HOUSTON, Feb. 7, 2017 /PRNewswire/ -- Camber Energy, Inc. (NYSE MKT: CEI) ("Camber Energy" or the "Company"), an independent oil and gas company with operations in Texas and Oklahoma, announced today that it has completed the previously-announced acquisition of a leasehold position in the Permian Basin in Texas.

In December 2016, Camber Energy formed an area of mutual interest ("AMI") with a privately-held, Houston, Texas-based oil and gas holding company ("the Partner") in the Central Basin Platform of the Permian Basin, targeting approximately twenty thousand (20,000) net mineral acres for acquisition.  The initial leasehold is comprised of 16,322 gross, or 3,630 net, mineral acres.  With this transaction, Camber now owns a 90% working interest in the properties and the ability to access to the Partner's regional, technical database, including its core sample and log libraries.  The Company paid $1.43 million for the initial leasehold and will have operation control of the properties. 

Upon completion of its due diligence and proof of concept, the Company selected this transaction to open a new core area targeting the San Andres formation.  The San Andres is found at relatively shallow depths, averaging 4,800 feet, and has produced approximately 6 billion barrels of oil, of which two billion barrels have been produced from the Central Basin Platform.  Since the first horizontal well was drilled in the Residual Oil Zone of the San Andres in 2014, over 100 wells have been drilled to date. 

The San Andres has similar attributes to the Company's de-watering Hunton play in Oklahoma, and a recent technical article regarding the de-watering and de-pressuring of relatively high water saturated carbonates outlines this concept (please refer to https://www.spe.org/en/jpt/jpt-article-detail/?art=2617.) This process, pioneered by our Chairman, Richard N. Azar, while at Altex Resources, is used to produce large quantities of oil and gas from the Hunton formation, and is now being applied to the horizontal San Andres in the Permian Basin's Central Basin Platform.

"We are pleased to have finalized this transaction for our Company, which solidifies our entry into the prolific Permian Basin in a way that is technically consistent with our internal competencies," said Anthony C. Schnur, Chief Executive Officer of Camber Energy.  "We believe that we have certain advantages in initiating a development program in the San Andres, and the Company plans to apply its 20-plus year knowledge of the Hunton development and evolutionary production techniques to the San Andres formation where we expect to grow our leasehold position.  We have already identified multiple locations on which to expand our leasehold position beyond this initial commitment, and we plan to commence a six-well drilling program in late 2017 should our leasing efforts stay on track.  This transaction positions Camber Energy for a high-growth trajectory, following the prolonged industry downturn.  We remain committed to building shareholder value through field re-development, exploitation, drilling and strategic asset acquisitions."

To learn more about the Company and our strategy please visit our website where we have posted an updated Investor Presentation.

About Camber Energy, Inc.

Based in Houston, Texas, Camber Energy (NYSE MKT: CEI) is a growth-oriented, independent oil and gas company engaged in the development of crude oil and natural gas in the Austin Chalk and Eagle Ford formations in south Texas, the Permian Basin in west Texas, and the Hunton formation in central Oklahoma.  For more information, please visit www.camber.energy. 

Safe Harbor Statement and Disclaimer

This news release includes "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Forward looking statements give our current expectations, opinions, belief or forecasts of future events and performance.  A statement identified by the use of forward looking words including "may," "will," "expect," "anticipate," "estimate," "hope," "plan," "believe," "predict," "envision," "if," "intend," "would," "probable," "project," "forecasts," "outlook," "aim," "might," "likely" "positioned," "strategy," "continue," "potential," "ensure," "should," "confident," "could" and similar words and expressions, and the negative thereof, and certain of the other foregoing statements may be deemed forward-looking statements.  Although Camber Energy believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this news release, including our ability to integrate and realize the benefits expected from the Segundo acquisition and future acquisitions that we may complete; the availability of funding and the terms of such funding; our growth strategies; anticipated trends in our business; our ability to repay outstanding loans and satisfy our outstanding liabilities; our liquidity and ability to finance our exploration, acquisition and development strategies; market conditions in the oil and gas industry; the timing, cost and procedure for future acquisitions; the impact of government regulation; estimates regarding future net revenues from oil and natural gas reserves and the present value thereof; legal proceedings and/or the outcome of and/or negative perceptions associated therewith; planned capital expenditures (including the amount and nature thereof); increases in oil and gas production; changes in the market price of oil and gas; changes in the number of drilling rigs available; the number of wells we anticipate drilling in the future; estimates, plans and projections relating to acquired properties; the number of potential drilling locations; our financial position, business strategy and other plans and objectives for future operations; and other risks described in Camber Energy's Annual Report on Form 10-K and other filings with the SEC, available at the SEC's website at www.sec.gov.  Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected.  The forward-looking statements in this press release are made as of the date hereof.  The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company.  The Company's SEC filings are available on its website or at http://www.sec.gov.

Contacts:
Carol Coale / Ken Dennard
Dennard ▪ Lascar Associates LLC
(713) 529-6600

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SOURCE Camber Energy, Inc.

HOUSTON, Jan. 4, 2017 /PRNewswire/ -- Lucas Energy, Inc. (NYSE MKT: LEI) ("Lucas") today announced that it will change its name to Camber Energy, Inc., effective January 5, 2017, to more accurately reflect the Company's strategic shift from its Austin Chalk and Eagleford roots to an expanding addition of shallow oil and gas reserves with longer-lived, lower-risk production profiles.  The Company's ticker symbol will be changed to "CEI" under which it will begin trading on the NYSE MKT exchange upon the morning of the same date, January 5, 2017.

To further the Company's growth strategy, Camber has retained the services of Thomas E. Hardisty as Senior Vice President of Land & Business Development and J. Mark Bunch as Senior Vice President of Engineering & Operations.  Mr. Hardisty brings over 30 years of oil industry experience to our team as a Petroleum Land Management professional, and Mr. Bunch is a Petroleum Engineer with more than 35 years of operational & managerial experience in oil & gas exploration, development, and acquisitions.

About Camber Energy, Inc.

Based in Houston, Texas, Camber Energy (NYSE MKT: CEI) is a growth-oriented, independent oil and gas company engaged in the development of crude oil and natural gas in the Austin Chalk and Eagle Ford formations in south Texas, the Permian Basin in west Texas, and the Hunton formation in central Oklahoma.  

Safe Harbor Statement and Disclaimer

This news release includes "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Forward looking statements give our current expectations, opinions, belief or forecasts of future events and performance.  A statement identified by the use of forward looking words including "may," "will," "expect," "anticipate," "estimate," "hope," "plan," "believe," "predict," "envision," "if," "intend," "would," "probable," "project," "forecasts," "outlook," "aim," "might," "likely" "positioned," "strategy," "continue," "potential," "ensure," "should," "confident," "could" and similar words and expressions, and the negative thereof, and certain of the other foregoing statements may be deemed forward-looking statements.  Although Camber Energy believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this news release, including our ability to integrate and realize the benefits expected from the Segundo acquisition and future acquisitions that we may complete; the availability of funding and the terms of such funding; our growth strategies; anticipated trends in our business; our ability to repay outstanding loans and satisfy our outstanding liabilities; our liquidity and ability to finance our exploration, acquisition and development strategies; market conditions in the oil and gas industry; the timing, cost and procedure for future acquisitions; the impact of government regulation; estimates regarding future net revenues from oil and natural gas reserves and the present value thereof; legal proceedings and/or the outcome of and/or negative perceptions associated therewith; planned capital expenditures (including the amount and nature thereof); increases in oil and gas production; changes in the market price of oil and gas; changes in the number of drilling rigs available; the number of wells we anticipate drilling in the future; estimates, plans and projections relating to acquired properties; the number of potential drilling locations; our financial position, business strategy and other plans and objectives for future operations; and other risks described in Camber Energy's Annual Report on Form 10-K and other filings with the SEC, available at the SEC's website at www.sec.gov.  Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected.  The forward-looking statements in this press release are made as of the date hereof.  The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company.  The Company's SEC filings are available on its website or at http://www.sec.gov.

Contacts:
Carol Coale / Ken Dennard
Dennard • Lascar Associates LLC
(713) 529-6600
ccoale@dennardlascar.com

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SOURCE Lucas Energy, Inc.

HOUSTON, Nov. 14, 2016 /PRNewswire/ -- Lucas Energy, Inc. (NYSE MKT: LEI) ("Lucas" or the "Company"), an independent oil and gas company with its operations in Texas and Oklahoma, today announced its fiscal 2017 second quarter results for the period ending September 30, 2016.

"The fiscal 2017 second quarter was transformational for Lucas Energy with the August closing of the Segundo transaction that expanded our operating and exploration activities to the Mid-Continent area and the Permian Basin," said Anthony C. Schnur, Chief Executive Officer of Lucas Energy.  "The acquired assets include working interests in producing properties and undeveloped acreage in Texas and Oklahoma, which are currently producing over 1,000 net barrels of equivalent (BOE) oil.  The quarter benefited from approximately thirty days of incremental revenues and production related to the Segundo transaction.  However, two significant non-recurring items directly related to the closing of that transaction impacted our reported financial results.  In the upcoming quarters, we do not expect to incur additional transaction-related expenses. 

"The acquisition of these assets significantly increases our overall production and was representative of our strategic objective to build a platform for growth through the development of long-lived reserves with numerous drilling opportunities.  We have initially targeted 40 drilling locations in the Hunton formation and plan to selectively develop these locations over the next two years, paying particular attention to leasehold acreage expirations.  During the current quarter, Lucas participated in the drilling of two new wells in south Gonzales County in the Eagle Ford shale which were drilled and completed at an average cost per well that was 10% below budget and 57% below 2014 drilling costs.  We intend to further develop our Eagle Ford and Austin Chalk assets using technologies adopted by leading operators in the area that have been able to significantly reduced per unit drilling and completion costs over time.

"We believe our assets serve as the foundation on which to grow the Company, and we plan to take advantage of the prevailing weak oil and gas industry conditions to pursue attractively-priced acquisitions and expand our exploration acreage at relatively shallow depths located near or in the same regions as our current assets.  We will work diligently to consider properties that offer attractive production and cash flow returns, while improving the production rates of our recently acquired and existing assets.  We anticipate being able to ramp-up production early next calendar year, which should result in improved revenue and cash flow.  As we execute on our aggressive acquisition-driven growth strategy, we plan to create a company capable of delivering long-term sustainable shareholder value."

Fiscal 2017 Second Quarter Results

Impacting fiscal 2017 second quarter results, for the period ending September 30, 2016, were two significant one-time items related to the Segundo transaction, the largest of which was the recording of a non-cash impairment charge of $49.0 million, as required by GAAP accounting, as an adjustment to the purchase price paid for the acquired assets related to the difference between our stock price when the assets were initially contemplated and the transaction closing date.  Specifically, on December 30, 2015, the closing price was $1.65 per share, compared to $3.78 per share on August 25, 2016.  In accordance with GAAP accounting principles, this resulted in an increase in the value of stock consideration paid by Lucas relative to the agreed upon price for the acquisition of the assets and represents a non-cash item.

The second significant special item impacting the fiscal 2017 second quarter results was approximately $0.5 million of additional expenses related to professional fees incurred with the financing of the Segundo transaction, which was recorded in General and Administrative (G&A) expenses.  Adjusted for the non-cash impairment charge and the one-time G&A expense, Lucas reported a net loss of $1.3 million or a loss of ($0.20) per share in the three months ending September 30, 2016 compared to a net loss of $0.96 million or loss of ($0.66) per share in the three months ending September 30, 2015. 

On a reported basis, including the above-noted special items, for the three months ending September 30, 2016, Lucas reported a net loss of $50.8 million, or a loss of ($7.74) per share.

Total revenues from the sale of crude oil, natural gas and natural gas liquids for the fiscal 2017 second quarter increased by 208% to $0.9 million compared to $0.29 million in the same period a year ago largely reflecting the inclusion of natural gas and liquids production which added approximately $0.4 million to revenues.  During the fiscal 2017 second quarter, Lucas produced an average of approximately 372 net BOE per day from 100 active well bores compared to 72 BOE per day in the fiscal 2016 second quarter.  The average daily production rate reflected only thirty days of acquired production blended with Lucas' existing production.  Total production in the quarter was 34,260 BOE, net, compared to 6,620 BOE in the same period last year.  The Company commenced a maintenance and upgrade program in October 2016 that was budgeted at $0.5 million, including the repair and/or replacement of down-hole pumps in addition to mechanical repairs in Oklahoma, and maintenance operations to certain existing wells in Texas.  Lucas expects to continue maintenance operations as it reviews new drilling locations in its core areas of operation.

Lease operating expenses of $0.5 million for the fiscal 2017 second quarter, ending September 30, 2016, increased by approximately $0.25 million from $0.25 million for the same period a year ago, principally reflecting the acquisition of working interests in various properties in Texas and Oklahoma related to the Segundo transaction that closed in August 2016. 

Total G&A expenses increased by 66% or by approximately $0.4 million in the fiscal 2017 second quarter to $1.0 million compared to the prior year's second quarter primarily related to transaction costs associated with the Segundo acquisition, as noted above, partially offset by a decrease in the awarding of employee stock-based options and compensation. 

Depreciation, depletion, amortization and accretion (DD&A) expense increased by approximately $0.3 million related to a 27,640 BOE increase in production, attributable to our newly acquired working interests in various producing properties.

The Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2016 will be filed with the Securities and Exchange Commission reflecting these results later today. 

About Lucas Energy, Inc.

Based in Houston, Texas, Lucas Energy (NYSE MKT: LEI) is a growth-oriented, independent oil and gas company engaged in the development of crude oil and natural gas in the Austin Chalk and Eagle Ford formations in south Texas, the Permian Basin in west Texas, and the Hunton formation in central Oklahoma.  For more information, please visit www.lucasenergy.com.  

Safe Harbor Statement and Disclaimer

This news release includes "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Forward looking statements give our current expectations, opinions, belief or forecasts of future events and performance.  A statement identified by the use of forward looking words including "may," "expects," "projects," "anticipates," "plans," "believes," "estimate," "should," and certain of the other foregoing statements may be deemed forward-looking statements.  Although Lucas believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this news release.  These include risks inherent in natural gas and oil drilling and production activities, including risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; delays in receipt of drilling permits; risks with respect to natural gas and oil prices, a material decline which could cause Lucas to delay or suspend planned drilling operations or reduce production levels; risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in natural gas and oil prices; risks relating to unexpected adverse developments in the status of properties; risks relating to the absence or delay in receipt of government approvals or fourth party consents; and other risks described in Lucas's Annual Report on Form 10-K and other filings with the SEC, available at the SEC's website at www.sec.gov. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company. The Company's SEC filings are available on our website or at http://www.sec.gov.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/lucas-energy-announces-fiscal-2017-second-quarter-results-300362546.html

SOURCE Lucas Energy, Inc.

HOUSTON, March 3, 2015 /PRNewswire/ -- Lucas Energy, Inc. (NYSE MKT: LEI) ("Lucas" or the "Company"), an independent oil and gas company with operations in Texas, today announced that it entered into a collaboration agreement and a separate funding agreement with Victory Energy Corporation (OTCQX: VYEY) ("Victory") on February 26, 2015.  These agreements represent a milestone toward completing the planned business combination with Victory (the "Business Combination"). 

The collaboration agreement provides for the transfer of certain well rights in seven Eagle Ford Shale wells to Victory which is now required to fund the development of these wells.  Lucas' senior secured lender amended the terms of its credit facility allowing Lucas to assign the well rights to Victory, regain compliance with the credit facility, and provide flexibility in achieving the Business Combination.  If the Business Combination does not occur, the well rights will remain an asset of Victory, the lender will have the right to receive compensation from Victory, and Lucas will retain its rights to the remaining un-assigned leasehold.  Otherwise, the well interests will be owned by the combined company as a result of the closing of the Business Combination (the "Combined Company").  The transferred well rights include five wells with an average working interest of 2.5%, operated by Penn Virginia (NYSE: PVA), and two 50% working interest wells operated by Earthstone Energy, Inc. (NYSE MKT: ESTE).  Expected drilling and development costs for these wells are estimated to be $9.4 million, and such wells are scheduled to begin generating production revenues before the end of July 2015.

Lucas and Victory also entered into a funding agreement and working capital budget.  All loans made by Victory under this agreement are secured by a pledge of Lucas' treasury stock, which, upon the closing of the Business Combination, will become intercompany obligations that can be eliminated.

At closing, Victory provided $517,000 per the collaboration agreement and $250,000 per the funding agreement and anticipates providing a total of approximately $12 million under the agreements.  The parties expect to raise additional capital for acquisitions that will expand the Combined Company's drilling and producing property footprint and have initiated preliminary discussions with potential funding sources for this purpose.

"The structuring and negotiation of the two agreements to fund well commitments and working capital needs was paramount to advancing our overall objective," said Anthony C. Schnur, Chief Executive Officer of Lucas Energy, "I am pleased with the management teams of both companies who worked collaboratively to find solutions that allowed us to come to agreement.  We will now turn our full attention toward finalizing a definitive agreement for the Business Combination, and I am confident that we will be able to reach agreement expeditiously."

About Lucas Energy, Inc.

Lucas Energy (NYSE MKT: LEI) is engaged in the development of crude oil and natural gas in the Austin Chalk and Eagle Ford formations in South Texas.  Based in Houston, Lucas Energy's management team is committed to building a platform for growth and the development of its five million barrels of proved Eagle Ford and other oil reserves while continuing its focus on operating efficiencies and cost control.

For more information, please visit the Lucas Energy web site at www.lucasenergy.com. 

About Victory Energy Corporation

Victory Energy Corporation (OTCQX: VYEY), is a publicly-held, growth-oriented oil and gas exploration and production company based in Austin, Texas with additional resources located in Midland, Texas. The Company is focused on the acquisition and development of stacked multi-pay resource play opportunities in the Permian Basin that offer predictable outcomes and long-lived reserve characteristics. The Company presently utilizes low-risk vertical well development which offers repeatable and profitable outcomes.  Its current assets include interest in proven formations such as the Spraberry, Wolfcamp, Wolfberry, Mississippian, Cline and Fusselman formations.

For additional information on the company, please visit www.vyey.com .

Safe Harbor Statement and Disclaimer

This news release includes "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Forward looking statements give our current expectations, opinion, belief or forecasts of future events and performance.  A statement identified by the use of forward looking words including "may," "expects," "projects," "anticipates," "plans," "believes," "estimate," "should," and certain of the other foregoing statements may be deemed forward-looking statements.  Among these forward-looking statements are any statements regarding the expected completion of the proposed business combination between Lucas and Victory, benefits and synergies of the proposed business combination, the timing of production under wells, Victory's ability to obtain funding for the Eagle Ford or other wells that are expected to be transferred to Victory, future opportunities of the combined company, and any other statements regarding Victory's or Lucas' beliefs, plans, objectives, financial conditions, assumptions or future events.  Although Lucas believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this news release.  These include risks that may affect the proposed business combination and related proposed development of the Eagle Ford wells, including the satisfactory completion of due diligence by the parties, the ability of the parties to negotiate and enter into a definitive merger agreement and, if such an agreement is entered into, the satisfaction of the conditions contained in the definitive merger agreement, any delay or inability to obtain necessary approvals or consents from third parties, the ability of the parties to obtain financing for funding obligations, the inability of Lucas to maintain its listing on the NYSE MKT, the ability of the parties to realize the anticipated benefits from the proposed business transaction.  The forward looking statements are also subject to risks inherent in natural gas and oil drilling and production activities, including risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; delays in receipt of drilling permits; risks with respect to natural gas and oil prices, a material decline which could cause Lucas to delay or suspend planned drilling operations or reduce production levels; risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in natural gas and oil prices; risks relating to unexpected adverse developments in the status of properties; risks relating to the absence or delay in receipt of government approvals or fourth party consents; and other risks described in Lucas's Annual Report on Form 10-Q, Form 10-K and other filings with the SEC, available at the SEC's website at www.sec.gov. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company. The Company's SEC filings are available at http://www.sec.gov.

Investor Relations Contact:

Carol Coale
713-529-6600
ccoale@dennardlascar.com

Ken Dennard
713-529-6600
ken@dennardlascar.com

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SOURCE Lucas Energy, Inc.

HOUSTON, Feb. 24, 2015 /PRNewswire/ -- Lucas Energy, Inc. (NYSE MKT: LEI) ("Lucas" or the "Company"), an independent oil and gas company with its operations in Texas, today announced that its lender has agreed to amend the terms of its Loan Agreement and further granted an optional extension through September 13, 2015 with a second extension option through October 13, 2015 in order to facilitate the Company's proposed business combination with Victory Energy Corporation (OTCQX: VYEY) ("Victory").

Under the terms of the amended agreement, Lucas will pay interest at a 12% rate beginning in April 2015, and interest for January, February and March will be added to the outstanding balance of the loan.  If the Company elects to extend the maturity of the loan through September or October, a 2% extension fee will be added to the interest rate during the extension period.  Lucas also agreed to pay all current and past due legal and administration fees and other costs associated with the amended terms. 

The lender will also release a portion of the collateralized oil and gas properties securing the loan so that these properties can be transferred to an affiliate of Victory Energy and funded by Victory and its affiliates prior to the consummation of the business combination.  If the business combination does not occur as contemplated, then the lender will have the right to receive a compensation payment from Victory.

"The amendment of our Loan Agreement was a gating item in our process toward establishing the funding intended to provide the capital necessary during the period prior to the consummation of our proposed business combination," said Anthony C. Schnur, Chief Executive Officer of Lucas Energy, who continued, "We are appreciative to have the opportunity to renegotiate the terms of our Loan Agreement in these turbulent market conditions, and we are encouraged to have taken a significant step toward completion of our transaction with Victory."

About Lucas Energy, Inc.

Lucas Energy (NYSE MKT: LEI) is engaged in the development of crude oil and natural gas in the Austin Chalk and Eagle Ford formations in South Texas.  Based in Houston, Lucas Energy's management team is committed to building a platform for growth and the development of its five million barrels of proved Eagle Ford and other oil reserves while continuing its focus on operating efficiencies and cost control.

For more information, please visit the Lucas Energy web site at www.lucasenergy.com. 

About Victory Energy Corporation

Victory Energy Corporation (OTCQX: VYEY), is a publicly-held, growth-oriented oil and gas exploration and production company based in Austin, Texas with additional resources located in Midland, Texas. The Company is focused on the acquisition and development of stacked multi-pay resource play opportunities in the Permian Basin that offer predictable outcomes and long-lived reserve characteristics. The Company presently utilizes low-risk vertical well development which offers repeatable and profitable outcomes.  Its current assets include interest in proven formations such as the Spraberry, Wolfcamp, Wolfberry, Mississippian, Cline and Fusselman formations.

For additional information on the company, please visit www.vyey.com.

Safe Harbor Statement and Disclaimer

This news release includes "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Forward looking statements give our current expectations, opinion, belief or forecasts of future events and performance.  A statement identified by the use of forward looking words including "may," "expects," "projects," "anticipates," "plans," "believes," "estimate," "should," and certain of the other foregoing statements may be deemed forward-looking statements.  Among these forward-looking statements are any statements regarding the expected completion of the proposed business combination between Lucas and Victory, benefits and synergies of the proposed business combination, Victory's ability to obtain funding for the Eagle Ford or other wells that are expected to be transferred to Victory, future opportunities of the combined company, and any other statements regarding Victory's or Lucas' beliefs, plans, objectives, financial conditions, assumptions or future events.  Although Lucas believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this news release.  These include risks that may affect the proposed business combination and related proposed development of the Eagle Ford wells, including the satisfactory completion of due diligence by the parties, the ability of the parties to negotiate and enter into a definitive merger agreement and, if such an agreement is entered into, the satisfaction of the conditions contained in the definitive merger agreement, any delay or inability to obtain necessary approvals or consents from third parties, the ability of the parties to obtain financing for funding obligations, the inability of Lucas to maintain its listing on the NYSE MKT, the ability of the parties to realize the anticipated benefits from the proposed business transaction.  The forward looking statements are also subject to risks inherent in natural gas and oil drilling and production activities, including risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; delays in receipt of drilling permits; risks with respect to natural gas and oil prices, a material decline which could cause Lucas to delay or suspend planned drilling operations or reduce production levels; risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in natural gas and oil prices; risks relating to unexpected adverse developments in the status of properties; risks relating to the absence or delay in receipt of government approvals or fourth party consents; and other risks described in Lucas's Annual Report on Form 10-Q, Form 10-K and other filings with the SEC, available at the SEC's website at www.sec.gov. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company. The Company's SEC filings are available at http://www.sec.gov.

Investor and Media Contact:
Carol Coale, ccoale@dennardlascar.com
Ken Dennard, ken@dennardlascar.com

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/lucas-energy-amends-terms-of-loan-agreement-300040683.html

SOURCE Lucas Energy, Inc.

HOUSTON, Jan. 30, 2015 /PRNewswire/ -- Lucas Energy, Inc. (NYSE MKT: LEI) ("Lucas" or the "Company"), an independent oil and gas company with its operations in Texas, today announced that the Company has failed to make a required principal payment that was due on December 13, 2014 under the terms of the Amended Loan Agreement.  Specifically, on January 26, the Company received notice from a representative of our lender that we had defaulted on a payment.  Consequently, the amount owed under the loan agreement of approximately $7.7 million will accrue at a default interest rate of 18% per annum.  No further action has been taken by our lender, who has also waived a required interest payment, which we also failed to pay, that was due in January 2015.  The lender has also reserved the right to enter into an amended agreement with Lucas at any time or to enforce other rights under the agreement as a result of such default.

"The plunge in crude oil prices has required us to reconsider all alternatives," said Anthony C. Schnur, the Chief Executive Officer of Lucas.  "We are actively and aggressively pursuing options to secure funding through a corporate combination or project financing arrangement.  We believe we have made significant progress toward establishing a definitive path forward.  Management remains confident that a suitable solution will be agreed upon in the coming weeks and resulting public announcement at the appropriate time.   

"Over the past six weeks, we have slashed our general and administrative and operating expenses by approximately $160,000 per month, or about $2 million per year.  Our production has been maintained at current levels considering natural declines, and we continue to anticipate drilling on our Eagle Ford shale acreage in Karnes County as soon as we are able to finalize alternative financing arrangements."

About Lucas Energy, Inc.

Lucas Energy (NYSE MKT: LEI) is engaged in the development of crude oil and natural gas in the Austin Chalk and Eagle Ford formations in South Texas.  Based in Houston, Lucas Energy's management team is committed to building a platform for growth and the development of its five million barrels of proved Eagle Ford and other oil reserves while continuing its focus on operating efficiencies and cost control.

For more information, please visit the Lucas Energy web site at www.lucasenergy.com.  

Safe Harbor Statement and Disclaimer

This news release includes "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Forward looking statements give our current expectations, opinion, belief or forecasts of future events and performance.  A statement identified by the use of forward looking words including "may," "expects," "projects," "anticipates," "plans," "believes," "estimate," "should," and certain of the other foregoing statements may be deemed forward-looking statements.  These statements include statements regarding our planned capital raise and related disclosures. Although Lucas believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this news release.  These include risks inherent in natural gas and oil drilling and production activities, including risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; delays in receipt of drilling permits; risks with respect to natural gas and oil prices, a material decline which could cause Lucas to delay or suspend planned drilling operations or reduce production levels; risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in natural gas and oil prices; risks relating to unexpected adverse developments in the status of properties; risks relating to the absence or delay in receipt of government approvals or fourth party consents; and other risks described in Lucas's Annual Report on Form 10-Q, Form 10-K and other filings with the SEC, available at the SEC's website at www.sec.gov. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company. The Company's SEC filings are available at http://www.sec.gov.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/lucas-energy-financial-obligations-and-operational-update-300028660.html

SOURCE Lucas Energy, Inc.

HOUSTON, Oct. 14, 2014 /PRNewswire/ -- Lucas Energy, Inc. (NYSE MKT: LEI) ("Lucas" or the "Company"), an independent oil and gas company with its operations in Texas, today announced that it has completed the sale of its 100% working interest in oil and gas leases and wells/wellbores in Madison County, Texas for $700,000.  The cash transaction includes approximately 450 net mineral acres primarily in the Buda and Glen Rose formations.  Management determined this acreage to be non-core and has utilized the proceeds to purchase leaseholds in Gonzales County, Texas in addition to debt service and for general corporate purposes. 

Anthony C. Schnur, Lucas' Chief Executive Officer, commented, "We continue to narrow our strategic focus on core Eagle Ford shale activities, and we plan to seek opportunities such as the Madison County property sale to streamline our asset base.

"In keeping with this strategy, we are realigning our board of directors to be more consistent with our intended direction.  We are thankful for the service of Ken Daraie, Ryan Morris and Andrew Krusen who have stepped down following their diligent efforts through this transitional period.

"We are hopeful that our efforts on the strategic front will be finalized in the coming months in preparation to capitalize on our Eagle Ford drilling opportunity.  As we previously announced, we have attracted an operating partner with a long and successful history of drilling wells in the area.  Also, we will submit an update to the NYSE MKT exchange prior to the October 31, 2014 deadline outlining the significant progress and transactional direction the Company is pursuing with the ultimate goal of returning Lucas to good standing," Mr. Schnur concluded.

About Lucas Energy, Inc.

Lucas Energy (NYSE: LEI) is engaged in the acquisition and development of crude oil and natural gas from various known productive geological formations, including the Austin Chalk, Eagle Ford and Buda / Glen Rose.  Based in Houston, Lucas Energy's management team is committed to building a platform for growth and the development of its five million barrels of proved Eagle Ford and other oil reserves while continuing its focus on operating efficiencies and cost control.

For more information, please visit the updated Lucas Energy web site at www.lucasenergy.com.

Safe Harbor Statement and Disclaimer

This news release includes "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Forward looking statements give our current expectations, opinion, belief or forecasts of future events and performance.  A statement identified by the use of forward looking words including "may," "expects," "projects," "anticipates," "plans," "believes," "estimate," "should," and certain of the other foregoing statements may be deemed forward-looking statements.  Although Lucas believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this news release.  These include risks inherent in natural gas and oil drilling and production activities, including risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; delays in receipt of drilling permits; risks with respect to natural gas and oil prices, a material decline which could cause Lucas to delay or suspend planned drilling operations or reduce production levels; risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in natural gas and oil prices; risks relating to unexpected adverse developments in the status of properties; risks relating to the absence or delay in receipt of government approvals or fourth party consents; and other risks described in Lucas's Annual Report on Form 10-K and other filings with the SEC, available at the SEC's website at www.sec.gov. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company. The Company's SEC filings are available at http://www.sec.gov.

SOURCE Lucas Energy, Inc.

HOUSTON, April 22, 2014 /PRNewswire/ -- Lucas Energy, Inc. (NYSE MKT: LEI) ("Lucas" or the "Company"), an independent oil and gas company with its operations in Texas, today announced that on April 21, 2014, it completed the sale of equity securities as previously announced, to funds managed by Ironman Energy Master Fund and John B. Helmers (associated with Long Focus Capital Management).  Specifically, the Company sold 3,333,332 units at $0.60 per unit for total gross consideration of $2,000,000 to such investors.  The units are each comprised of one share of common stock and 0.50 of a warrant to purchase one share of the Company's common stock at an exercise price of $1.00 per share with a five-year term.  The Company plans to use the net proceeds from the offering (approximately $1,880,000) to pay down expenses related to drilling, lease operating, and work over activities and for general corporate purposes, including general and administrative expenses.

More information on the offering and the units, as well as copies of the Securities Purchase Agreement, Warrant Agreements and Registration Rights Agreement associated with the offering can be found in the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission ("SEC") on April 16, 2014 and the Current Report on Form 8-K filed by the Company with the SEC on April 21, 2014. Investors are encouraged to review such Form 8-K filings, the Company's Form S-3 Registration Statement (and accompanying prospectus), filed with the SEC on May 16, 2013, and the Prospectus Supplement filed by the Company with the SEC on April 18, 2014, for more information on the offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Lucas Energy, Inc.

Lucas Energy (NYSE MKT: LEI) is engaged in the acquisition and development of crude oil and natural gas from various known productive geological formations, including the Austin Chalk, Eagle Ford and Buda / Glen Rose.  Based in Houston, Lucas Energy's management team is committed to building a platform for growth and the development of its five million barrels of proved Eagle Ford and other oil reserves while continuing its focus on operating efficiencies and cost control.

For more information, please visit the updated Lucas Energy web site at www.lucasenergy.com.  Lucas Energy has updated its website to reflect the most recent Fact Sheet and a new offset operator map of its South Texas acreage.

Safe Harbor Statement and Disclaimer

This news release includes "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Forward looking statements give our current expectations, opinion, belief or forecasts of future events and performance.  A statement identified by the use of forward looking words including "may," "expects," "projects," "anticipates," "plans," "believes," "estimate," "should," and certain of the other foregoing statements may be deemed forward-looking statements.  Although Lucas believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this news release.  These include risks inherent in natural gas and oil drilling and production activities, including risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; delays in receipt of drilling permits; risks with respect to natural gas and oil prices, a material decline which could cause Lucas to delay or suspend planned drilling operations or reduce production levels; risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in natural gas and oil prices; risks relating to unexpected adverse developments in the status of properties; risks relating to the absence or delay in receipt of government approvals or fourth party consents; and other risks described in Lucas's Annual Report on Form 10-K and other filings with the SEC, available at the SEC's website at www.sec.gov. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company. The Company's SEC filings are available at http://www.sec.gov.

SOURCE Lucas Energy, Inc.

HOUSTON, March 26, 2014 /PRNewswire/ -- Lucas Energy, Inc. (NYSE MKT: LEI) ("Lucas" or the "Company"), an independent oil and gas company with its operations in Texas, today announced a Letter of Intent ("LOI") for a Participation Agreement with a private independent operator to farm out approximately 400 acres on its Karnes County Eagle Ford leasehold.  Under the LOI, Lucas will receive a payment of $1 million, payable in four monthly installments of $250,000, and the operator will drill an initial horizontal well in exchange for a 75% working interest.  Also, Lucas will retain a 25% carried working interest, under which the operator will bear 100% of the drilling costs, estimated at $2 million.  In the remaining acreage, Lucas will retain a 75% working interest and the operator will have a 25% working interest.

"This agreement demonstrates our previously-announced strategy to develop our Eagle Ford reserves in South Texas," said Anthony C. Schnur, Chief Executive Officer of Lucas Energy.  "The final terms and conditions are currently being negotiated and are subject to the final signed Joint Operating Agreement.  Once finalized, we hope to commence drilling by the end of the calendar 2014 second quarter.  Also, in anticipation of increased drilling activity in the Eagle Ford, the Company sold out of the recently-announced 8% participation proposal in Madison County, and received $156,000 for our interests."

About Lucas Energy, Inc.

Lucas Energy (NYSE MKT: LEI) is engaged in the acquisition and development of crude oil and natural gas from various known productive geological formations, including the Austin Chalk, Eagle Ford and Buda / Glen Rose.  Based in Houston, Lucas Energy's management team is committed to building a platform for growth and the development of its five million barrels of proved Eagle Ford and other oil reserves while continuing its focus on operating efficiencies and cost control.

For more information, please visit the updated Lucas Energy web site at www.lucasenergy.com.  Lucas Energy has updated its website to reflect the most recent Fact Sheet and a new offset operator map of its South Texas acreage.

Safe Harbor Statement and Disclaimer

This news release includes "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Forward looking statements give our current expectations, opinion, belief or forecasts of future events and performance.  A statement identified by the use of forward looking words including "may," "expects," "projects," "anticipates," "plans," "believes," "estimate," "should," and certain of the other foregoing statements may be deemed forward-looking statements.  Although Lucas believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this news release.  These include risks inherent in natural gas and oil drilling and production activities, including risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; delays in receipt of drilling permits; risks with respect to natural gas and oil prices, a material decline which could cause Lucas to delay or suspend planned drilling operations or reduce production levels; risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in natural gas and oil prices; risks relating to unexpected adverse developments in the status of properties; risks relating to the absence or delay in receipt of government approvals or fourth party consents; and other risks described in Lucas's Annual Report on Form 10-K and other filings with the SEC, available at the SEC's website at www.sec.gov. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company. The Company's SEC filings are available at http://www.sec.gov.

SOURCE Lucas Energy, Inc.