Ameredev Texas, an Austin-based exploration and production company, agreed to acquire substantially all assets of Lilis Energy, an exploration and development company operating in the Permian Basin of West Texas and Southeastern New Mexico, for $47m. In accordance with the bidding procedures approved by the United States Bankruptcy Court for the Southern District of Texas, Houston Division, the definitive purchase and sale agreement and form of sale order will be filed with the Bankruptcy Court as soon as reasonably practicable.