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

SCHEDULE 13G/A

(Amendment No. 1)

Under the Securities Exchange Act of 1934

(Rule 13d-102)

INFORMATION TO BE INCLUDED IN STATEMENT FILED PURSUANT
TO RULES 13d-1(b), (c), AND (d) AND AMENDMENTS THERETO
FILED PURSUANT TO RULE 13d-2

LILIS ENERGY, INC.

(Name of Issuer)

Common Stock, $0.0001 par value per share

(Title of Class of Securities)

532403201

(CUSIP Number)

February 17, 2017

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

¨ Rule 13d-1(b)

x Rule 13d-1(c)

¨ Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall not be subject to all other provisions of the Act (however, see the Notes).

(1)      Jonathan M. Glaser beneficially owns 1,283,542 shares of Common Stock of which 44,490 shares are held by the JMG Capital Management LLC 401(k) Profit Sharing Plan (the “Profit Sharing Plan”), of which Mr. Glaser is the sole trustee; 286,575 shares are held by The Jonathan & Nancy Glaser Family Trust DTD 12/16/1998 (the “Trust”), of which Mr. Glaser and Nancy Glaser are co-trustees; and 952,477 shares are held by Pacific Capital Management, LLC, of which JMG Capital Management, Inc. (the “Manager”) serves as the managing member. The Manager is wholly-owned by the Trust and Mr. Glaser serves as the sole director and president of the Manager. Mr. Glaser disclaims any ownership of the shares of Common Stock held by the Profit Sharing Plan and this Schedule 13G should not be deemed an admission that Mr. Glaser is the beneficial owner of the shares held by the Profit Sharing Plan for any purpose. 

(2)      Calculated based upon a total of 19,103,602 shares of Common Stock issued and outstanding as of November 14, 2016, as reported in the Issuer’s Form 10-Q, filed with the Securities and Exchange Commission on November 14, 2016.

(1)     Nancy Glaser beneficially owns 1,239,052 shares of Common Stock, of which 286,575 shares are held by Trust, of which Mrs. Glaser and Jonathan Glaser are co-trustees; and 952,477 shares are held by Pacific Capital Management, LLC, of which the Manager serves as the managing member. The Manager is wholly-owned by the Trust and Mr. Glaser serves as the sole director and president of the Manager.

(2)     Calculated based upon a total of 19,103,602 shares of Common Stock issued and outstanding as of November 14, 2016, as reported in the Issuer’s Form 10-Q, filed with the Securities and Exchange Commission on November 14, 2016.

(1)     The Trust beneficially owns 1,239,052 shares of Common Stock, of which 952,477 shares are held by Pacific Capital Management, LLC, of which the Manager serves as the managing member. The Manager is wholly-owned by the Trust and Jonathan Glaser serves as the sole director and president of the Manager. 

(2)     Calculated based upon a total of 19,103,602 shares of Common Stock issued and outstanding as of November 14, 2016, as reported in the Issuer’s Form 10-Q, filed with the Securities and Exchange Commission on November 14, 2016..

Lilis Energy, Inc. (the “Issuer”).

300 East Sonterra, Blvd. Suite 1220

San Antonio, TX 78258

Jonathan M. Glaser

Nancy E. Glaser

The Jonathan & Nancy Glaser Family Trust DTD 12/16/1998

11601 Wilshire Boulevard, Suite 2180, Los Angeles, CA 90025

United States.

The title of the class of securities to which this statement relates is the common stock of the Issuer, $0.0001 par value per share (the “Common Stock”).

532403201

Not Applicable.

See Items 5-9 and 11 of the cover page for each reporting person.

If this Schedule is being filed to report the fact that as of the date hereof the Reporting Person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following ☐.

Not Applicable.

Not Applicable.

Not Applicable.

Not Applicable.

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

Exhibits.

Joint Filing Agreement attached as Exhibit 99.1

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated:   March 10, 2017

Exhibit 99.1

JOINT FILING AGREEMENT

The undersigned acknowledge and agree that the foregoing statement on Schedule 13G is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13G shall be filed on behalf of each of the undersigned without the necessity of filing additional joint filing statements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning the other, except to the extent that the undersigned knows or has reason to believe that such information is inaccurate.

Dated: March 10, 2017