Lilis Energy (LLEX) Form 4 LILIS ENERGY / KEVIN K NANKE ownership change

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

NANKE KEVIN K

(Last) (First) (Middle)

216 16TH ST SUITE 1350

(Street)

DENVER CO 80202

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
LILIS ENERGY, INC. [ LLEX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
Executive Vice President & CFO

3. Date of Earliest Transaction (Month/Day/Year)
08/24/2016

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Series B 6% Convertible Preferred Stock	(1)	08/24/2016		P		200		(2)	(3)	Common Stock	181,818	(4)	200	I(5)	See footnote(5)
Warrant (Right to Buy)	$2.5	08/24/2016		P		90,909(6)		(7)	(7)	Common Stock	90,909	(4)	1	I(5)	See footnote(5)

Explanation of Responses:

1. The Series B 6% Convertible Preferred Stock is convertible into the issuer's common stock at a rate determined by dividing the stated value ($1,000) by $1.10.

2. The Series B 6% Convertible Preferred Stock is exercisable immediately upon issuance, subject to certain conditions including the receipt of requisite stockholder approval pursuant to the Certificate of Designation.

3. The Series B 6% Convertible Preferred Stock has no expiration date.

4. The reporting person purchased 200 shares of Series B 6% Convertible Preferred Stock and a warrant to purchase 90,909 shares of the issuer's common stock for an aggregate purchase price of $200,000.

5. KKN Holdings LLC for which the Reporting Person has voting and dispositive control over the securities held by it.

6. Represents shares of underlying common stock.

7. The Warrant has a term of two years and exercisable immediately upon issuance, subject to certain conditions including the receipt of requisite stockholder approval pursuant to the terms of the Warrant.

	/s/ Ariella Fuchs, Attorney-In-Fact for Kevin Nanke	08/24/2016
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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