SEC FORM 4

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^*

Ulwelling Eric James

(Last)

(First)

(Middle)

1900 GRANT STREET

SUITE 720

(Street)

DENVER

80203

(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)	X	Other (specify below)
	Principal Accounting Officer		Controller

3. Date of Earliest Transaction (Month/Day/Year)
02/06/2012

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	02/06/2012		A		16,667	A	$0	16,667⁽¹⁾	D
Common Stock	11/23/2012		A		16,667	A	$0	33,334⁽²⁾	D
Common Stock	05/06/2013		A		8,333	A	$0	41,667⁽³⁾	D
Common Stock	05/10/2013		A		25,000	A	$0	66,667⁽⁴⁾	D
Common Stock	05/22/2013		S		3,000	D	$1.51	63,667⁽⁵⁾	D
Common Stock	10/16/2013		A		30,000	A	$0	93,667⁽⁶⁾	D
Common Stock	11/22/2013		S		1,500	D	$2.08	92,167⁽⁷⁾	D
Common Stock	11/22/2013		S		1,717	D	$2.06	90,450⁽⁸⁾	D
Common Stock	11/22/2013		S		1,783	D	$2.11	88,667⁽⁹⁾	D
Common Stock	12/05/2013		S		1,200	D	$2.5	87,467⁽¹⁰⁾	D
Common Stock	02/05/2014		A		6,500	A	$0	93,967⁽¹¹⁾	D

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. This amount includes 16,667 shares subject to future vesting provisions.

2. This amount includes 29,167 shares subject to future vesting provisions.

3. This amount includes 29,167 shares subject to future vesting provisions.

4. This amount includes 54,167 shares subject to future vesting provisions.

5. This amount includes 54,167 shares subject to future vesting provisions.

6. This amount includes 84,167 shares subject to future vesting provisions.

7. This amount includes 84,167 shares subject to future vesting provisions.

8. This amount includes 84,167 shares subject to future vesting provisions.

9. This amount includes 84,167 shares subject to future vesting provisions.

10. This amount includes 80,000 shares subject to future vesting provisions.

11. This amount includes 86,500 shares subject to future vesting provisions.

	/s/ Eric Ulwelling	02/21/2014
	** 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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