537.374
12-2025	192.000	1	1.0	0.000	0.000	67.204	.000	522.276	1,046.109	-281.383
12-2026	192.000	1	1.0	0.000	0.000	58.683	.000	431.707	1,477.815	-89.043
12-2027	192.000	1	1.0	0.000	0.000	52.228	.000	363.102	1,840.918	58.016
12-2028	192.000	1	1.0	0.000	0.000	47.278	.000	310.493	2,151.410	172.323
12-2029	192.000	1	1.0	0.000	0.000	43.043	.000	265.483	2,416.893	261.157
12-2030	192.000	1	1.0	0.000	0.000	39.570	.000	228.571	2,645.464	330.692
12-2031	192.000	1	1.0	0.000	0.000	36.407	.000	194.948	2,840.411	384.614
12-2032	192.000	1	1.0	0.000	0.000	33.584	.000	164.947	3,005.359	426.095
12-2033	192.000	1	1.0	0.000	0.000	30.811	.000	135.475	3,140.834	457.066
12-2034	192.000	1	1.0	0.000	0.000	28.348	.000	109.294	3,250.128	479.785
12-2035	192.000	1	1.0	0.000	0.000	26.082	.000	85.207	3,335.334	495.891
12-2036	192.000	1	1.0	0.000	0.000	24.060	.000	63.715	3,399.049	506.846
S Tot	3,250.065			0.000	0.000	1,378.297	8,000.000	3,399.049	3,399.049	506.846
After	560.516			0.000	0.000	59.588	.000	72.813	3,471.862	517.736
Total	3,810.581			0.000	0.000	1,437.885	8,000.000	3,471.862	3,471.862	517.736

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units			Final	5.00	1,621.919
Oil Rate	22,812.	458.	bbls/mo	96.3%	1.20	0.0%	2,064.	16,000.	$/w/mo	Expense	100.0000	100.0000	8.00	895.904
Gas Rate	68,437.	1,376.	Mcf/mo	0.0%	0.00	0.0%				Revenue			10.00	517.736
GOR	3,000.	3,000.	scf/bbl							Oil	75.1094	75.1094	12.00	204.618
NGL Rate	609.	93.	bbls/mo							Gas	75.1094	75.1094	15.00	-169.616
NGL Yield	8.9	68.3	bbl/MMcf										20.00	-609.471
Gas Shrinkage	91.4	31.8	%
Oil Severance	4.6	4.6	%
Gas Severance	7.5	7.5	%
NGL Severance	7.5	7.5	%
Ad Valorem	46.8		%

Start Date: 01/2020 12   Months in year  ‘20 19.916 Year Life (11/2039)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT. TEXAS REGISTERED ENGINEERING FIRM F-693. ASN 492 DEFAULT    1/10/2018    10:34:19    OIL PUD Table    7

Cawley, Gillespie & Associates, Inc.

Table 8

Reserve Estimates and Economic Forecasts as of December 31, 2017

Lilis Energy, Inc. Interests

Proved Undeveloped Reserves

LILIS ENERGY, INC. -- HIPPO PUD-3

PHANTOM (WOLFCAMP B) FIELD -- WINKLER COUNTY, TEXAS 

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	.0	.0	.0	.000	.000	.000	.000	.000	.000
12-2019	.0	.0	.0	.000	.000	.000	.000	.000	.000
12-2020	28.4	85.2	5.9	1.065	2.173	.220	47.746	2.619	8.728
12-2021	107.0	321.1	22.2	4.014	8.188	.831	47.746	2.619	8.728
12-2022	52.5	157.4	10.9	1.968	4.014	.407	47.746	2.619	8.728
12-2023	36.4	109.1	7.5	1.363	2.781	.282	47.746	2.619	8.728
12-2024	28.3	85.0	5.9	1.062	2.167	.220	47.746	2.619	8.728
12-2025	23.3	69.9	4.8	.873	1.782	.181	47.746	2.619	8.728
12-2026	19.9	59.8	4.1	.747	1.524	.155	47.746	2.619	8.728
12-2027	17.5	52.4	3.6	.655	1.336	.136	47.746	2.619	8.728
12-2028	15.6	46.9	3.2	.586	1.196	.121	47.746	2.619	8.728
12-2029	14.1	42.3	2.9	.529	1.079	.110	47.746	2.619	8.728
12-2030	12.9	38.7	2.7	.484	.987	.100	47.746	2.619	8.728
12-2031	11.9	35.6	2.5	.445	.908	.092	47.746	2.619	8.728
12-2032	10.9	32.8	2.3	.411	.838	.085	47.746	2.619	8.728
12-2033	10.0	30.1	2.1	.377	.769	.078	47.746	2.619	8.728
12-2034	9.2	27.7	1.9	.347	.707	.072	47.746	2.619	8.728
12-2035	8.5	25.5	1.8	.319	.651	.066	47.746	2.619	8.728
12-2036	7.8	23.5	1.6	.294	.600	.061	47.746	2.619	8.728
S Tot	414.4	1,243.1	85.8	15.539	31.699	3.217	47.746	2.619	8.728
After	23.9	71.7	4.9	.896	1.829	.186	47.746	2.619	8.728
Total	438.3	1,314.8	90.7	16.435	33.528	3.402	47.746	2.619	8.728
Cum	.0	.0	.0
Ult	438.3	1,314.8	90.7

(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	.000	.000	.000	0.000	0.000	.000	.000	.000	.000
12-2019	.000	.000	.000	0.000	0.000	.000	.000	.000	.000
12-2020	50.855	5.690	1.924	0.000	0.000	58.469	2.921	1.462	3.713
12-2021	191.635	21.443	7.251	0.000	0.000	220.329	11.006	5.508	4.588
12-2022	93.951	10.513	3.555	0.000	0.000	108.018	5.396	2.700	6.275
12-2023	65.099	7.284	2.463	0.000	0.000	74.846	3.739	1.871	7.741
12-2024	50.713	5.675	1.919	0.000	0.000	58.307	2.912	1.458	9.095
12-2025	41.697	4.666	1.578	0.000	0.000	47.940	2.395	1.199	10.421
12-2026	35.666	3.991	1.350	0.000	0.000	41.007	2.048	1.025	11.681
12-2027	31.275	3.499	1.183	0.000	0.000	35.957	1.796	.899	12.905
12-2028	27.994	3.132	1.059	0.000	0.000	32.185	1.608	.805	14.070
12-2029	25.263	2.827	.956	0.000	0.000	29.045	1.451	.726	15.271
12-2030	23.108	2.586	.874	0.000	0.000	26.568	1.327	.664	16.418
12-2031	21.253	2.378	.804	0.000	0.000	24.436	1.221	.611	17.592
12-2032	19.606	2.194	.742	0.000	0.000	22.541	1.126	.564	18.821
12-2033	17.987	2.013	.681	0.000	0.000	20.680	1.033	.517	20.248
12-2034	16.549	1.852	.626	0.000	0.000	19.027	.950	.476	21.750
12-2035	15.226	1.704	.576	0.000	0.000	17.506	.874	.438	23.382
12-2036	14.045	1.572	.531	0.000	0.000	16.148	.807	.404	25.098
S Tot	741.921	83.016	28.073	0.000	0.000	853.010	42.608	21.325	9.721
After	42.801	4.789	1.620	0.000	0.000	49.210	2.458	1.230	29.808
Total	784.722	87.806	29.692	0.000	0.000	902.220	45.067	22.555	10.816

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	.000	0	0.0	0.000	0.000	0.000	.000	.000	.000	.000
12-2019	.000	0	0.0	0.000	0.000	0.000	.000	.000	.000	.000
12-2020	1.173	1	0.1	0.000	0.000	4.658	400.000	-351.745	-351.745	-272.383
12-2021	9.600	1	0.1	0.000	0.000	17.553	.000	176.662	-175.083	-144.691
12-2022	9.600	1	0.1	0.000	0.000	8.605	.000	81.717	-93.366	-91.246
12-2023	9.600	1	0.1	0.000	0.000	5.963	.000	53.674	-39.692	-59.372
12-2024	9.600	1	0.1	0.000	0.000	4.645	.000	39.692	-.001	-37.958
12-2025	9.600	1	0.1	0.000	0.000	3.819	.000	30.928	30.927	-22.796
12-2026	9.600	1	0.1	0.000	0.000	3.267	.000	25.067	55.994	-11.626
12-2027	9.600	1	0.1	0.000	0.000	2.865	.000	20.798	76.791	-3.202
12-2028	9.600	1	0.1	0.000	0.000	2.564	.000	17.609	94.400	3.281
12-2029	9.600	1	0.1	0.000	0.000	2.314	.000	14.954	109.355	8.285
12-2030	9.600	1	0.1	0.000	0.000	2.117	.000	12.860	122.215	12.198
12-2031	9.600	1	0.1	0.000	0.000	1.947	.000	11.058	133.272	15.256
12-2032	9.600	1	0.1	0.000	0.000	1.796	.000	9.456	142.728	17.634
12-2033	9.600	1	0.1	0.000	0.000	1.648	.000	7.883	150.611	19.436
12-2034	9.600	1	0.1	0.000	0.000	1.516	.000	6.485	157.096	20.783
12-2035	9.600	1	0.1	0.000	0.000	1.395	.000	5.199	162.295	21.766
12-2036	9.600	1	0.1	0.000	0.000	1.286	.000	4.052	166.346	22.462
S Tot	154.773			0.000	0.000	67.957	400.000	166.346	166.346	22.462
After	35.481			0.000	0.000	3.920	.000	6.121	172.467	23.355
Total	190.254			0.000	0.000	71.877	400.000	172.467	172.467	23.355

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units			Final	5.00	77.154
Oil Rate	22,812.	459.	bbls/mo	96.3%	1.20	0.0%	7,460.	16,000.	$/w/mo	Expense	5.0000	5.0000	8.00	41.415
Gas Rate	68,437.	1,378.	Mcf/mo	0.0%	0.00	0.0%				Revenue			10.00	23.355
GOR	3,000.	3,000.	scf/bbl							Oil	3.7500	3.7500	12.00	8.779
NGL Rate	2,046.	97.	bbls/mo							Gas	3.7500	3.7500	15.00	-8.064
NGL Yield	29.9	70.7	bbl/MMcf										20.00	-26.704
Gas Shrinkage	70.1	32.3	%
Oil Severance	4.6	4.6	%
Gas Severance	7.5	7.5	%
NGL Severance	7.5	7.5	%
Ad Valorem	2.4		%

Start Date: 11/2020 2   Months in year  ‘20 19.869 Year Life (09/2040)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT. TEXAS REGISTERED ENGINEERING FIRM F-693. ASN 493 DEFAULT    1/10/2018    10:34:19    OIL PUD Table    8

Cawley, Gillespie & Associates, Inc.

Table 9

Reserve Estimates and Economic Forecasts as of December 31, 2017

Lilis Energy, Inc. Interests

Proved Undeveloped Reserves

LILIS ENERGY, INC. -- KUDU 1 PUD-2

PHANTOM (WOLFCAMP A) FIELD -- WINKLER COUNTY, TEXAS

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	.0	.0	.0	.000	.000	.000	.000	.000	.000
12-2019	.0	.0	.0	.000	.000	.000	.000	.000	.000
12-2020	102.8	308.4	21.3	73.073	149.069	15.126	47.746	2.619	8.728
12-2021	56.2	168.5	11.6	39.933	81.463	8.266	47.746	2.619	8.728
12-2022	36.6	109.8	7.6	26.011	53.063	5.384	47.746	2.619	8.728
12-2023	27.7	83.0	5.7	19.679	40.146	4.074	47.746	2.619	8.728
12-2024	22.5	67.6	4.7	16.025	32.690	3.317	47.746	2.619	8.728
12-2025	19.0	57.1	3.9	13.534	27.609	2.802	47.746	2.619	8.728
12-2026	16.6	49.7	3.4	11.787	24.046	2.440	47.746	2.619	8.728
12-2027	14.7	44.2	3.0	10.471	21.360	2.167	47.746	2.619	8.728
12-2028	13.3	39.9	2.8	9.464	19.307	1.959	47.746	2.619	8.728
12-2029	12.1	36.3	2.5	8.607	17.557	1.782	47.746	2.619	8.728
12-2030	11.1	33.4	2.3	7.909	16.134	1.637	47.746	2.619	8.728
12-2031	10.2	30.7	2.1	7.277	14.845	1.506	47.746	2.619	8.728
12-2032	9.4	28.3	2.0	6.713	13.694	1.389	47.746	2.619	8.728
12-2033	8.7	26.0	1.8	6.158	12.563	1.275	47.746	2.619	8.728
12-2034	8.0	23.9	1.6	5.666	11.559	1.173	47.746	2.619	8.728
12-2035	7.3	22.0	1.5	5.213	10.635	1.079	47.746	2.619	8.728
12-2036	6.8	20.3	1.4	4.809	9.810	.995	47.746	2.619	8.728
S Tot	383.1	1,149.2	79.3	272.328	555.549	56.372	47.746	2.619	8.728
After	17.3	51.8	3.6	12.274	25.039	2.541	47.746	2.619	8.728
Total	400.3	1,201.0	82.9	284.602	580.588	58.913	47.746	2.619	8.728
Cum	.0	.0	.0
Ult	400.3	1,201.0	82.9
(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	.000	.000	.000	0.000	0.000	.000	.000	.000	.000
12-2019	.000	.000	.000	0.000	0.000	.000	.000	.000	.000
12-2020	3,488.953	390.393	132.015	0.000	0.000	4,011.360	200.370	100.284	3.985
12-2021	1,906.651	213.343	72.144	0.000	0.000	2,192.138	109.499	54.803	5.571
12-2022	1,241.939	138.966	46.992	0.000	0.000	1,427.897	71.325	35.697	7.092
12-2023	939.612	105.137	35.553	0.000	0.000	1,080.302	53.962	27.008	8.496
12-2024	765.117	85.612	28.950	0.000	0.000	879.679	43.941	21.992	9.812
12-2025	646.192	72.305	24.451	0.000	0.000	742.948	37.111	18.574	11.116
12-2026	562.788	62.973	21.295	0.000	0.000	647.056	32.321	16.176	12.359
12-2027	499.927	55.939	18.916	0.000	0.000	574.782	28.711	14.370	13.570
12-2028	451.882	50.563	17.098	0.000	0.000	519.543	25.952	12.989	14.722
12-2029	410.930	45.981	15.549	0.000	0.000	472.460	23.600	11.811	15.918
12-2030	377.626	42.254	14.289	0.000	0.000	434.169	21.687	10.854	17.081
12-2031	347.436	38.876	13.146	0.000	0.000	399.458	19.953	9.986	18.328
12-2032	320.499	35.862	12.127	0.000	0.000	368.488	18.406	9.212	19.639
12-2033	294.036	32.901	11.126	0.000	0.000	338.063	16.886	8.452	21.161
12-2034	270.529	30.271	10.236	0.000	0.000	311.036	15.536	7.776	22.763
12-2035	248.901	27.850	9.418	0.000	0.000	286.169	14.294	7.154	24.504
12-2036	229.603	25.691	8.688	0.000	0.000	263.982	13.186	6.600	26.334
S Tot	13,002.621	1,454.916	491.993	0.000	0.000	14,949.529	746.740	373.738	9.735
After	586.037	65.574	22.174	0.000	0.000	673.786	33.656	16.845	30.648
Total	13,588.659	1,520.490	514.167	0.000	0.000	15,623.315	780.396	390.583	10.637

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	.000	0	0.0	0.000	0.000	0.000	.000	.000	.000	.000
12-2019	.000	0	0.0	0.000	0.000	0.000	.000	.000	.000	.000
12-2020	135.442	1	0.9	0.000	0.000	293.918	6,974.597	-3,693.251	-3,693.251	-3,168.503
12-2021	167.390	1	0.9	0.000	0.000	160.621	.000	1,699.824	-1,993.427	-1,944.757
12-2022	167.390	1	0.9	0.000	0.000	104.624	.000	1,048.861	-944.566	-1,259.457
12-2023	167.390	1	0.9	0.000	0.000	79.155	.000	752.787	-191.780	-812.623
12-2024	167.390	1	0.9	0.000	0.000	64.455	.000	581.901	390.122	-498.765
12-2025	167.390	1	0.9	0.000	0.000	54.437	.000	465.436	855.558	-270.628
12-2026	167.390	1	0.9	0.000	0.000	47.411	.000	383.757	1,239.315	-99.647
12-2027	167.390	1	0.9	0.000	0.000	42.115	.000	322.196	1,561.511	30.846
12-2028	167.390	1	0.9	0.000	0.000	38.068	.000	275.145	1,836.656	132.141
12-2029	167.390	1	0.9	0.000	0.000	34.618	.000	235.041	2,071.697	210.789
12-2030	167.390	1	0.9	0.000	0.000	31.812	.000	202.425	2,274.122	272.369
12-2031	167.390	1	0.9	0.000	0.000	29.269	.000	172.859	2,446.981	320.181
12-2032	167.390	1	0.9	0.000	0.000	27.000	.000	146.479	2,593.461	357.018
12-2033	167.390	1	0.9	0.000	0.000	24.770	.000	120.564	2,714.025	384.580
12-2034	167.390	1	0.9	0.000	0.000	22.790	.000	97.543	2,811.567	404.855
12-2035	167.390	1	0.9	0.000	0.000	20.968	.000	76.362	2,887.929	419.289
12-2036	167.390	1	0.9	0.000	0.000	19.342	.000	57.464	2,945.393	429.169
S Tot	2,813.687		0.000	0.000	1,095.373	6,974.597	2,945.393	2,945.393	429.169
After	505.321		0.000	0.000	49.369	.000	68.595	3,013.988	439.390
Total	3,319.008		0.000	0.000	1,144.743	6,974.597	3,013.988	3,013.988	439.390

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units			Final	5.00	1,396.836
Oil Rate	20,835.	419.	bbls/mo	96.3%	1.20	0.0%	11,354.	15,999.	$/w/mo	Expense	87.1825	87.1825	8.00	766.351
Gas Rate	62,506.	1,258.	Mcf/mo	0.0%	0.00	0.0%				Revenue			10.00	439.390
GOR	3,000.	3,000.	scf/bbl							Oil	71.0940	71.0940	12.00	169.674
NGL Rate	2,846.	88.	bbls/mo							Gas	71.0940	71.0940	15.00	-151.106
NGL Yield	45.5	70.6	bbl/MMcf										20.00	-524.873
Gas Shrinkage	55.9	31.8	%
Oil Severance	4.6	4.6	%
Gas Severance	7.5	7.5	%
NGL Severance	7.5	7.5	%
Ad Valorem	41.9		%

Start Date: 03/2020 10   Months in year  ‘20 19.851 Year Life (01/2040)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT. TEXAS REGISTERED ENGINEERING FIRM F-693. ASN 484 DEFAULT    1/10/2018   10:34:19    OIL PUD Table    9

Cawley, Gillespie & Associates, Inc.

 

Table 10

Reserve Estimates and Economic Forecasts as of December 31, 2017

Lilis Energy, Inc. Interests

Proved Undeveloped Reserves

LILIS ENERGY, INC. -- LION 1 PUD-2

PHANTOM (WOLFCAMP B) FIELD -- WINKLER COUNTY, TEXAS

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	.0	.0	.0	.000	.000	.000	.000	.000	.000
12-2019	.0	.0	.0	.000	.000	.000	.000	.000	.000
12-2020	79.2	237.7	16.4	52.252	106.595	10.816	47.746	2.619	8.728
12-2021	77.1	231.4	16.0	50.851	103.736	10.526	47.746	2.619	8.728
12-2022	45.3	136.0	9.4	29.894	60.984	6.188	47.746	2.619	8.728
12-2023	33.0	99.1	6.8	21.779	44.429	4.508	47.746	2.619	8.728
12-2024	26.4	79.1	5.5	17.384	35.463	3.598	47.746	2.619	8.728
12-2025	22.0	66.0	4.6	14.501	29.582	3.002	47.746	2.619	8.728
12-2026	19.0	57.0	3.9	12.523	25.547	2.592	47.746	2.619	8.728
12-2027	16.8	50.3	3.5	11.056	22.554	2.289	47.746	2.619	8.728
12-2028	15.1	45.3	3.1	9.947	20.292	2.059	47.746	2.619	8.728
12-2029	13.7	41.0	2.8	9.012	18.385	1.866	47.746	2.619	8.728
12-2030	12.5	37.6	2.6	8.266	16.863	1.711	47.746	2.619	8.728
12-2031	11.5	34.6	2.4	7.605	15.515	1.574	47.746	2.619	8.728
12-2032	10.6	31.9	2.2	7.016	14.312	1.452	47.746	2.619	8.728
12-2033	9.8	29.3	2.0	6.436	13.130	1.332	47.746	2.619	8.728
12-2034	9.0	26.9	1.9	5.922	12.081	1.226	47.746	2.619	8.728
12-2035	8.3	24.8	1.7	5.448	11.115	1.128	47.746	2.619	8.728
12-2036	7.6	22.9	1.6	5.026	10.253	1.040	47.746	2.619	8.728
S Tot	416.9	1,250.8	86.3	274.919	560.835	56.908	47.746	2.619	8.728
After	17.6	52.7	3.6	11.593	23.650	2.400	47.746	2.619	8.728
Total	434.5	1,303.5	89.9	286.512	584.485	59.308	47.746	2.619	8.728
Cum	.0	.0	.0
Ult	434.5	1,303.5	89.9

(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	.000	.000	.000	0.000	0.000	.000	.000	.000	.000
12-2019	.000	.000	.000	0.000	0.000	.000	.000	.000	.000
12-2020	2,494.853	279.159	94.400	0.000	0.000	2,868.412	143.279	71.710	4.191
12-2021	2,427.939	271.672	91.868	0.000	0.000	2,791.479	139.436	69.787	5.487
12-2022	1,427.330	159.710	54.007	0.000	0.000	1,641.047	81.972	41.026	7.147
12-2023	1,039.868	116.355	39.346	0.000	0.000	1,195.569	59.720	29.889	8.648
12-2024	830.011	92.873	31.406	0.000	0.000	954.290	47.667	23.857	10.046
12-2025	692.357	77.471	26.197	0.000	0.000	796.025	39.762	19.901	11.423
12-2026	597.919	66.904	22.624	0.000	0.000	687.446	34.338	17.186	12.735
12-2027	527.880	59.067	19.974	0.000	0.000	606.921	30.316	15.173	14.011
12-2028	474.924	53.141	17.970	0.000	0.000	546.035	27.275	13.651	15.225
12-2029	430.302	48.148	16.282	0.000	0.000	494.731	24.712	12.368	16.480
12-2030	394.689	44.163	14.934	0.000	0.000	453.787	22.667	11.345	17.686
12-2031	363.124	40.631	13.740	0.000	0.000	417.495	20.854	10.437	18.952
12-2032	334.971	37.481	12.675	0.000	0.000	385.127	19.237	9.628	20.283
12-2033	307.313	34.387	11.628	0.000	0.000	353.328	17.649	8.833	21.827
12-2034	282.744	31.637	10.698	0.000	0.000	325.080	16.238	8.127	23.453
12-2035	260.139	29.108	9.843	0.000	0.000	299.091	14.940	7.477	25.220
12-2036	239.971	26.851	9.080	0.000	0.000	275.902	13.782	6.898	27.077
S Tot	13,126.334	1,468.758	496.674	0.000	0.000	15,091.766	753.845	377.294	10.331
After	553.532	61.937	20.945	0.000	0.000	636.414	31.789	15.910	31.007
Total	13,679.866	1,530.695	517.618	0.000	0.000	15,728.179	785.634	393.204	11.168

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	.000	0	0.0	0.000	0.000	0.000	.000	.000	.000	.000
12-2019	.000	0	0.0	0.000	0.000	0.000	.000	.000	.000	.000
12-2020	82.572	1	0.9	0.000	0.000	240.356	7,398.025	-5,067.530	-5,067.530	-4,107.117
12-2021	177.553	1	0.9	0.000	0.000	233.910	.000	2,170.793	-2,896.737	-2,542.175
12-2022	177.553	1	0.9	0.000	0.000	137.510	.000	1,202.986	-1,693.751	-1,755.824
12-2023	177.553	1	0.9	0.000	0.000	100.182	.000	828.226	-865.524	-1,264.098
12-2024	177.553	1	0.9	0.000	0.000	79.964	.000	625.249	-240.276	-926.810
12-2025	177.553	1	0.9	0.000	0.000	66.702	.000	492.108	251.832	-685.574
12-2026	177.553	1	0.9	0.000	0.000	57.604	.000	400.765	652.597	-507.000
12-2027	177.553	1	0.9	0.000	0.000	50.856	.000	333.023	985.620	-372.112
12-2028	177.553	1	0.9	0.000	0.000	45.755	.000	281.802	1,267.422	-268.359
12-2029	177.553	1	0.9	0.000	0.000	41.456	.000	238.643	1,506.065	-188.501
12-2030	177.553	1	0.9	0.000	0.000	38.025	.000	204.198	1,710.263	-126.380
12-2031	177.553	1	0.9	0.000	0.000	34.984	.000	173.667	1,883.930	-78.343
12-2032	177.553	1	0.9	0.000	0.000	32.271	.000	146.437	2,030.368	-41.515
12-2033	177.553	1	0.9	0.000	0.000	29.607	.000	119.686	2,150.054	-14.153
12-2034	177.553	1	0.9	0.000	0.000	27.240	.000	95.923	2,245.976	5.787
12-2035	177.553	1	0.9	0.000	0.000	25.062	.000	74.059	2,320.035	19.787
12-2036	177.553	1	0.9	0.000	0.000	23.119	.000	54.551	2,374.587	29.168
S Tot	2,923.413			0.000	0.000	1,264.602	7,398.025	2,374.587	2,374.587	29.168
After	476.724			0.000	0.000	53.328	.000	58.662	2,433.248	37.966
Total	3,400.137			0.000	0.000	1,317.930	7,398.025	2,433.248	2,433.248	37.966

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum  Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units			Final	5.00	911.841
Oil Rate	22,812.	485.	bbls/mo	96.3%	1.20	0.0%	9,290.	15,999.	$/w/mo	Expense	92.4753	92.4753	8.00	332.782
Gas Rate	68,437.	1,456.	Mcf/mo	0.0%	0.00	0.0%				Revenue			10.00	37.966
GOR	3,000.	3,000.	scf/bbl							Oil	65.9402	65.9402	12.00	-201.209
NGL Rate	2,589.	103.	bbls/mo							Gas	65.9402	65.9402	15.00	-479.037
NGL Yield	37.8	70.7	bbl/MMcf										20.00	-788.367
Gas Shrinkage	63.4	31.7	%
Oil Severance	4.6	4.6	%
Gas Severance	7.5	7.5	%
NGL Severance	7.5	7.5	%
Ad Valorem	45.0		%

Start Date: 07/2020           6 Months in year ‘20       19.192 Year Life (09/2039)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.	ASN 490	DEFAULT    1/10/2018    10:34:19
TEXAS REGISTERED ENGINEERING FIRM F-693.		OIL PUD
		Table   10

Cawley, Gillespie & Associates, Inc.

Table 11

Reserve Estimates and Economic Forecasts as of December 31, 2017

Lilis Energy, Inc. Interests

Proved Undeveloped Reserves

LILIS ENERGY, INC. -- LION 3 PUD-1

PHANTOM (WOLFCAMP B) FIELD -- WINKLER COUNTY, TEXAS

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	.0	.0	.0	.000	.000	.000	.000	.000	.000
12-2019	.0	.0	.0	.000	.000	.000	.000	.000	.000
12-2020	65.1	195.4	13.5	42.946	87.611	8.890	47.746	2.619	8.728
12-2021	84.7	254.0	17.5	55.836	113.906	11.558	47.746	2.619	8.728
12-2022	47.5	142.4	9.8	31.296	63.845	6.478	47.746	2.619	8.728
12-2023	34.1	102.2	7.1	22.460	45.818	4.649	47.746	2.619	8.728
12-2024	27.0	80.9	5.6	17.792	36.296	3.683	47.746	2.619	8.728
12-2025	22.4	67.2	4.6	14.774	30.139	3.058	47.746	2.619	8.728
12-2026	19.3	57.9	4.0	12.720	25.949	2.633	47.746	2.619	8.728
12-2027	17.0	51.0	3.5	11.205	22.859	2.320	47.746	2.619	8.728
12-2028	15.3	45.8	3.2	10.065	20.532	2.083	47.746	2.619	8.728
12-2029	13.8	41.4	2.9	9.107	18.579	1.885	47.746	2.619	8.728
12-2030	12.7	38.0	2.6	8.347	17.027	1.728	47.746	2.619	8.728
12-2031	11.6	34.9	2.4	7.679	15.664	1.589	47.746	2.619	8.728
12-2032	10.7	32.2	2.2	7.083	14.450	1.466	47.746	2.619	8.728
12-2033	9.9	29.6	2.0	6.498	13.257	1.345	47.746	2.619	8.728
12-2034	9.1	27.2	1.9	5.979	12.197	1.238	47.746	2.619	8.728
12-2035	8.3	25.0	1.7	5.501	11.222	1.139	47.746	2.619	8.728
12-2036	7.7	23.1	1.6	5.074	10.352	1.050	47.746	2.619	8.728
S Tot	416.1	1,248.2	86.1	274.363	559.701	56.793	47.746	2.619	8.728
After	18.4	55.3	3.8	12.149	24.784	2.515	47.746	2.619	8.728
Total	434.5	1,303.5	89.9	286.512	584.485	59.308	47.746	2.619	8.728
Cum	.0	.0	.0
Ult	434.5	1,303.5	89.9

(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	.000	.000	.000	0.000	0.000	.000	.000	.000	.000
12-2019	.000	.000	.000	0.000	0.000	.000	.000	.000	.000
12-2020	2,050.529	229.442	77.588	0.000	0.000	2,357.559	117.762	58.939	4.107
12-2021	2,665.972	298.306	100.875	0.000	0.000	3,065.154	153.107	76.629	5.276
12-2022	1,494.281	167.201	56.541	0.000	0.000	1,718.023	85.817	42.951	6.967
12-2023	1,072.377	119.993	40.577	0.000	0.000	1,232.946	61.587	30.824	8.481
12-2024	849.517	95.056	32.144	0.000	0.000	976.717	48.788	24.418	9.887
12-2025	705.403	78.930	26.691	0.000	0.000	811.025	40.511	20.276	11.270
12-2026	607.328	67.956	22.980	0.000	0.000	698.264	34.879	17.457	12.586
12-2027	535.012	59.865	20.244	0.000	0.000	615.121	30.726	15.378	13.865
12-2028	480.545	53.770	18.183	0.000	0.000	552.498	27.598	13.812	15.083
12-2029	434.833	48.655	16.453	0.000	0.000	499.942	24.972	12.499	16.341
12-2030	398.514	44.591	15.079	0.000	0.000	458.185	22.887	11.455	17.546
12-2031	366.622	41.023	13.872	0.000	0.000	421.518	21.055	10.538	18.801
12-2032	338.198	37.842	12.797	0.000	0.000	388.837	19.423	9.721	20.119
12-2033	310.274	34.718	11.740	0.000	0.000	356.732	17.819	8.918	21.649
12-2034	285.468	31.942	10.802	0.000	0.000	328.212	16.394	8.205	23.259
12-2035	262.646	29.388	9.938	0.000	0.000	301.972	15.084	7.549	25.009
12-2036	242.283	27.110	9.167	0.000	0.000	278.560	13.914	6.964	26.849
S Tot	13,099.803	1,465.790	495.670	0.000	0.000	15,061.263	752.321	376.532	10.296
After	580.062	64.906	21.948	0.000	0.000	666.916	33.313	16.673	30.860
Total	13,679.866	1,530.695	517.618	0.000	0.000	15,728.179	785.634	393.204	11.168

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	.000	0	0.0	0.000	0.000	0.000	.000	.000	.000	.000
12-2019	.000	0	0.0	0.000	0.000	0.000	.000	.000	.000	.000
12-2020	62.525	1	0.9	0.000	0.000	197.550	7,398.025	-5,477.241	-5,477.241	-4,368.485
12-2021	177.553	1	0.9	0.000	0.000	256.842	.000	2,401.023	-3,076.218	-2,636.423
12-2022	177.553	1	0.9	0.000	0.000	143.960	.000	1,267.743	-1,808.475	-1,807.601
12-2023	177.553	1	0.9	0.000	0.000	103.314	.000	859.669	-948.806	-1,297.166
12-2024	177.553	1	0.9	0.000	0.000	81.843	.000	644.115	-304.690	-949.685
12-2025	177.553	1	0.9	0.000	0.000	67.959	.000	504.726	200.036	-702.256
12-2026	177.553	1	0.9	0.000	0.000	58.510	.000	409.865	609.901	-519.624
12-2027	177.553	1	0.9	0.000	0.000	51.544	.000	339.921	949.822	-381.940
12-2028	177.553	1	0.9	0.000	0.000	46.296	.000	287.239	1,237.061	-276.184
12-2029	177.553	1	0.9	0.000	0.000	41.892	.000	243.026	1,480.088	-194.859
12-2030	177.553	1	0.9	0.000	0.000	38.393	.000	207.898	1,687.985	-131.612
12-2031	177.553	1	0.9	0.000	0.000	35.321	.000	177.051	1,865.036	-82.640
12-2032	177.553	1	0.9	0.000	0.000	32.582	.000	149.559	2,014.595	-45.028
12-2033	177.553	1	0.9	0.000	0.000	29.892	.000	122.550	2,137.145	-17.012
12-2034	177.553	1	0.9	0.000	0.000	27.502	.000	98.557	2,235.702	3.476
12-2035	177.553	1	0.9	0.000	0.000	25.304	.000	76.483	2,312.185	17.934
12-2036	177.553	1	0.9	0.000	0.000	23.342	.000	56.787	2,368.972	27.698
S Tot	2,903.367			0.000	0.000	1,262.046	7,398.025	2,368.972	2,368.972	27.698
After	496.947			0.000	0.000	55.884	.000	64.100	2,433.072	37.279
Total	3,400.314			0.000	0.000	1,317.930	7,398.025	2,433.072	2,433.072	37.279

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum  Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units			Final	5.00	906.478
Oil Rate	22,812.	485.	bbls/mo	96.3%	1.20	0.0%	3,612.	15,769.	$/w/mo	Expense	92.4753	92.4753	8.00	329.577
Gas Rate	68,437.	1,456.	Mcf/mo	0.0%	0.00	0.0%				Revenue			10.00	37.279
GOR	3,000.	3,000.	scf/bbl							Oil	65.9402	65.9402	12.00	-198.873
NGL Rate	1,053.	99.	bbls/mo							Gas	65.9402	65.9402	15.00	-471.660
NGL Yield	15.4	68.6	bbl/MMcf										20.00	-772.253
Gas Shrinkage	85.1	31.5	%
Oil Severance	4.6	4.6	%
Gas Severance	7.5	7.5	%
NGL Severance	7.5	7.5	%
Ad Valorem	43.7		%

Start Date: 08/2020        5 Months in year ‘20     19.224 Year Life (10/2039)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.	ASN 497	DEFAULT	1/10/2018	10:34:19
TEXAS REGISTERED ENGINEERING FIRM F-693.				OIL   PUD
				Table   11

Cawley, Gillespie & Associates, Inc.

Table 12

Reserve Estimates and Economic Forecasts as of December 31, 2017

Lilis Energy, Inc. Interests

Proved Undeveloped Reserves

LILIS ENERGY, INC. -- MEERKAT #1H

PHANTOM (WOLFCAMP B) FIELD -- WINKLER COUNTY, TEXAS

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	99.8	299.5	20.7	59.144	120.655	12.243	47.746	2.619	8.728
12-2019	67.1	201.3	13.9	39.759	81.108	8.230	47.746	2.619	8.728
12-2020	42.2	126.6	8.7	25.004	51.008	5.176	47.746	2.619	8.728
12-2021	31.4	94.1	6.5	18.586	37.915	3.847	47.746	2.619	8.728
12-2022	25.3	75.8	5.2	14.979	30.557	3.101	47.746	2.619	8.728
12-2023	21.3	63.9	4.4	12.626	25.757	2.614	47.746	2.619	8.728
12-2024	18.5	55.6	3.8	10.987	22.413	2.274	47.746	2.619	8.728
12-2025	16.4	49.1	3.4	9.707	19.802	2.009	47.746	2.619	8.728
12-2026	14.7	44.2	3.1	8.735	17.819	1.808	47.746	2.619	8.728
12-2027	13.4	40.3	2.8	7.954	16.227	1.647	47.746	2.619	8.728
12-2028	12.4	37.1	2.6	7.324	14.941	1.516	47.746	2.619	8.728
12-2029	11.3	34.0	2.3	6.719	13.707	1.391	47.746	2.619	8.728
12-2030	10.4	31.3	2.2	6.182	12.611	1.280	47.746	2.619	8.728
12-2031	9.6	28.8	2.0	5.688	11.603	1.177	47.746	2.619	8.728
12-2032	8.9	26.6	1.8	5.247	10.703	1.086	47.746	2.619	8.728
12-2033	8.1	24.4	1.7	4.814	9.820	.996	47.746	2.619	8.728
12-2034	7.5	22.4	1.5	4.429	9.035	.917	47.746	2.619	8.728
12-2035	6.9	20.6	1.4	4.075	8.312	.843	47.746	2.619	8.728
12-2036	6.3	19.0	1.3	3.759	7.668	.778	47.746	2.619	8.728
S Tot	431.6	1,294.8	89.3	255.716	521.660	52.933	47.746	2.619	8.728
After	6.7	20.1	1.4	3.961	8.081	.820	47.746	2.619	8.728
Total	438.3	1,314.8	90.7	259.677	529.742	53.753	47.746	2.619	8.728
Cum	.0	.0	.0
Ult	438.3	1,314.8	90.7

(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	2,823.922	315.980	106.851	0.000	0.000	3,246.754	162.178	81.169	4.121
12-2019	1,898.326	212.411	71.829	0.000	0.000	2,182.567	109.021	54.564	5.553
12-2020	1,193.836	133.583	45.172	0.000	0.000	1,372.591	68.562	34.315	7.080
12-2021	887.392	99.294	33.577	0.000	0.000	1,020.263	50.963	25.507	8.501
12-2022	715.197	80.026	27.062	0.000	0.000	822.285	41.074	20.557	9.833
12-2023	602.834	67.454	22.810	0.000	0.000	693.098	34.621	17.327	11.113
12-2024	524.571	58.696	19.849	0.000	0.000	603.116	30.126	15.078	12.329
12-2025	463.477	51.860	17.537	0.000	0.000	532.874	26.617	13.322	13.563
12-2026	417.060	46.667	15.781	0.000	0.000	479.508	23.952	11.988	14.742
12-2027	379.784	42.496	14.370	0.000	0.000	436.649	21.811	10.916	15.898
12-2028	349.689	39.128	13.232	0.000	0.000	402.049	20.083	10.051	17.011
12-2029	320.816	35.897	12.139	0.000	0.000	368.853	18.424	9.221	18.275
12-2030	295.168	33.028	11.169	0.000	0.000	339.364	16.951	8.484	19.605
12-2031	271.570	30.387	10.276	0.000	0.000	312.233	15.596	7.806	21.051
12-2032	250.515	28.031	9.479	0.000	0.000	288.025	14.387	7.201	22.571
12-2033	229.830	25.717	8.696	0.000	0.000	264.243	13.199	6.606	24.336
12-2034	211.456	23.661	8.001	0.000	0.000	243.118	12.144	6.078	26.193
12-2035	194.551	21.769	7.361	0.000	0.000	223.681	11.173	5.592	28.211
12-2036	179.467	20.081	6.791	0.000	0.000	206.339	10.307	5.158	30.333
S Tot	12,209.462	1,366.166	461.981	0.000	0.000	14,037.609	701.189	350.940	10.474
After	189.145	21.164	7.157	0.000	0.000	217.466	10.863	5.437	32.945
Total	12,398.607	1,387.330	469.138	0.000	0.000	14,255.075	712.052	356.377	10.817

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	100.712	1	0.8	0.000	0.000	258.658	5,372.000	-2,727.964	-2,727.964	-2,709.079
12-2019	151.680	1	0.8	0.000	0.000	173.878	.000	1,693.424	-1,034.540	-1,233.028
12-2020	151.680	1	0.8	0.000	0.000	109.350	.000	1,008.685	-25.855	-435.433
12-2021	151.680	1	0.8	0.000	0.000	81.281	.000	710.832	684.977	75.077
12-2022	151.680	1	0.8	0.000	0.000	65.509	.000	543.466	1,228.442	429.768
12-2023	151.680	1	0.8	0.000	0.000	55.217	.000	434.253	1,662.695	687.361
12-2024	151.680	1	0.8	0.000	0.000	48.048	.000	358.184	2,020.879	880.473
12-2025	151.680	1	0.8	0.000	0.000	42.452	.000	298.802	2,319.681	1,026.889
12-2026	151.680	1	0.8	0.000	0.000	38.201	.000	253.687	2,573.369	1,139.892
12-2027	151.680	1	0.8	0.000	0.000	34.786	.000	217.456	2,790.824	1,227.949
12-2028	151.680	1	0.8	0.000	0.000	32.030	.000	188.205	2,979.030	1,297.232
12-2029	151.680	1	0.8	0.000	0.000	29.385	.000	160.142	3,139.171	1,350.821
12-2030	151.680	1	0.8	0.000	0.000	27.036	.000	135.212	3,274.383	1,391.960
12-2031	151.680	1	0.8	0.000	0.000	24.875	.000	112.276	3,386.659	1,423.020
12-2032	151.680	1	0.8	0.000	0.000	22.946	.000	91.811	3,478.471	1,446.115
12-2033	151.680	1	0.8	0.000	0.000	21.051	.000	71.707	3,550.177	1,462.513
12-2034	151.680	1	0.8	0.000	0.000	19.368	.000	53.848	3,604.025	1,473.711
12-2035	151.680	1	0.8	0.000	0.000	17.820	.000	37.416	3,641.441	1,480.790
12-2036	151.680	1	0.8	0.000	0.000	16.438	.000	22.755	3,664.197	1,484.710
S Tot	2,830.952			0.000	0.000	1,118.331	5,372.000	3,664.197	3,664.197	1,484.710
After	175.117			0.000	0.000	17.325	.000	8.725	3,672.922	1,486.079
Total	3,006.069			0.000	0.000	1,135.656	5,372.000	3,672.922	3,672.922	1,486.079

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum  Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units			Final	5.00	2,363.518
Oil Rate	22,812.	459.	bbls/mo	96.3%	1.20	0.0%	15,483.	16,000.	$/w/mo	Expense	79.0000	79.0000	8.00	1,799.026
Gas Rate	68,437.	1,378.	Mcf/mo	0.0%	0.00	0.0%				Revenue			10.00	1,486.079
GOR	3,000.	3,000.	scf/bbl							Oil	59.2500	59.2500	12.00	1,213.137
NGL Rate	4,126.	97.	bbls/mo							Gas	59.2500	59.2500	15.00	863.994
NGL Yield	60.3	70.9	bbl/MMcf										20.00	402.767
Gas Shrinkage	41.7	31.5	%
Oil Severance	4.6	4.6	%
Gas Severance	7.5	7.5	%
NGL Severance	7.5	7.5	%
Ad Valorem	38.4		%

Start Date: 05/2018      8 Months in year ‘18      19.823 Year Life (02/2038)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.	ASN 435	DEFAULT	1/10/2018	10:34:19
TEXAS REGISTERED ENGINEERING FIRM F-693.				OIL  PUD
				Table    12

Cawley, Gillespie & Associates, Inc.

Table 13

Reserve Estimates and Economic Forecasts as of December 31, 2017

Lilis Energy, Inc. Interests

Proved Undeveloped Reserves

LILIS ENERGY, INC. -- MOOSE #1H

PHANTOM (WOLFCAMP B) FIELD -- WINKLER COUNTY, TEXAS

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	95.0	285.0	19.7	35.622	72.669	7.374	47.746	2.619	8.728
12-2019	124.5	373.5	25.8	46.683	95.234	9.663	47.746	2.619	8.728
12-2020	69.8	209.5	14.5	26.192	53.432	5.422	47.746	2.619	8.728
12-2021	50.0	149.9	10.3	18.734	38.217	3.878	47.746	2.619	8.728
12-2022	39.5	118.4	8.2	14.804	30.200	3.064	47.746	2.619	8.728
12-2023	32.9	98.6	6.8	12.328	25.150	2.552	47.746	2.619	8.728
12-2024	28.4	85.1	5.9	10.641	21.707	2.203	47.746	2.619	8.728
12-2025	24.9	74.8	5.2	9.346	19.066	1.935	47.746	2.619	8.728
12-2026	22.3	67.0	4.6	8.373	17.081	1.733	47.746	2.619	8.728
12-2027	20.3	60.8	4.2	7.598	15.500	1.573	47.746	2.619	8.728
12-2028	18.6	55.9	3.9	6.982	14.243	1.445	47.746	2.619	8.728
12-2029	17.1	51.2	3.5	6.405	13.065	1.326	47.746	2.619	8.728
12-2030	15.7	47.1	3.3	5.893	12.021	1.220	47.746	2.619	8.728
12-2031	14.5	43.4	3.0	5.421	11.060	1.122	47.746	2.619	8.728
12-2032	13.3	40.0	2.8	5.001	10.202	1.035	47.746	2.619	8.728
12-2033	12.2	36.7	2.5	4.588	9.360	.950	47.746	2.619	8.728
12-2034	11.3	33.8	2.3	4.221	8.612	.874	47.746	2.619	8.728
12-2035	10.4	31.1	2.1	3.884	7.923	.804	47.746	2.619	8.728
12-2036	9.6	28.7	2.0	3.583	7.309	.742	47.746	2.619	8.728
S Tot	630.1	1,890.4	130.4	236.299	482.050	48.914	47.746	2.619	8.728
After	43.5	130.5	9.0	16.318	33.288	3.378	47.746	2.619	8.728
Total	673.6	2,020.9	139.4	252.617	515.338	52.292	47.746	2.619	8.728
Cum	.0	.0	.0
Ult	673.6	2,020.9	139.4

(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	1,700.808	190.310	64.355	0.000	0.000	1,955.473	97.677	48.887	3.605
12-2019	2,228.953	249.407	84.339	0.000	0.000	2,562.699	128.009	64.067	4.360
12-2020	1,250.583	139.933	47.320	0.000	0.000	1,437.836	71.821	35.946	5.452
12-2021	894.457	100.084	33.844	0.000	0.000	1,028.386	51.369	25.710	6.441
12-2022	706.820	79.089	26.745	0.000	0.000	812.654	40.593	20.316	7.364
12-2023	588.634	65.865	22.273	0.000	0.000	676.771	33.805	16.919	8.247
12-2024	508.053	56.848	19.224	0.000	0.000	584.125	29.177	14.603	9.084
12-2025	446.248	49.932	16.885	0.000	0.000	513.065	25.628	12.827	9.932
12-2026	399.777	44.733	15.127	0.000	0.000	459.636	22.959	11.491	10.741
12-2027	362.781	40.593	13.727	0.000	0.000	417.101	20.834	10.428	11.534
12-2028	333.346	37.299	12.613	0.000	0.000	383.259	19.144	9.581	12.291
12-2029	305.796	34.217	11.571	0.000	0.000	351.583	17.562	8.790	13.131
12-2030	281.348	31.481	10.646	0.000	0.000	323.475	16.158	8.087	14.014
12-2031	258.855	28.964	9.795	0.000	0.000	297.614	14.866	7.440	14.975
12-2032	238.786	26.719	9.035	0.000	0.000	274.540	13.713	6.863	15.984
12-2033	219.070	24.513	8.289	0.000	0.000	251.872	12.581	6.297	17.155
12-2034	201.556	22.553	7.626	0.000	0.000	231.735	11.575	5.793	18.388
12-2035	185.442	20.750	7.017	0.000	0.000	213.208	10.650	5.330	19.729
12-2036	171.064	19.141	6.473	0.000	0.000	196.678	9.824	4.917	21.137
S Tot	11,282.376	1,262.431	426.902	0.000	0.000	12,971.709	647.947	324.293	8.021
After	779.109	87.178	29.480	0.000	0.000	895.767	44.744	22.394	27.162
Total	12,061.486	1,349.608	456.382	0.000	0.000	13,867.476	692.691	346.687	9.258

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	33.548	1	0.5	0.000	0.000	155.786	5,050.000	-3,430.426	-3,430.426	-3,321.964
12-2019	96.000	1	0.5	0.000	0.000	204.162	.000	2,070.461	-1,359.965	-1,514.742
12-2020	96.000	1	0.5	0.000	0.000	114.548	.000	1,119.521	-240.444	-629.246
12-2021	96.000	1	0.5	0.000	0.000	81.928	.000	773.380	532.936	-73.775
12-2022	96.000	1	0.5	0.000	0.000	64.741	.000	591.003	1,123.939	311.936
12-2023	96.000	1	0.5	0.000	0.000	53.916	.000	476.130	1,600.069	594.354
12-2024	96.000	1	0.5	0.000	0.000	46.535	.000	397.809	1,997.878	808.808
12-2025	96.000	1	0.5	0.000	0.000	40.874	.000	337.737	2,335.615	974.285
12-2026	96.000	1	0.5	0.000	0.000	36.618	.000	292.568	2,628.183	1,104.593
12-2027	96.000	1	0.5	0.000	0.000	33.229	.000	256.610	2,884.793	1,208.492
12-2028	96.000	1	0.5	0.000	0.000	30.533	.000	228.000	3,112.793	1,292.407
12-2029	96.000	1	0.5	0.000	0.000	28.009	.000	201.222	3,314.015	1,359.729
12-2030	96.000	1	0.5	0.000	0.000	25.770	.000	177.460	3,491.475	1,413.708
12-2031	96.000	1	0.5	0.000	0.000	23.710	.000	155.598	3,647.073	1,456.738
12-2032	96.000	1	0.5	0.000	0.000	21.872	.000	136.091	3,783.164	1,490.954
12-2033	96.000	1	0.5	0.000	0.000	20.066	.000	116.928	3,900.091	1,517.678
12-2034	96.000	1	0.5	0.000	0.000	18.462	.000	99.905	3,999.996	1,538.438
12-2035	96.000	1	0.5	0.000	0.000	16.986	.000	84.243	4,084.239	1,554.354
12-2036	96.000	1	0.5	0.000	0.000	15.669	.000	70.268	4,154.507	1,566.425
S Tot	1,761.548			0.000	0.000	1,033.414	5,050.000	4,154.507	4,154.507	1,566.425
After	582.194			0.000	0.000	71.363	.000	175.072	4,329.579	1,590.421
Total	2,343.742			0.000	0.000	1,104.777	5,050.000	4,329.579	4,329.579	1,590.421

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum  Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units			Final	5.00	2,643.355
Oil Rate	33,458.	459.	bbls/mo	96.3%	1.20	0.0%	3,096.	16,000.	$/w/mo	Expense	50.0000	50.0000	8.00	1,958.920
Gas Rate	100,375.	1,378.	Mcf/mo	0.0%	0.00	0.0%				Revenue			10.00	1,590.421
GOR	3,000.	3,000.	scf/bbl							Oil	37.5000	37.5000	12.00	1,275.334
NGL Rate	1,329.	97.	bbls/mo							Gas	37.5000	37.5000	15.00	880.759
NGL Yield	13.2	70.9	bbl/MMcf										20.00	373.988
Gas Shrinkage	87.2	31.5	%
Oil Severance	4.6	4.6	%
Gas Severance	7.5	7.5	%
NGL Severance	7.5	7.5	%
Ad Valorem	_24.3		%

Start Date: 08/2018      5 Months in year ‘18      24.482 Year Life (01/2043)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.	ASN 498	DEFAULT	1/10/2018	10:34:19
TEXAS REGISTERED ENGINEERING FIRM F-693.				OIL         PUD
				Table         13

Cawley, Gillespie & Associates, Inc.

Table 14

Reserve Estimates and Economic Forecasts as of December 31, 2017

Lilis Energy, Inc. Interests

Proved Undeveloped Reserves

LILIS ENERGY, INC. -- PRIZE HOG 2H

PHANTOM (WOLFCAMP B) FIELD -- LEA COUNTY, NEW MEXICO

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	.0	.0	.0	.000	.000	.000	.000	.000	.000
12-2019	77.3	232.0	16.0	38.673	78.893	8.005	47.746	2.619	8.728
12-2020	78.3	234.8	16.2	39.126	79.817	8.099	47.746	2.619	8.728
12-2021	45.6	136.7	9.4	22.789	46.489	4.717	47.746	2.619	8.728
12-2022	33.1	99.4	6.9	16.574	33.811	3.431	47.746	2.619	8.728
12-2023	26.4	79.1	5.5	13.185	26.897	2.729	47.746	2.619	8.728
12-2024	22.1	66.3	4.6	11.052	22.547	2.288	47.746	2.619	8.728
12-2025	19.0	57.1	3.9	9.513	19.407	1.969	47.746	2.619	8.728
12-2026	16.8	50.4	3.5	8.397	17.129	1.738	47.746	2.619	8.728
12-2027	15.1	45.2	3.1	7.533	15.368	1.559	47.746	2.619	8.728
12-2028	13.7	41.2	2.8	6.862	13.998	1.420	47.746	2.619	8.728
12-2029	12.6	37.7	2.6	6.275	12.802	1.299	47.746	2.619	8.728
12-2030	11.5	34.6	2.4	5.773	11.778	1.195	47.746	2.619	8.728
12-2031	10.6	31.9	2.2	5.312	10.836	1.100	47.746	2.619	8.728
12-2032	9.8	29.4	2.0	4.900	9.996	1.014	47.746	2.619	8.728
12-2033	9.0	27.0	1.9	4.495	9.171	.931	47.746	2.619	8.728
12-2034	8.3	24.8	1.7	4.136	8.437	.856	47.746	2.619	8.728
12-2035	7.6	22.8	1.6	3.805	7.763	.788	47.746	2.619	8.728
12-2036	7.0	21.1	1.5	3.510	7.161	.727	47.746	2.619	8.728
S Tot	423.8	1,271.5	87.7	211.911	432.299	43.866	47.746	2.619	8.728
After	15.3	46.0	3.2	7.668	15.643	1.587	47.746	2.619	8.728
Total	439.2	1,317.5	90.9	219.579	447.942	45.453	47.746	2.619	8.728
Cum	.0	.0	.0
Ult	439.2	1,317.5	90.9

(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	.000	.000	.000	0.000	0.000	.000	.000	.000	.000
12-2019	1,846.498	206.612	69.868	0.000	0.000	2,122.978	152.869	106.149	3.725
12-2020	1,868.114	209.031	70.686	0.000	0.000	2,147.831	154.659	107.392	4.860
12-2021	1,088.066	121.748	41.170	0.000	0.000	1,250.985	90.080	62.549	6.352
12-2022	791.340	88.546	29.943	0.000	0.000	909.829	65.514	45.491	7.691
12-2023	629.523	70.440	23.820	0.000	0.000	723.783	52.117	36.189	8.953
12-2024	527.710	59.048	19.967	0.000	0.000	606.725	43.688	30.336	10.144
12-2025	454.216	50.824	17.187	0.000	0.000	522.227	37.604	26.111	11.335
12-2026	400.907	44.859	15.170	0.000	0.000	460.936	33.191	23.047	12.473
12-2027	359.682	40.246	13.610	0.000	0.000	413.537	29.778	20.677	13.583
12-2028	327.624	36.659	12.397	0.000	0.000	376.679	27.124	18.834	14.641
12-2029	299.622	33.526	11.337	0.000	0.000	344.484	24.805	17.224	15.749
12-2030	275.658	30.844	10.430	0.000	0.000	316.933	22.821	15.847	16.876
12-2031	253.620	28.379	9.596	0.000	0.000	291.595	20.997	14.580	18.101
12-2032	233.956	26.178	8.852	0.000	0.000	268.987	19.369	13.449	19.389
12-2033	214.639	24.017	8.122	0.000	0.000	246.778	17.770	12.339	20.884
12-2034	197.479	22.097	7.472	0.000	0.000	227.048	16.349	11.352	22.457
12-2035	181.691	20.330	6.875	0.000	0.000	208.896	15.042	10.445	24.166
12-2036	167.605	18.754	6.342	0.000	0.000	192.700	13.876	9.635	25.964
S Tot	10,117.950	1,132.138	382.843	0.000	0.000	11,632.931	837.652	581.647	9.481
After	366.125	40.967	13.853	0.000	0.000	420.946	30.311	21.047	29.616
Total	10,484.076	1,173.106	396.696	0.000	0.000	12,053.877	867.963	602.694	10.185

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	.000	0	0.0	0.000	0.000	0.000	.000	.000	.000	.000
12-2019	53.871	1	0.6	0.000	0.000	158.560	5,000.000	-3,348.471	-3,348.471	-2,983.690
12-2020	120.000	1	0.6	0.000	0.000	160.416	.000	1,605.364	-1,743.107	-1,710.459
12-2021	120.000	1	0.6	0.000	0.000	93.433	.000	884.923	-858.184	-1,074.219
12-2022	120.000	1	0.6	0.000	0.000	67.953	.000	610.871	-247.313	-675.306
12-2023	120.000	1	0.6	0.000	0.000	54.058	.000	461.418	214.105	-401.501
12-2024	120.000	1	0.6	0.000	0.000	45.315	.000	367.385	581.490	-203.383
12-2025	120.000	1	0.6	0.000	0.000	39.004	.000	299.508	880.998	-56.596
12-2026	120.000	1	0.6	0.000	0.000	34.426	.000	250.272	1,131.270	54.900
12-2027	120.000	1	0.6	0.000	0.000	30.886	.000	212.197	1,343.467	140.836
12-2028	120.000	1	0.6	0.000	0.000	28.133	.000	182.589	1,526.056	208.052
12-2029	120.000	1	0.6	0.000	0.000	25.729	.000	156.726	1,682.782	260.494
12-2030	120.000	1	0.6	0.000	0.000	23.671	.000	134.594	1,817.376	301.440
12-2031	120.000	1	0.6	0.000	0.000	21.779	.000	114.240	1,931.615	333.039
12-2032	120.000	1	0.6	0.000	0.000	20.090	.000	96.079	2,027.694	357.203
12-2033	120.000	1	0.6	0.000	0.000	18.431	.000	78.238	2,105.932	375.089
12-2034	120.000	1	0.6	0.000	0.000	16.958	.000	62.389	2,168.321	388.059
12-2035	120.000	1	0.6	0.000	0.000	15.602	.000	47.808	2,216.128	397.097
12-2036	120.000	1	0.6	0.000	0.000	14.392	.000	34.797	2,250.926	403.082
S Tot	2,093.871			0.000	0.000	868.836	5,000.000	2,250.926	2,250.926	403.082
After	303.428			0.000	0.000	31.439	.000	34.721	2,285.646	408.316
Total	2,397.299			0.000	0.000	900.275	5,000.000	2,285.646	2,285.646	408.316

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum  Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units			Final	5.00	1,126.125
Oil Rate	22,812.	453.	bbls/mo	96.3%	1.20	0.0%	6,192.	15,769.	$/w/mo	Expense	62.5000	62.5000	8.00	657.414
Gas Rate	68,437.	1,359.	Mcf/mo	0.0%	0.00	0.0%				Revenue			10.00	408.316
GOR	3,000.	3,000.	scf/bbl							Oil	50.0000	50.0000	12.00	198.529
NGL Rate	1,768.	93.	bbls/mo							Gas	50.0000	50.0000	15.00	-57.924
NGL Yield	25.8	68.5	bbl/MMcf										20.00	-371.562
Gas Shrinkage	75.0	31.8	%
Oil Severance	7.1	7.1	%
Gas Severance	7.9	7.9	%
NGL Severance	7.9	7.9	%
Ad Valorem	61.7		%

Start Date: 07/2019      6     Months in year  ‘19         20.033 Year Life (07/2039)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.	ASN 479	DEFAULT	1/10/2018	10:34:19
TEXAS REGISTERED ENGINEERING FIRM F-693.				OIL  PUD
				Table    14

Cawley, Gillespie & Associates, Inc.

Table 15

Reserve Estimates and Economic Forecasts as of December 31, 2017

Lilis Energy, Inc. Interests

Proved Undeveloped Reserves

LILIS ENERGY, INC. -- PRIZE HOG 3H

PHANTOM (WOLFCAMP B) FIELD -- LEA COUNTY, NEW MEXICO

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	.0	.0	.0	.000	.000	.000	.000	.000	.000
12-2019	59.9	179.8	12.4	29.963	61.125	6.202	47.746	2.619	8.728
12-2020	87.8	263.3	18.2	43.886	89.528	9.084	47.746	2.619	8.728
12-2021	48.2	144.5	10.0	24.083	49.129	4.985	47.746	2.619	8.728
12-2022	34.4	103.2	7.1	17.198	35.083	3.560	47.746	2.619	8.728
12-2023	27.1	81.3	5.6	13.557	27.656	2.806	47.746	2.619	8.728
12-2024	22.6	67.8	4.7	11.302	23.056	2.340	47.746	2.619	8.728
12-2025	19.4	58.2	4.0	9.692	19.772	2.006	47.746	2.619	8.728
12-2026	17.1	51.2	3.5	8.532	17.406	1.766	47.746	2.619	8.728
12-2027	15.3	45.8	3.2	7.640	15.585	1.581	47.746	2.619	8.728
12-2028	13.9	41.7	2.9	6.948	14.174	1.438	47.746	2.619	8.728
12-2029	12.7	38.1	2.6	6.348	12.950	1.314	47.746	2.619	8.728
12-2030	11.7	35.0	2.4	5.840	11.913	1.209	47.746	2.619	8.728
12-2031	10.7	32.2	2.2	5.373	10.961	1.112	47.746	2.619	8.728
12-2032	9.9	29.7	2.1	4.956	10.111	1.026	47.746	2.619	8.728
12-2033	9.1	27.3	1.9	4.547	9.276	.941	47.746	2.619	8.728
12-2034	8.4	25.1	1.7	4.184	8.534	.866	47.746	2.619	8.728
12-2035	7.7	23.1	1.6	3.849	7.852	.797	47.746	2.619	8.728
12-2036	7.1	21.3	1.5	3.551	7.243	.735	47.746	2.619	8.728
S Tot	422.9	1,268.7	87.5	211.449	431.355	43.770	47.746	2.619	8.728
After	16.3	48.8	3.4	8.131	16.586	1.683	47.746	2.619	8.728
Total	439.2	1,317.5	90.9	219.579	447.942	45.453	47.746	2.619	8.728
Cum	.0	.0	.0
Ult	439.2	1,317.5	90.9

(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	.000	.000	.000	0.000	0.000	.000	.000	.000	.000
12-2019	1,430.640	160.080	54.132	0.000	0.000	1,644.853	118.441	82.243	3.633
12-2020	2,095.398	234.463	79.286	0.000	0.000	2,409.146	173.475	120.457	4.635
12-2021	1,149.875	128.664	43.509	0.000	0.000	1,322.049	95.197	66.102	6.160
12-2022	821.124	91.879	31.070	0.000	0.000	944.073	67.980	47.204	7.513
12-2023	647.289	72.428	24.492	0.000	0.000	744.209	53.588	37.210	8.783
12-2024	539.630	60.381	20.419	0.000	0.000	620.430	44.675	31.022	9.981
12-2025	462.772	51.781	17.510	0.000	0.000	532.064	38.312	26.603	11.177
12-2026	407.387	45.584	15.415	0.000	0.000	468.385	33.727	23.419	12.318
12-2027	364.772	40.816	13.802	0.000	0.000	419.390	30.199	20.970	13.433
12-2028	331.747	37.121	12.553	0.000	0.000	381.420	27.465	19.071	14.493
12-2029	303.084	33.913	11.468	0.000	0.000	348.466	25.092	17.423	15.601
12-2030	278.822	31.199	10.550	0.000	0.000	320.571	23.083	16.029	16.716
12-2031	256.531	28.704	9.707	0.000	0.000	294.942	21.238	14.747	17.927
12-2032	236.642	26.479	8.954	0.000	0.000	272.075	19.591	13.604	19.200
12-2033	217.103	24.293	8.215	0.000	0.000	249.610	17.974	12.481	20.678
12-2034	199.746	22.350	7.558	0.000	0.000	229.655	16.537	11.483	22.233
12-2035	183.777	20.564	6.954	0.000	0.000	211.294	15.215	10.565	23.924
12-2036	169.529	18.969	6.415	0.000	0.000	194.913	14.035	9.746	25.701
S Tot	10,095.871	1,129.668	382.007	0.000	0.000	11,607.545	835.824	580.377	9.444
After	388.205	43.438	14.689	0.000	0.000	446.332	32.139	22.317	29.436
Total	10,484.075	1,173.106	396.696	0.000	0.000	12,053.877	867.963	602.694	10.184

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	.000	0	0.0	0.000	0.000	0.000	.000	.000	.000	.000
12-2019	37.667	1	0.6	0.000	0.000	122.850	5,000.000	-3,716.348	-3,716.348	-3,247.162
12-2020	120.000	1	0.6	0.000	0.000	179.933	.000	1,815.280	-1,901.067	-1,806.240
12-2021	120.000	1	0.6	0.000	0.000	98.741	.000	942.009	-959.059	-1,128.816
12-2022	120.000	1	0.6	0.000	0.000	70.511	.000	638.379	-320.680	-711.899
12-2023	120.000	1	0.6	0.000	0.000	55.583	.000	477.827	157.147	-428.343
12-2024	120.000	1	0.6	0.000	0.000	46.338	.000	378.395	535.542	-224.280
12-2025	120.000	1	0.6	0.000	0.000	39.739	.000	307.410	842.952	-73.617
12-2026	120.000	1	0.6	0.000	0.000	34.983	.000	256.257	1,099.209	40.547
12-2027	120.000	1	0.6	0.000	0.000	31.323	.000	216.898	1,316.107	128.388
12-2028	120.000	1	0.6	0.000	0.000	28.487	.000	186.397	1,502.504	197.007
12-2029	120.000	1	0.6	0.000	0.000	26.026	.000	159.925	1,662.429	250.519
12-2030	120.000	1	0.6	0.000	0.000	23.943	.000	137.516	1,799.945	292.354
12-2031	120.000	1	0.6	0.000	0.000	22.029	.000	116.929	1,916.874	324.697
12-2032	120.000	1	0.6	0.000	0.000	20.321	.000	98.559	2,015.433	349.484
12-2033	120.000	1	0.6	0.000	0.000	18.643	.000	80.513	2,095.946	367.890
12-2034	120.000	1	0.6	0.000	0.000	17.152	.000	64.483	2,160.429	381.295
12-2035	120.000	1	0.6	0.000	0.000	15.781	.000	49.734	2,210.163	390.697
12-2036	120.000	1	0.6	0.000	0.000	14.558	.000	36.574	2,246.738	396.986
S Tot	2,077.667			0.000	0.000	866.940	5,000.000	2,246.738	2,246.738	396.986
After	319.569			0.000	0.000	33.335	.000	38.972	2,285.709	402.834
Total	2,397.235			0.000	0.000	900.275	5,000.000	2,285.709	2,285.709	402.834

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units			Final	5.00	1,118.504
Oil Rate	22,812.	453.	bbls/mo	96.3%	1.20	0.0%	12,265.	16,000.	$/w/mo	Expense	62.5000	62.5000	8.00	650.354
Gas Rate	68,437.	1,359.	Mcf/mo	0.0%	0.00	0.0%				Revenue			10.00	402.834
GOR	3,000.	3,000.	scf/bbl							Oil	50.0000	50.0000	12.00	195.272
NGL Rate	3,245.	95.	bbls/mo							Gas	50.0000	50.0000	15.00	-57.039
NGL Yield	47.4	70.6	bbl/MMcf										20.00	-362.622
Gas Shrinkage	52.6	31.9	%
Oil Severance	7.1	7.1	%
Gas Severance	7.9	7.9	%
NGL Severance	7.9	7.9	%
Ad Valorem	63.6		%

Start Date: 09/2019        4    Months in year ‘19       20.003 Year Life (09/2039)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.	ASN 480	DEFAULT	1/10/2018	10:34:19
TEXAS REGISTERED ENGINEERING FIRM F-693.				OIL   PUD
				Table    15

Cawley, Gillespie & Associates, Inc.

Table 16

Reserve Estimates and Economic Forecasts as of December 31, 2017

Lilis Energy, Inc. Interests

Proved Undeveloped Reserves

LILIS ENERGY, INC. -- TIGER #2H

PHANTOM (WOLFCAMP B) FIELD -- WINKLER COUNTY, TEXAS

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	.0	.0	.0	.000	.000	.000	.000	.000	.000
12-2019	105.0	315.1	21.7	74.682	152.351	15.459	47.746	2.619	8.728
12-2020	64.9	194.6	13.4	46.128	94.100	9.548	47.746	2.619	8.728
12-2021	41.2	123.7	8.5	29.310	59.792	6.067	47.746	2.619	8.728
12-2022	30.9	92.8	6.4	21.989	44.858	4.552	47.746	2.619	8.728
12-2023	25.0	75.0	5.2	17.779	36.270	3.680	47.746	2.619	8.728
12-2024	21.2	63.5	4.4	15.055	30.711	3.116	47.746	2.619	8.728
12-2025	18.4	55.1	3.8	13.047	26.615	2.701	47.746	2.619	8.728
12-2026	16.3	48.8	3.4	11.573	23.608	2.396	47.746	2.619	8.728
12-2027	14.7	44.0	3.0	10.422	21.260	2.157	47.746	2.619	8.728
12-2028	13.4	40.2	2.8	9.521	19.422	1.971	47.746	2.619	8.728
12-2029	12.3	36.8	2.5	8.721	17.791	1.805	47.746	2.619	8.728
12-2030	11.3	33.9	2.3	8.024	16.369	1.661	47.746	2.619	8.728
12-2031	10.4	31.2	2.1	7.382	15.060	1.528	47.746	2.619	8.728
12-2032	9.6	28.7	2.0	6.810	13.892	1.410	47.746	2.619	8.728
12-2033	8.8	26.4	1.8	6.248	12.745	1.293	47.746	2.619	8.728
12-2034	8.1	24.3	1.7	5.748	11.726	1.190	47.746	2.619	8.728
12-2035	7.4	22.3	1.5	5.289	10.789	1.095	47.746	2.619	8.728
12-2036	6.9	20.6	1.4	4.879	9.952	1.010	47.746	2.619	8.728
S Tot	425.6	1,276.9	88.1	302.605	617.314	62.639	47.746	2.619	8.728
After	18.4	55.2	3.8	13.074	26.670	2.706	47.746	2.619	8.728
Total	444.0	1,332.1	91.9	315.679	643.984	65.345	47.746	2.619	8.728
Cum	.0	.0	.0
Ult	444.0	1,332.1	91.9

(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	.000	.000	.000	0.000	0.000	.000	.000	.000	.000
12-2019	3,565.781	398.990	134.922	0.000	0.000	4,099.693	204.783	102.492	3.826
12-2020	2,202.417	246.437	83.335	0.000	0.000	2,532.189	126.485	63.305	5.189
12-2021	1,399.431	156.588	52.952	0.000	0.000	1,608.971	80.369	40.224	6.601
12-2022	1,049.907	117.478	39.726	0.000	0.000	1,207.111	60.296	30.178	7.890
12-2023	848.903	94.987	32.121	0.000	0.000	976.010	48.752	24.400	9.113
12-2024	718.797	80.429	27.198	0.000	0.000	826.424	41.281	20.661	10.268
12-2025	622.934	69.703	23.571	0.000	0.000	716.207	35.775	17.905	11.429
12-2026	552.550	61.827	20.907	0.000	0.000	635.285	31.733	15.882	12.537
12-2027	497.594	55.678	18.828	0.000	0.000	572.100	28.577	14.303	13.620
12-2028	454.582	50.865	17.200	0.000	0.000	522.648	26.107	13.066	14.651
12-2029	416.396	46.592	15.756	0.000	0.000	478.743	23.914	11.969	15.745
12-2030	383.106	42.867	14.496	0.000	0.000	440.469	22.002	11.012	16.876
12-2031	352.478	39.440	13.337	0.000	0.000	405.255	20.243	10.131	18.105
12-2032	325.150	36.382	12.303	0.000	0.000	373.835	18.673	9.346	19.397
12-2033	298.303	33.378	11.287	0.000	0.000	342.968	17.132	8.574	20.898
12-2034	274.454	30.710	10.385	0.000	0.000	315.549	15.762	7.889	22.477
12-2035	252.512	28.255	9.555	0.000	0.000	290.322	14.502	7.258	24.193
12-2036	232.935	26.064	8.814	0.000	0.000	267.813	13.377	6.695	25.997
S Tot	14,448.230	1,616.671	546.691	0.000	0.000	16,611.592	829.762	415.290	9.376
After	624.220	69.847	23.619	0.000	0.000	717.686	35.849	17.942	30.423
Total	15,072.451	1,686.517	570.311	0.000	0.000	17,329.279	865.611	433.232	10.248

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	.000	0	0.0	0.000	0.000	0.000	.000	.000	.000	.000
12-2019	120.893	1	0.9	0.000	0.000	300.390	6,974.597	-3,603.463	-3,603.463	-3,371.682
12-2020	167.390	1	0.9	0.000	0.000	185.537	.000	1,989.472	-1,613.990	-1,795.678
12-2021	167.390	1	0.9	0.000	0.000	117.892	.000	1,203.095	-410.895	-931.007
12-2022	167.390	1	0.9	0.000	0.000	88.447	.000	860.800	449.905	-368.996
12-2023	167.390	1	0.9	0.000	0.000	71.514	.000	663.954	1,113.859	24.941
12-2024	167.390	1	0.9	0.000	0.000	60.553	.000	536.539	1,650.398	314.249
12-2025	167.390	1	0.9	0.000	0.000	52.478	.000	442.659	2,093.058	531.176
12-2026	167.390	1	0.9	0.000	0.000	46.548	.000	373.731	2,466.789	697.661
12-2027	167.390	1	0.9	0.000	0.000	41.919	.000	319.912	2,786.701	827.211
12-2028	167.390	1	0.9	0.000	0.000	38.295	.000	277.789	3,064.490	929.467
12-2029	167.390	1	0.9	0.000	0.000	35.078	.000	240.393	3,304.883	1,009.901
12-2030	167.390	1	0.9	0.000	0.000	32.274	.000	207.791	3,512.674	1,073.114
12-2031	167.390	1	0.9	0.000	0.000	29.694	.000	177.797	3,690.471	1,122.291
12-2032	167.390	1	0.9	0.000	0.000	27.391	.000	151.034	3,841.505	1,160.272
12-2033	167.390	1	0.9	0.000	0.000	25.130	.000	124.743	3,966.248	1,188.788
12-2034	167.390	1	0.9	0.000	0.000	23.121	.000	101.387	4,067.635	1,209.863
12-2035	167.390	1	0.9	0.000	0.000	21.272	.000	79.899	4,147.534	1,224.965
12-2036	167.390	1	0.9	0.000	0.000	19.623	.000	60.727	4,208.261	1,235.405
S Tot	2,966.529			0.000	0.000	1,217.155	6,974.597	4,208.261	4,208.261	1,235.405
After	533.910			0.000	0.000	52.586	.000	77.399	4,285.659	1,246.873
Total	3,500.439			0.000	0.000	1,269.741	6,974.597	4,285.659	4,285.659	1,246.873

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units			Final	5.00	2,418.995
Oil Rate	22,812.	419.	bbls/mo	96.3%	1.20	0.0%	10,666.	15,243.	$/w/mo	Expense	87.1825	87.1825	8.00	1,656.162
Gas Rate	68,437.	1,258.	Mcf/mo	0.0%	0.00	0.0%				Revenue			10.00	1,246.873
GOR	3,000.	3,000.	scf/bbl							Oil	71.0940	71.0940	12.00	899.079
NGL Rate	2,855.	83.	bbls/mo							Gas	71.0940	71.0940	15.00	468.477
NGL Yield	41.7	66.1	bbl/MMcf										20.00	-70.836
Gas Shrinkage	58.3	31.8	%
Oil Severance	4.6	4.6	%
Gas Severance	7.5	7.5	%
NGL Severance	7.5	7.5	%
Ad Valorem	39.2		%

Start Date: 04/2019        9   Months in year  ‘19       20.940 Year Life (03/2040)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.	ASN 485	DEFAULT	1/10/2018	10:34:19
TEXAS REGISTERED ENGINEERING FIRM F-693.				OIL    PUD
				Table     16

Cawley, Gillespie & Associates, Inc.

 

Table 17

Reserve Estimates and Economic Forecasts as of December 31, 2017
Lilis Energy, Inc. Interests

Proved Undeveloped Reserves
LILIS ENERGY, INC. -- TIGER 1 PUD-2

PHANTOM (WOLFCAMP B) FIELD -- WINKLER COUNTY, TEXAS 

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	.0	.0	.0	.000	.000	.000	.000	.000	.000
12-2019	92.1	276.4	19.1	65.509	133.638	13.560	47.746	2.619	8.728
12-2020	70.8	212.5	14.7	50.367	102.749	10.426	47.746	2.619	8.728
12-2021	43.3	129.8	9.0	30.770	62.770	6.369	47.746	2.619	8.728
12-2022	32.0	96.0	6.6	22.747	46.405	4.709	47.746	2.619	8.728
12-2023	25.7	77.0	5.3	18.249	37.228	3.778	47.746	2.619	8.728
12-2024	21.6	64.9	4.5	15.377	31.369	3.183	47.746	2.619	8.728
12-2025	18.7	56.0	3.9	13.282	27.095	2.749	47.746	2.619	8.728
12-2026	16.5	49.6	3.4	11.753	23.975	2.433	47.746	2.619	8.728
12-2027	14.9	44.6	3.1	10.564	21.551	2.187	47.746	2.619	8.728
12-2028	13.6	40.7	2.8	9.637	19.660	1.995	47.746	2.619	8.728
12-2029	12.4	37.2	2.6	8.821	17.995	1.826	47.746	2.619	8.728
12-2030	11.4	34.2	2.4	8.116	16.556	1.680	47.746	2.619	8.728
12-2031	10.5	31.5	2.2	7.467	15.233	1.546	47.746	2.619	8.728
12-2032	9.7	29.1	2.0	6.888	14.052	1.426	47.746	2.619	8.728
12-2033	8.9	26.7	1.8	6.319	12.892	1.308	47.746	2.619	8.728
12-2034	8.2	24.5	1.7	5.814	11.861	1.204	47.746	2.619	8.728
12-2035	7.5	22.6	1.6	5.349	10.913	1.107	47.746	2.619	8.728
12-2036	6.9	20.8	1.4	4.935	10.067	1.021	47.746	2.619	8.728
S Tot	424.7	1,274.2	87.9	301.965	616.008	62.507	47.746	2.619	8.728
After	19.3	57.9	4.0	13.716	27.981	2.839	47.746	2.619	8.728
Total	444.0	1,332.1	91.9	315.681	643.990	65.346	47.746	2.619	8.728
Cum	.0	.0	.0
Ult	444.0	1,332.1	91.9

(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	.000	.000	.000	0.000	0.000	.000	.000	.000	.000
12-2019	3,127.794	349.981	118.349	0.000	0.000	3,596.125	179.629	89.903	3.743
12-2020	2,404.836	269.087	90.994	0.000	0.000	2,764.916	138.110	69.123	4.982
12-2021	1,469.132	164.387	55.589	0.000	0.000	1,689.108	84.372	42.228	6.417
12-2022	1,086.105	121.529	41.096	0.000	0.000	1,248.730	62.375	31.218	7.718
12-2023	871.328	97.496	32.969	0.000	0.000	1,001.794	50.040	25.045	8.948
12-2024	734.195	82.152	27.780	0.000	0.000	844.127	42.165	21.103	10.110
12-2025	634.159	70.959	23.995	0.000	0.000	729.113	36.420	18.228	11.275
12-2026	561.146	62.789	21.233	0.000	0.000	645.168	32.227	16.129	12.387
12-2027	504.405	56.440	19.086	0.000	0.000	579.930	28.968	14.498	13.473
12-2028	460.136	51.486	17.411	0.000	0.000	529.033	26.426	13.226	14.507
12-2029	421.178	47.127	15.937	0.000	0.000	484.242	24.188	12.106	15.597
12-2030	387.504	43.359	14.662	0.000	0.000	445.526	22.254	11.138	16.715
12-2031	356.524	39.893	13.490	0.000	0.000	409.907	20.475	10.248	17.931
12-2032	328.882	36.800	12.444	0.000	0.000	378.127	18.888	9.453	19.208
12-2033	301.727	33.761	11.417	0.000	0.000	346.906	17.328	8.673	20.691
12-2034	277.605	31.062	10.504	0.000	0.000	319.171	15.943	7.979	22.252
12-2035	255.411	28.579	9.664	0.000	0.000	293.654	14.668	7.341	23.949
12-2036	235.609	26.363	8.915	0.000	0.000	270.887	13.531	6.772	25.733
S Tot	14,417.676	1,613.252	545.535	0.000	0.000	16,576.463	828.007	414.412	9.339
After	654.906	73.280	24.780	0.000	0.000	752.966	37.611	18.824	30.250
Total	15,072.582	1,686.532	570.316	0.000	0.000	17,329.430	865.618	433.236	10.248

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	.000	0	0.0	0.000	0.000	0.000	.000	.000	.000	.000
12-2019	98.094	1	0.9	0.000	0.000	263.493	6,974.597	-4,009.592	-4,009.592	-3,661.506
12-2020	167.390	1	0.9	0.000	0.000	202.589	.000	2,187.704	-1,821.888	-1,927.585
12-2021	167.390	1	0.9	0.000	0.000	123.763	.000	1,271.355	-550.533	-1,013.706
12-2022	167.390	1	0.9	0.000	0.000	91.496	.000	896.250	345.717	-428.504
12-2023	167.390	1	0.9	0.000	0.000	73.403	.000	685.915	1,031.632	-21.518
12-2024	167.390	1	0.9	0.000	0.000	61.850	.000	551.619	1,583.251	275.931
12-2025	167.390	1	0.9	0.000	0.000	53.423	.000	453.652	2,036.903	498.250
12-2026	167.390	1	0.9	0.000	0.000	47.272	.000	382.149	2,419.052	668.488
12-2027	167.390	1	0.9	0.000	0.000	42.492	.000	326.582	2,745.633	800.741
12-2028	167.390	1	0.9	0.000	0.000	38.763	.000	283.228	3,028.862	904.999
12-2029	167.390	1	0.9	0.000	0.000	35.481	.000	245.076	3,273.938	987.000
12-2030	167.390	1	0.9	0.000	0.000	32.644	.000	212.098	3,486.036	1,051.523
12-2031	167.390	1	0.9	0.000	0.000	30.034	.000	181.759	3,667.795	1,101.795
12-2032	167.390	1	0.9	0.000	0.000	27.706	.000	154.689	3,822.485	1,140.695
12-2033	167.390	1	0.9	0.000	0.000	25.418	.000	128.096	3,950.581	1,169.978
12-2034	167.390	1	0.9	0.000	0.000	23.386	.000	104.473	4,055.054	1,191.693
12-2035	167.390	1	0.9	0.000	0.000	21.516	.000	82.738	4,137.792	1,207.331
12-2036	167.390	1	0.9	0.000	0.000	19.848	.000	63.345	4,201.137	1,218.220
S Tot	2,943.730			0.000	0.000	1,214.581	6,974.597	4,201.137	4,201.137	1,218.220
After	556.650			0.000	0.000	55.171	.000	84.710	4,285.847	1,230.720
Total	3,500.380			0.000	0.000	1,269.752	6,974.597	4,285.847	4,285.847	1,230.720

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units			Final	5.00	2,402.951
Oil Rate	22,812.	419.	bbls/mo	96.3%	1.20	0.0%	515.	15,999.	$/w/mo	Expense	87.1825	87.1825	8.00	1,638.830
Gas Rate	68,437.	1,258.	Mcf/mo	0.0%	0.00	0.0%				Revenue			10.00	1,230.720
GOR	3,000.	3,000.	scf/bbl							Oil	71.0940	71.0940	12.00	885.237
NGL Rate	155.	89.	bbls/mo							Gas	71.0940	71.0940	15.00	459.586
NGL Yield	2.3	71.0	bbl/MMcf										20.00	-69.117
Gas Shrinkage	97.8	31.5	%
Oil Severance	4.6	4.6	%
Gas Severance	7.5	7.5	%
NGL Severance	7.5	7.5	%
Ad Valorem	42.1		%

Start Date: 05/2019         8   Months in year  ‘19     20.994 Year Life (04/2040)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.
TEXAS REGISTERED ENGINEERING FIRM F-693. ASN 489 DEFAULT   1/10/2018    10:34:19   
OIL   PUD
Table     17

Cawley, Gillespie & Associates, Inc.

 

Table 18

Reserve Estimates and Economic Forecasts as of December 31, 2017
Lilis Energy, Inc. Interests

Proved Undeveloped Reserves
LILIS ENERGY, INC. -- TIGER PUD-3

PHANTOM (WOLFCAMP B) FIELD -- WINKLER COUNTY, TEXAS 

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	.0	.0	.0	.000	.000	.000	.000	.000	.000
12-2019	.0	.0	.0	.000	.000	.000	.000	.000	.000
12-2020	91.6	274.8	19.0	10.991	22.421	2.275	47.746	2.619	8.728
12-2021	71.0	212.9	14.7	8.516	17.373	1.763	47.746	2.619	8.728
12-2022	43.4	130.2	9.0	5.209	10.627	1.078	47.746	2.619	8.728
12-2023	32.1	96.2	6.6	3.848	7.849	.796	47.746	2.619	8.728
12-2024	25.8	77.3	5.3	3.093	6.309	.640	47.746	2.619	8.728
12-2025	21.6	64.8	4.5	2.591	5.286	.536	47.746	2.619	8.728
12-2026	18.7	56.1	3.9	2.244	4.578	.465	47.746	2.619	8.728
12-2027	16.5	49.6	3.4	1.986	4.051	.411	47.746	2.619	8.728
12-2028	14.9	44.7	3.1	1.789	3.650	.370	47.746	2.619	8.728
12-2029	13.5	40.6	2.8	1.623	3.311	.336	47.746	2.619	8.728
12-2030	12.4	37.2	2.6	1.490	3.040	.308	47.746	2.619	8.728
12-2031	11.4	34.3	2.4	1.371	2.796	.284	47.746	2.619	8.728
12-2032	10.5	31.6	2.2	1.265	2.580	.262	47.746	2.619	8.728
12-2033	9.7	29.0	2.0	1.160	2.367	.240	47.746	2.619	8.728
12-2034	8.9	26.7	1.8	1.067	2.177	.221	47.746	2.619	8.728
12-2035	8.2	24.6	1.7	.982	2.003	.203	47.746	2.619	8.728
12-2036	7.5	22.6	1.6	.906	1.848	.188	47.746	2.619	8.728
S Tot	417.8	1,253.3	86.5	50.131	102.267	10.377	47.746	2.619	8.728
After	20.5	61.6	4.2	2.462	5.023	.510	47.746	2.619	8.728
Total	438.3	1,314.8	90.7	52.593	107.289	10.887	47.746	2.619	8.728
Cum	.0	.0	.0
Ult	438.3	1,314.8	90.7

(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	.000	.000	.000	0.000	0.000	.000	.000	.000	.000
12-2019	.000	.000	.000	0.000	0.000	.000	.000	.000	.000
12-2020	524.759	58.717	19.856	0.000	0.000	603.332	30.137	15.083	4.066
12-2021	406.611	45.497	15.385	0.000	0.000	467.493	23.352	11.687	5.412
12-2022	248.724	27.831	9.411	0.000	0.000	285.966	14.284	7.149	6.965
12-2023	183.706	20.556	6.951	0.000	0.000	211.213	10.550	5.280	8.381
12-2024	147.673	16.524	5.588	0.000	0.000	169.785	8.481	4.245	9.702
12-2025	123.718	13.843	4.681	0.000	0.000	142.242	7.105	3.556	11.006
12-2026	107.156	11.990	4.055	0.000	0.000	123.201	6.154	3.080	12.249
12-2027	94.805	10.608	3.587	0.000	0.000	109.000	5.445	2.725	13.458
12-2028	85.431	9.559	3.233	0.000	0.000	98.223	4.906	2.456	14.609
12-2029	77.502	8.672	2.932	0.000	0.000	89.106	4.451	2.228	15.801
12-2030	71.140	7.960	2.692	0.000	0.000	81.792	4.086	2.045	16.949
12-2031	65.452	7.324	2.477	0.000	0.000	75.252	3.759	1.881	18.164
12-2032	60.377	6.756	2.285	0.000	0.000	69.418	3.467	1.735	19.441
12-2033	55.392	6.198	2.096	0.000	0.000	63.686	3.181	1.592	20.924
12-2034	50.964	5.703	1.928	0.000	0.000	58.595	2.927	1.465	22.484
12-2035	46.889	5.247	1.774	0.000	0.000	53.910	2.693	1.348	24.180
12-2036	43.254	4.840	1.637	0.000	0.000	49.730	2.484	1.243	25.963
S Tot	2,393.552	267.824	90.567	0.000	0.000	2,751.943	137.462	68.799	9.856
After	117.559	13.154	4.448	0.000	0.000	135.161	6.751	3.379	30.387
Total	2,511.110	280.978	95.015	0.000	0.000	2,887.104	144.213	72.178	10.818

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	.000	0	0.0	0.000	0.000	0.000	.000	.000	.000	.000
12-2019	.000	0	0.0	0.000	0.000	0.000	.000	.000	.000	.000
12-2020	17.835	1	0.2	0.000	0.000	48.066	1,280.000	-787.788	-787.788	-650.673
12-2021	30.720	1	0.2	0.000	0.000	37.244	.000	364.491	-423.298	-388.055
12-2022	30.720	1	0.2	0.000	0.000	22.782	.000	211.030	-212.267	-250.137
12-2023	30.720	1	0.2	0.000	0.000	16.827	.000	147.835	-64.432	-162.374
12-2024	30.720	1	0.2	0.000	0.000	13.526	.000	112.813	48.381	-101.522
12-2025	30.720	1	0.2	0.000	0.000	11.332	.000	89.529	137.910	-57.636
12-2026	30.720	1	0.2	0.000	0.000	9.815	.000	73.432	211.342	-24.917
12-2027	30.720	1	0.2	0.000	0.000	8.684	.000	61.427	272.769	-.038
12-2028	30.720	1	0.2	0.000	0.000	7.825	.000	52.316	325.085	19.222
12-2029	30.720	1	0.2	0.000	0.000	7.099	.000	44.609	369.694	34.149
12-2030	30.720	1	0.2	0.000	0.000	6.516	.000	38.425	408.119	45.839
12-2031	30.720	1	0.2	0.000	0.000	5.995	.000	32.897	441.016	54.938
12-2032	30.720	1	0.2	0.000	0.000	5.530	.000	27.965	468.980	61.970
12-2033	30.720	1	0.2	0.000	0.000	5.074	.000	23.119	492.099	67.255
12-2034	30.720	1	0.2	0.000	0.000	4.668	.000	18.815	510.914	71.166
12-2035	30.720	1	0.2	0.000	0.000	4.295	.000	14.855	525.769	73.973
12-2036	30.720	1	0.2	0.000	0.000	3.962	.000	11.321	537.090	75.920
S Tot	509.355			0.000	0.000	219.238	1,280.000	537.090	537.090	75.920
After	99.554			0.000	0.000	10.768	.000	14.709	551.798	78.095
Total	608.909			0.000	0.000	230.006	1,280.000	551.798	551.798	78.095

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units			Final	5.00	252.484
Oil Rate	22,812.	459.	bbls/mo	96.3%	1.20	0.0%	15,462.	15,243.	$/w/mo	Expense	16.0000	16.0000	8.00	137.306
Gas Rate	68,437.	1,378.	Mcf/mo	0.0%	0.00	0.0%				Revenue			10.00	78.095
GOR	3,000.	3,000.	scf/bbl							Oil	12.0000	12.0000	12.00	29.608
NGL Rate	4,003.	91.	bbls/mo							Gas	12.0000	12.0000	15.00	-27.504
NGL Yield	58.5	66.4	bbl/MMcf										20.00	-92.916
Gas Shrinkage	41.5	31.7	%
Oil Severance	4.6	4.6	%
Gas Severance	7.5	7.5	%
NGL Severance	7.5	7.5	%
Ad Valorem	7.3		%

Start Date: 06/2020          7    Months in year  ‘20      19.825 Year Life (03/2040)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.
TEXAS REGISTERED ENGINEERING FIRM F-693. ASN 495 DEFAULT   1/10/2018    10:34:19   
OIL   PUD
Table     18

Cawley, Gillespie & Associates, Inc.

 

Table 19

Reserve Estimates and Economic Forecasts as of December 31, 2017
Lilis Energy, Inc. Interests

Proved Undeveloped Reserves
LILIS ENERGY, INC. -- WILD HOG 2H

PHANTOM (WOLFCAMP B) FIELD -- LEA COUNTY, NEW MEXICO

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	92.4	277.2	19.1	46.207	94.263	9.565	47.746	2.619	8.728
12-2019	70.6	211.7	14.6	35.285	71.982	7.304	47.746	2.619	8.728
12-2020	43.4	130.1	9.0	21.690	44.248	4.490	47.746	2.619	8.728
12-2021	32.0	95.9	6.6	15.987	32.614	3.309	47.746	2.619	8.728
12-2022	25.7	77.0	5.3	12.828	26.169	2.655	47.746	2.619	8.728
12-2023	21.6	64.7	4.5	10.783	21.996	2.232	47.746	2.619	8.728
12-2024	18.7	56.2	3.9	9.365	19.105	1.939	47.746	2.619	8.728
12-2025	16.5	49.6	3.4	8.263	16.857	1.710	47.746	2.619	8.728
12-2026	14.9	44.6	3.1	7.428	15.153	1.538	47.746	2.619	8.728
12-2027	13.5	40.6	2.8	6.758	13.787	1.399	47.746	2.619	8.728
12-2028	12.4	37.3	2.6	6.220	12.689	1.288	47.746	2.619	8.728
12-2029	11.4	34.2	2.4	5.707	11.641	1.181	47.746	2.619	8.728
12-2030	10.5	31.5	2.2	5.250	10.711	1.087	47.746	2.619	8.728
12-2031	9.7	29.0	2.0	4.831	9.854	1.000	47.746	2.619	8.728
12-2032	8.9	26.7	1.8	4.456	9.090	.922	47.746	2.619	8.728
12-2033	8.2	24.5	1.7	4.088	8.340	.846	47.746	2.619	8.728
12-2034	7.5	22.6	1.6	3.761	7.673	.779	47.746	2.619	8.728
12-2035	6.9	20.8	1.4	3.461	7.060	.716	47.746	2.619	8.728
12-2036	6.4	19.2	1.3	3.192	6.512	.661	47.746	2.619	8.728
S Tot	431.1	1,293.4	89.2	215.561	439.744	44.621	47.746	2.619	8.728
After	8.0	24.1	1.7	4.019	8.198	.832	47.746	2.619	8.728
Total	439.2	1,317.5	90.9	219.579	447.942	45.453	47.746	2.619	8.728
Cum	.0	.0	.0
Ult	439.2	1,317.5	90.9

(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	2,206.227	246.864	83.479	0.000	0.000	2,536.569	182.651	126.828	3.817
12-2019	1,684.748	188.513	63.747	0.000	0.000	1,937.009	139.478	96.850	5.087
12-2020	1,035.613	115.879	39.185	0.000	0.000	1,190.677	85.737	59.534	6.533
12-2021	763.323	85.411	28.883	0.000	0.000	877.617	63.195	43.881	7.871
12-2022	612.476	68.532	23.175	0.000	0.000	704.183	50.706	35.209	9.125
12-2023	514.827	57.606	19.480	0.000	0.000	591.914	42.622	29.596	10.328
12-2024	447.146	50.033	16.919	0.000	0.000	514.098	37.019	25.705	11.470
12-2025	394.528	44.145	14.928	0.000	0.000	453.601	32.662	22.680	12.629
12-2026	354.648	39.683	13.419	0.000	0.000	407.750	29.361	20.388	13.737
12-2027	322.686	36.107	12.210	0.000	0.000	371.003	26.715	18.550	14.822
12-2028	296.990	33.231	11.238	0.000	0.000	341.459	24.587	17.073	15.864
12-2029	272.467	30.487	10.310	0.000	0.000	313.264	22.557	15.663	17.041
12-2030	250.684	28.050	9.485	0.000	0.000	288.219	20.754	14.411	18.281
12-2031	230.642	25.808	8.727	0.000	0.000	265.177	19.095	13.259	19.627
12-2032	212.761	23.807	8.050	0.000	0.000	244.618	17.614	12.231	21.043
12-2033	195.193	21.841	7.386	0.000	0.000	224.420	16.160	11.221	22.687
12-2034	179.588	20.095	6.795	0.000	0.000	206.478	14.868	10.324	24.417
12-2035	165.231	18.488	6.252	0.000	0.000	189.971	13.679	9.499	26.297
12-2036	152.420	17.055	5.767	0.000	0.000	175.242	12.619	8.762	28.273
S Tot	10,292.199	1,151.636	389.436	0.000	0.000	11,833.270	852.078	591.664	9.798
After	191.877	21.470	7.260	0.000	0.000	220.607	15.885	11.030	30.928
Total	10,484.075	1,173.106	396.696	0.000	0.000	12,053.877	867.963	602.694	10.185

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	70.645	1	0.6	0.000	0.000	189.450	5,000.000	-3,033.005	-3,033.005	-3,037.101
12-2019	120.000	1	0.6	0.000	0.000	144.671	.000	1,436.010	-1,596.995	-1,785.057
12-2020	120.000	1	0.6	0.000	0.000	88.929	.000	836.478	-760.518	-1,123.573
12-2021	120.000	1	0.6	0.000	0.000	65.547	.000	584.995	-175.523	-703.421
12-2022	120.000	1	0.6	0.000	0.000	52.594	.000	445.674	270.151	-412.547
12-2023	120.000	1	0.6	0.000	0.000	44.209	.000	355.487	625.638	-201.674
12-2024	120.000	1	0.6	0.000	0.000	38.397	.000	292.978	918.616	-43.717
12-2025	120.000	1	0.6	0.000	0.000	33.878	.000	244.380	1,162.996	76.032
12-2026	120.000	1	0.6	0.000	0.000	30.454	.000	207.548	1,370.544	168.482
12-2027	120.000	1	0.6	0.000	0.000	27.709	.000	178.028	1,548.573	240.573
12-2028	120.000	1	0.6	0.000	0.000	25.503	.000	154.296	1,702.869	297.373
12-2029	120.000	1	0.6	0.000	0.000	23.397	.000	131.647	1,834.515	341.425
12-2030	120.000	1	0.6	0.000	0.000	21.526	.000	111.528	1,946.044	375.358
12-2031	120.000	1	0.6	0.000	0.000	19.805	.000	93.018	2,039.062	401.090
12-2032	120.000	1	0.6	0.000	0.000	18.270	.000	76.503	2,115.564	420.333
12-2033	120.000	1	0.6	0.000	0.000	16.761	.000	60.278	2,175.842	434.117
12-2034	120.000	1	0.6	0.000	0.000	15.421	.000	45.865	2,221.707	443.654
12-2035	120.000	1	0.6	0.000	0.000	14.188	.000	32.605	2,254.312	449.821
12-2036	120.000	1	0.6	0.000	0.000	13.088	.000	20.773	2,275.085	453.399
S Tot	2,230.645			0.000	0.000	883.798	5,000.000	2,275.085	2,275.085	453.399
After	166.797			0.000	0.000	16.477	.000	10.417	2,285.502	455.020
Total	2,397.443			0.000	0.000	900.275	5,000.000	2,285.502	2,285.502	455.020

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units			Final	5.00	1,190.352
Oil Rate	22,812.	453.	bbls/mo	96.3%	1.20	0.0%	1,032.	15,769.	$/w/mo	Expense	62.5000	62.5000	8.00	717.524
Gas Rate	68,437.	1,359.	Mcf/mo	0.0%	0.00	0.0%				Revenue			10.00	455.020
GOR	3,000.	3,000.	scf/bbl							Oil	50.0000	50.0000	12.00	225.767
NGL Rate	307.	93.	bbls/mo							Gas	50.0000	50.0000	15.00	-68.034
NGL Yield	4.5	68.6	bbl/MMcf										20.00	-457.430
Gas Shrinkage	95.7	31.6	%
Oil Severance	7.1	7.1	%
Gas Severance	7.9	7.9	%
NGL Severance	7.9	7.9	%
Ad Valorem	61.9		%

Start Date: 05/2018         8   Months in year  ‘18      20.061 Year Life (05/2038)

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.
TEXAS REGISTERED ENGINEERING FIRM F-693. ASN 481 DEFAULT   1/10/2018    10:34:19   
OIL   PUD
Table     19

Cawley, Gillespie & Associates, Inc.

 

Table 20

Reserve Estimates and Economic Forecasts as of December 31, 2017
Lilis Energy, Inc. Interests

Proved Undeveloped Reserves
LILIS ENERGY, INC. -- WILD HOG 3H

PHANTOM (WOLFCAMP B) FIELD -- LEA COUNTY, NEW MEXICO 

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
	Gross Oil	Gross Gas	Gross NGL	Net Oil	Net Gas	Net NGL	Avg Oil	Avg Gas	Avg NGL
End	Production	Production	Production	Production	Sales	Production	Price	Price	Price
Mo-Year	MBBLS	MMCF	MBBLS	MBBLS	MMCF	MBBLS	$/BBL	$/MCF	$/BBL
12-2018	76.4	229.2	15.8	38.192	77.912	7.906	47.746	2.619	8.728
12-2019	78.6	235.8	16.3	39.301	80.173	8.135	47.746	2.619	8.728
12-2020	45.9	137.6	9.5	22.938	46.795	4.748	47.746	2.619	8.728
12-2021	33.2	99.7	6.9	16.610	33.884	3.438	47.746	2.619	8.728
12-2022	26.4	79.2	5.5	13.206	26.941	2.734	47.746	2.619	8.728
12-2023	22.1	66.2	4.6	11.039	22.520	2.285	47.746	2.619	8.728
12-2024	19.1	57.3	4.0	9.552	19.485	1.977	47.746	2.619	8.728
12-2025	16.8	50.4	3.5	8.405	17.145	1.740	47.746	2.619	8.728
12-2026	15.1	45.2	3.1	7.540	15.381	1.561	47.746	2.619	8.728
12-2027	13.7	41.1	2.8	6.849	13.972	1.418	47.746	2.619	8.728
12-2028	12.6	37.8	2.6	6.298	12.847	1.304	47.746	2.619	8.728
12-2029	11.6	34.7	2.4	5.777	11.786	1.196	47.746	2.619	8.728
12-2030	10.6	31.9	2.2	5.315	10.844	1.100	47.746	2.619	8.728
12-2031	9.8	29.3	2.0	4.891	9.977	1.012	47.746	2.619	8.728
12-2032	9.0	27.1	1.9	4.511	9.203	.934	47.746	2.619	8.728
12-2033	8.3	24.8	1.7	4.139	8.443	.857	47.746	2.619	8.728
12-2034	7.6	22.8	1.6	3.808	7.768	.788	47.746	2.619	8.728
12-2035	7.0	21.0	1.5	3.504	7.147	.725	47.746	2.619	8.728
12-2036	6.5	19.4	1.3	3.232	6.593	.669	47.746	2.619	8.728
S Tot	430.2	1,290.6	89.1	215.106	438.817	44.527	47.746	2.619	8.728
After	8.9	26.8	1.9	4.473	9.125	.926	47.746	2.619	8.728
Total	439.2	1,317.5	90.9	219.579	447.942	45.453	47.746	2.619	8.728
Cum	.0	.0	.0
Ult	439.2	1,317.5	90.9

(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)
	Oil	Gas	NGL	Hedge	Other	Total	Production	Ad Valorem
End	Revenue	Revenue	Revenue	Revenue	Revenue	Revenue	Taxes	Taxes	$/BOE6
Mo-Year	M$	M$	M$	M$	M$	M$	M$	M$
12-2018	1,823.540	204.043	68.999	0.000	0.000	2,096.582	150.969	104.829	3.720
12-2019	1,876.460	209.965	71.001	0.000	0.000	2,157.426	155.350	107.871	4.851
12-2020	1,095.226	122.549	41.441	0.000	0.000	1,259.216	90.672	62.961	6.328
12-2021	793.060	88.739	30.008	0.000	0.000	911.806	65.656	45.590	7.680
12-2022	630.558	70.556	23.859	0.000	0.000	724.973	52.203	36.249	8.943
12-2023	527.074	58.976	19.943	0.000	0.000	605.994	43.636	30.300	10.153
12-2024	456.054	51.030	17.256	0.000	0.000	524.340	37.756	26.217	11.301
12-2025	401.290	44.902	15.184	0.000	0.000	461.376	33.222	23.069	12.463
12-2026	359.983	40.280	13.621	0.000	0.000	413.884	29.803	20.694	13.574
12-2027	327.011	36.591	12.373	0.000	0.000	375.975	27.073	18.799	14.663
12-2028	300.684	33.645	11.377	0.000	0.000	345.706	24.893	17.285	15.703
12-2029	275.847	30.866	10.437	0.000	0.000	317.150	22.837	15.857	16.867
12-2030	253.793	28.398	9.603	0.000	0.000	291.794	21.011	14.590	18.091
12-2031	233.503	26.128	8.835	0.000	0.000	268.466	19.331	13.423	19.421
12-2032	215.400	24.102	8.150	0.000	0.000	247.652	17.833	12.383	20.820
12-2033	197.615	22.112	7.477	0.000	0.000	227.204	16.360	11.360	22.443
12-2034	181.816	20.344	6.880	0.000	0.000	209.039	15.052	10.452	24.152
12-2035	167.280	18.718	6.330	0.000	0.000	192.327	13.849	9.616	26.009
12-2036	154.311	17.266	5.839	0.000	0.000	177.416	12.775	8.871	27.961
S Tot	10,270.504	1,149.208	388.615	0.000	0.000	11,808.327	850.282	590.416	9.757
After	213.572	23.897	8.081	0.000	0.000	245.550	17.681	12.278	30.737
Total	10,484.076	1,173.106	396.696	0.000	0.000	12,053.877	867.963	602.694	10.185

(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)
	Operating	Wells		Workover	3rd Party	Other		Future Net	Cumulative	Cum.Cash Flow
End	Expense	Gross	Net	Expense	COPAS	Deductions	Investment	Cash Flow	Cash Flow	Disc.@ 10. %
Mo-Year	M$	Count		M$	M$	M$	M$	M$	M$	M$
12-2018	52.903	1	0.6	0.000	0.000	156.589	5,000.000	-3,368.708	-3,368.708	-3,297.690
12-2019	120.000	1	0.6	0.000	0.000	161.133	.000	1,613.072	-1,755.636	-1,890.289
12-2020	120.000	1	0.6	0.000	0.000	94.048	.000	891.535	-864.100	-1,185.126
12-2021	120.000	1	0.6	0.000	0.000	68.101	.000	612.459	-251.642	-745.207
12-2022	120.000	1	0.6	0.000	0.000	54.146	.000	462.375	210.733	-443.416
12-2023	120.000	1	0.6	0.000	0.000	45.260	.000	366.798	577.532	-225.826
12-2024	120.000	1	0.6	0.000	0.000	39.162	.000	301.205	878.737	-63.429
12-2025	120.000	1	0.6	0.000	0.000	34.459	.000	250.626	1,129.362	59.382
12-2026	120.000	1	0.6	0.000	0.000	30.912	.000	212.475	1,341.837	154.029
12-2027	120.000	1	0.6	0.000	0.000	28.081	.000	182.023	1,523.860	227.738
12-2028	120.000	1	0.6	0.000	0.000	25.820	.000	157.708	1,681.568	285.793
12-2029	120.000	1	0.6	0.000	0.000	23.687	.000	134.768	1,816.336	330.890
12-2030	120.000	1	0.6	0.000	0.000	21.793	.000	114.400	1,930.736	365.696
12-2031	120.000	1	0.6	0.000	0.000	20.051	.000	95.660	2,026.396	392.158
12-2032	120.000	1	0.6	0.000	0.000	18.497	.000	78.940	2,105.336	412.014
12-2033	120.000	1	0.6	0.000	0.000	16.969	.000	62.514	2,167.850	426.309
12-2034	120.000	1	0.6	0.000	0.000	15.613	.000	47.923	2,215.773	436.274
12-2035	120.000	1	0.6	0.000	0.000	14.364	.000	34.498	2,250.271	442.798
12-2036	120.000	1	0.6	0.000	0.000	13.251	.000	22.519	2,272.790	446.675
S Tot	2,212.903			0.000	0.000	881.935	5,000.000	2,272.790	2,272.790	446.675
After	184.396			0.000	0.000	18.340	.000	12.856	2,285.646	448.668
Total	2,397.299			0.000	0.000	900.275	5,000.000	2,285.646	2,285.646	448.668

Evaluation Parameters (Gross)							Expenses (Gross)			Percent Interests			Percent	Cum. Disc.
	Initial	Final	Units	Dei	n	Def	Initial	Final	Units			Final	5.00	1,181.848
Oil Rate	22,812.	453.	bbls/mo	96.3%	1.20	0.0%	4,644.	15,769.	$/w/mo	Expense	62.5000	62.5000	8.00	709.432
Gas Rate	68,437.	1,359.	Mcf/mo	0.0%	0.00	0.0%				Revenue			10.00	448.668
GOR	3,000.	3,000.	scf/bbl							Oil	50.0000	50.0000	12.00	222.022
NGL Rate	1,342.	93.	bbls/mo							Gas	50.0000	50.0000	15.00	-66.645
NGL Yield	19.6	68.5	bbl/MMcf										20.00	-445.275
Gas Shrinkage	81.0	31.6	%
Oil Severance	7.1	7.1	%
Gas Severance	7.9	7.9	%
NGL Severance	7.9	7.9	%
Ad Valorem	61.8		%

Start Date: 07/2018 6   Months in year  ‘18 20.042 Year Life (07/2038)  

THESE DATA ARE PART OF A CG&A REPORT AND ARE SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.
TEXAS REGISTERED ENGINEERING FIRM F-693. ASN 483 DEFAULT   1/10/2018    10:34:19   
OIL  PUD
Table     20

Cawley, Gillespie & Associates, Inc.  

APPENDIX

Explanatory Comments for Summary Tables

HEADINGS

Table I

Description of Table Information
Identity of Interest Evaluated
Property Description – Location
Reserve Classification and Development Status
Effective Date of Evaluation

FORECAST
(Columns)
(1) (11) (21)	Calendar or Fiscal years/months commencing on effective date.
(2) (3) (4)	Gross  Production  (8/8th)  for the years/months  which are economical. These are expressed as thousands of barrels (Mbbl) and millions of cubic feet (MMcf) of gas at standard conditions. Total future production,  cumulative  production to effective date and ultimate recovery at the effective date are shown following the annual/monthly forecasts.
(5) (6) (7)	Net  Production  accruable  to  evaluated  interest  is  calculated  by  multiplying  the  revenue  interest  times the gross production.  These values take into account changes in interest and gas shrinkage.
(8)	Average (volume weighted) gross liquid price per barrel before deducting production-severance taxes.
(9)	Average (volume weighted) gross gas price per Mcf before deducting production-severance taxes.
(10)	Average (volume weighted) gross NGL price per barrel before deducting production-severance taxes.
(12)	Revenue derived from oil sales -- column (5) times column (8).
(13)	Revenue derived from gas sales -- column (6) times column (9).
(14)	Revenue derived from NGL sales -- column (7) times column (10).
(15)	Revenue derived from hedge positions.
(16)	Revenue derived from other sources not included in column (12) through column (15); may include revenue from electrical sales, pipeline gas transportation, 3rdparty saltwater disposal, etc.
(17)	Total Revenue – sum of column (12) through column (16).
(18)	Production-Severance taxes deducted from gross oil, gas and NGL revenue.
(19)	Ad Valorem taxes.
(20)	$/BOE6 – is the total of column (22), column (25), column (26), and column (27) divided by Barrels of Oil Equivalent (“BOE”). BOE is net oil production column (5) plus net gas production column (6) converted to oil at six Mcf gas per one bbl oil plus net NGL production column (7) converted to oil at one bbl NGL per 0.65 bbls of oil.
(22)	Operating Expenses are direct operating expenses to the evaluated working interest and may include combined fixed rate administrative overhead charges for operated oil and gas producers known as COPAS.
(23)	Average gross wells.
(24)	Average net wells are gross wells times working interest.
(25)	Workover Expenses are non-direct operating expenses and may include maintenance, well service, compressor, tubing, and pump repair.
(26)	3rdParty COPAS are combined fixed rate administrative overhead charges for non-operated oil and gas producers.
(27)	Other Deductions may include compression-gathering expenses, transportation costs and water disposal costs.
(28)	Investments, if any, include re-completions, future drilling costs, pumping units, etc. and may include either tangible or intangible or both, and the costs for plugging and the salvage value of equipment at abandonment may be shown as negative investments at end of life.
(29) (30)	Future Net Cash Flow is column (17) less the total of column (18), column (19), column (22), column (25), column (26), column (27) and column (28). The data in column (29) are accumulated in column (30). Federal income taxes  have not been considered.
(31)	Cumulative Discounted Cash Flowis calculated by discounting monthly cash flows at the specified annual rates.

MISCELLANEOUS

DCF Profile	•	The cumulative cash flow discounted at six different interest rates are shown at the bottom of columns (30-31).    Interest has been compounded monthly. The DCF’s for the “Without Hedge” case may be shown to the left of the main DCF profile.
Life	•	The economic life of the appraised property is noted in the lower right-hand corner of the table.
Footnotes	•	Comments regarding the evaluation may be shown in the lower left-hand footnotes.
Price Deck	•	A table of oil and gas prices, price caps and escalation rates may be shown in the lower middle footnotes.
Differentials	•	Total annual price adjustments may be shown in gray font to the left of column (8), column (9) and column (10).

Appendix

Cawley, Gillespie & Associates, Inc. Page 1

APPENDIX

Methods Employed in the Estimation of Reserves

The four methods customarily employed in the estimation of reserves are (1)production performance, (2)material balance, (3)volumetricand (4)analogy. Most estimates, although based primarily on one method, utilize other methods depending on the nature and extent of the data available and the characteristics of the reservoirs.

Basic information includes production, pressure, geological and laboratory data. However, a large variation exists in the quality, quantity and types of information available on individual properties. Operators are generally required by regulatory authorities to file monthly production reports andmaybe required to measure and report periodically such data as well pressures, gas-oil ratios, well tests, etc. As a general rule, an operator has complete discretion in obtaining and/or making available geological and engineering data. The resulting lack of uniformity in data renders impossible the application of identical methods to all properties, and may result in significant differences in the accuracy and reliability of estimates.

A brief discussion of each method, its basis, data requirements, applicability and generalization as to its relative degree of accuracy follows:

Production performance. This method employs graphical analyses of production data on the premise that all factors which have controlled the performance to date will continue to control and that historical trends can be extrapolated to predict future performance. The only information required is production history. Capacity production can usually be analyzed from graphs of rates versus time or cumulative production. This procedure is referred to as "decline curve" analysis. Both capacity and restricted production can, in some cases, be analyzed from graphs of producing rate relationships of the various production components. Reserve estimates obtained by this method are generally considered to have a relatively high degree of accuracy with the degree of accuracy increasing as production history accumulates.

Material balance. This method employs the analysis of the relationship of production and pressure performance on the premise that the reservoir volume and its initial hydrocarbon content are fixed and that this initial hydrocarbon volume and recoveries therefrom can be estimated by analyzing changes in pressure with respect to production relationships. This method requires reliable pressure and temperature data, production data, fluid analyses and knowledge of the nature of the reservoir. The material balance method is applicable to all reservoirs, but the time and expense required for its use is dependent on the nature of the reservoir and its fluids. Reserves for depletion type reservoirs can be estimated from graphs of pressures corrected for compressibility versus cumulative production, requiring only data that are usually available. Estimates for other reservoir types require extensive data and involve complex calculations most suited to computer models which makes this method generally applicable only to reservoirs where there is economic justification for its use. Reserve estimates obtained by this method are generally considered to have a degree of accuracy that is directly related to the complexity of the reservoir and the quality and quantity of data available.

Volumetric. This method employs analyses of physical measurements of rock and fluid properties to calculate the volume of hydrocarbons in-place. The data required are well information sufficient to determine reservoir subsurface datum, thickness, storage volume, fluid content and location. The volumetric method is most applicable to reservoirs which are not susceptible to analysis by production performance or material balance methods. These are most commonly newly developed and/or no-pressure depleting reservoirs. The amount of hydrocarbons in-place that can be recovered is not an integral part of the volumetric calculations but is an estimate inferred by other methods and a knowledge of the nature of the reservoir. Reserve estimates obtained by this method are generally considered to have a low degree of accuracy; but the degree of accuracy can be relatively high where rock quality and subsurface control is good and the nature of the reservoir is uncomplicated.

Analogy. This method which employs experience and judgment to estimate reserves, is based on observations of similar situations and includes consideration of theoretical performance. The analogy method is a common approach used for “resource plays,” where an abundance of wells with similar production profiles facilitates the reliable estimation of future reserves with a relatively high degree of accuracy. The analogy method may also be applicable where the data are insufficient or so inconclusive that reliable reserve estimates cannot be made by other methods. Reserve estimates obtained in this manner are generally considered to have a relatively low degree of accuracy.

Much of the information used in the estimation of reserves is itself arrived at by the use of estimates. These estimates are subject to continuing change as additional information becomes available. Reserve estimates which presently appear to be correct may be found to contain substantial errors as time passes and new information is obtained about well and reservoir performance.

Appendix

Cawley, Gillespie & Associates, Inc. Page 2

APPENDIX

Reserve Definitions and Classifications

The Securities and Exchange Commission, in SX Reg. 210.4-10 dated November 18, 1981, as amended on September 19, 1989 and January 1, 2010, requires adherence to the following definitions of oil and gas reserves:

"(22)       Proved oil and gas reserves. Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible—from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations— prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time.

"(i)          The area of a reservoir considered as proved includes: (A) The area identified by drilling and limited by fluid contacts, if any, and (B) Adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous with it and to contain economically producible oil or gas on the basis of available geoscience and engineering data.

"(ii)         In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons (LKH) as seen in a well penetration unless geoscience, engineering, or performance data and reliable technology establishes a lower contact with reasonable certainty.

"(iii)        Where direct observation from well penetrations has defined a highest known oil (HKO) elevation and the potential exists for an associated gas cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering, or performance data and reliable technology establish the higher contact with reasonable certainty.

"(iv)        Reserves which can be produced economically through application of improved recovery techniques (including, but not limited to, fluid injection) are included in the proved classification when: (A) Successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the reservoir as a whole, the operation of an installed program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was based; and (B) The project has been approved for development by all necessary parties and entities, including governmental entities.

"(v)         Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The price shall be the average price during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions.

"(6)         Developed oil and gas reserves.Developed oil and gas reserves are reserves of any category that can be expected to be recovered:

“(i)          Through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared to the cost of a new well; and

“(ii)         Through installed extraction equipment and infrastructure operational at the time of the reserves estimate if the extraction is by means not involving a well.

"(31)       Undeveloped oil and gas reserves.Undeveloped oil and gas reserves are reserves of any category that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion.

“(i)          Reserves on undrilled acreage shall be limited to those directly offsetting development spacing areas that are reasonably certain of production when drilled, unless evidence using reliable technology exists that establishes reasonable certainty of economic producibility at greater distances.

“(ii)         Undrilled locations can be classified as having undeveloped reserves only if a development plan has been adopted indicating that they are scheduled to be drilled within five years, unless the specific circumstances, justify a longer time.

“(iii)        Under no circumstances shall estimates for undeveloped reserves be attributable to any acreage for which an application of fluid injection or other improved recovery technique is contemplated, unless such techniques have been proved effective by actual projects in the same reservoir or an analogous reservoir, as defined in paragraph (a)(2) of this section, or by other evidence using reliable technology establishing reasonable certainty.

Appendix

Cawley, Gillespie & Associates, Inc. Page 3

"(18)       Probable reserves.Probable reserves are those additional reserves that are less certain to be recovered than proved reserves but which, together with proved reserves, are as likely as not to be recovered.

“(i)          When deterministic methods are used, it is as likely as not that actual remaining quantities recovered will exceed the sum of estimated proved plus probable reserves. When probabilistic methods are used, there should be at least a 50% probability that the actual quantities recovered will equal or exceed the proved plus probable reserves estimates.

“(ii)         Probable reserves may be assigned to areas of a reservoir adjacent to proved reserves where data control or interpretations of available data are less certain, even if the interpreted reservoir continuity of structure or productivity does not meet the reasonable certainty criterion. Probable reserves may be assigned to areas that are structurally higher than the proved area if these areas are in communication with the proved reservoir.

“(iii)        Probable reserves estimates also include potential incremental quantities associated with a greater percentage recovery of the hydrocarbons in place than assumed for proved reserves.

“(iv)        See also guidelines in paragraphs (17)(iv) and (17)(vi) of this section (below).

"(17)       Possible reserves.Possible reserves are those additional reserves that are less certain to be recovered than probable reserves.

“(i)          When deterministic methods are used, the total quantities ultimately recovered from a project have a low probability of exceeding proved plus probable plus possible reserves. When probabilistic methods are used, there should be at least a 10% probability that the total quantities ultimately recovered will equal or exceed the proved plus probable plus possible reserves estimates.

“(ii)         Possible reserves may be assigned to areas of a reservoir adjacent to probable reserves where data control and interpretations of available data are progressively less certain. Frequently, this will be in areas where geoscience and engineering data are unable to define clearly the area and vertical limits of commercial production from the reservoir by a defined project.

“(iii)        Possible reserves also include incremental quantities associated with a greater percentage recovery of the hydrocarbons in place than the recovery quantities assumed for probable reserves.

“(iv)        The proved plus probable and proved plus probable plus possible reserves estimates must be based on reasonable alternative technical and commercial interpretations within the reservoir or subject project that are clearly documented, including comparisons to results in successful similar projects.

“(v)         Possible reserves may be assigned where geoscience and engineering data identify directly adjacent portions of a reservoir within the same accumulation that may be separated from proved areas by faults with displacement less than formation thickness or other geological discontinuities and that have not been penetrated by a wellbore, and the registrant believes that such adjacent portions are in communication with the known (proved) reservoir. Possible reserves may be assigned to areas that are structurally higher or lower than the proved area if these areas are in communication with the proved reservoir.

“(vi)        Pursuant to paragraph (22)(iii) of this section (above), where direct observation has defined a highest known oil (HKO) elevation and the potential exists for an associated gas cap, proved oil reserves should be assigned in the structurally higher portions of the reservoir above the HKO only if the higher contact can be established with reasonable certainty through reliable technology. Portions of the reservoir that do not meet this reasonable certainty criterion may be assigned as probable and possible oil or gas based on reservoir fluid properties and pressure gradient interpretations.”

Instruction 4 of Item 2(b) of Securities and Exchange Commission Regulation S-K was revised January 1, 2010 to state that "a registrant engaged in oil and gas producing activities shall provide the information required by Subpart 1200 of Regulation S–K." This is relevant in that Instruction 2 to paragraph (a)(2) states: “The registrant ispermitted, but not required, to disclose probable or possible reserves pursuant to paragraphs (a)(2)(iv) through (a)(2)(vii) of this Item.”

"(26)       Reserves.Reserves are estimated remaining quantities of oil and gas and related substances anticipated to be economically producible, as of a given date, by application of development projects to known accumulations. In addition, there must exist, or there must be a reasonable expectation that there will exist, the legal right to produce or a revenue interest in the production, installed means of delivering oil and gas or related substances to market, and all permits and financing required to implement the project.

“Note to paragraph (26): Reserves should not be assigned to adjacent reservoirs isolated by major, potentially sealing, faults until those reservoirs are penetrated and evaluated as economically producible. Reserves should not be assigned to areas that are clearly separated from a known accumulation by a non-productive reservoir (i.e., absence of reservoir, structurally low reservoir, or negative test results). Such areas may contain prospective resources (i.e., potentially recoverable resources from undiscovered accumulations).”

Appendix

Cawley, Gillespie & Associates, Inc. Page 4

CAWLEY, GILLESPIE& ASSOCIATES, INC.

PETROLEUM CONSULTANTS

13640 BRIARWICK DRIVE, SUITE 100 AUSTIN, TEXAS 78729-1107	306 WEST SEVENTH STREET, SUITE 302 FORT WORTH, TEXAS 76102-4987	1000 LOUISIANA STREET, SUITE 1900 HOUSTON, TEXAS 77002-5008
512-249-7000	817- 336-2461	713-651-9944
	www.cgaus.com

Professional Qualifications of Primary Technical Person

The evaluation summarized by this report was conducted by a proficient team of geologists and reservoir engineers who integrate geological, geophysical, engineering and economic data to produce high quality reserve estimates and economic forecasts. This report was supervised by Todd Brooker, President of Cawley, Gillespie & Associates (CG&A).

Prior to joining CG&A, Mr. Brooker worked in Gulf of Mexico drilling and production engineering at Chevron. Mr. Brooker has been an employee of CG&A since 1992. His responsibilities include reserve and economic evaluations, fair market valuations, field studies, pipeline resource studies and acquisition/divestiture analysis. His reserve reports are routinely used for public company SEC disclosures. His experience includes significant projects in both conventional and unconventional resources in every major U.S. producing basin and abroad, including oil and gas shale plays, coalbed methane fields, waterfloods and complex, faulted structures.

Mr. Brooker graduated with honors from the University of Texas at Austin in 1989 with a Bachelor of Science degree in Petroleum Engineering, and is a registered Professional Engineer in the State of Texas. He is also a member of the Society of Petroleum Engineers.

Based on his educational background, professional training and more than 20 years of experience, Mr. Brooker and CG&A continue to deliver professional, ethical and reliable engineering and geological services to the petroleum industry.

CAWLEY, GILLESPIE & ASSOCIATES, INC.

TEXASREGISTEREDENGINEERINGFIRMF-693