Investor Relations
HOUSTON, March 6, 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 February 28, 2014, Lucas was notified by the NYSE MKT (the "Exchange") that the Company is not in compliance with one of the Exchange's continued listing standards as set forth in Part 10 of the NYSE MKT Company Guide (the "Company Guide").
Specifically, Lucas is not in compliance with Section 1003(a)(iv) of the Company Guide in that it has sustained losses which are so substantial in relation to its overall operations or existing financial resources, or its financial condition has become so impaired that it appears questionable, in the opinion of the Exchange, as to whether the Company will be able to continue operations and/or meet its obligations as they mature.
The notice is based on a review by the Exchange of information that the Company has publicly disclosed, including information contained in the Company's Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on February 13, 2014, which included the interim consolidated financial statements for the three and nine month periods ended December 31, 2013.
In order to maintain its listing on the Exchange, the Exchange has requested that the Company submit a plan of compliance (the "Plan") by March 14, 2014 addressing how it intends to regain compliance with Section 1003(a)(iv) of the Company Guide by April 14, 2014.
Lucas's management previously recognized the need to engage in financing transactions or other strategic alternatives to address the Company's financial requirements, and the Company issued a press release on December 13, 2013 outlining those initiatives. The Company subsequently hired Global Hunter Securities in January 2013, and as of today, the Company is reviewing various proposals relating to proposed transactions to among other things, increase the Company's liquidity. The Company intends to submit a Plan in the prescribed form to the Exchange by the required due date, specifying activities that the Company plans to complete in the near future which may include equity financings, strategic alliances, debt recapitalization or other arrangements to address the concerns of the Exchange and regain compliance with the Exchange's continued listing standards. While the Company may not be able to complete planned initiatives or obtain necessary financing in sufficient amounts to meet its ongoing obligations or on acceptable terms, the Company's management believes that through its best efforts, the Company plans to complete one or more transactions that will bring the Company into compliance with NYSE MKT guidelines by April 14, 2014.
Receipt of the letter does not have any immediate effect on the listing of the Company's shares on the Exchange, except that until the Company regains compliance with the Exchange's listing standards, a ".BC" indicator will be affixed to the Company's trading symbol. The Company's business operations, SEC reporting requirements and debt instruments are unaffected by the notification, provided that if the Plan is not acceptable, or the Company does not make sufficient progress under the Plan or reestablish compliance by April 14, 2014, then the Company will be subject to the Exchange's delisting procedures. The Company may then appeal a staff determination to initiate such proceedings in accordance with the Exchange's Company Guide.
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.
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Contacts: |
Carol Coale / Ken Dennard |
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Dennard ▪ Lascar Associates, LLC |
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(713) 529-6600 |
SOURCE Lucas Energy, Inc.
HOUSTON, Oct. 1, 2013 /PRNewswire/ -- Lucas Energy, Inc. (NYSE MKT: LEI) ("Lucas" or the "Company"), an independent oil and gas company with its main operations in Texas, today announced that William J. Dale, Chief Financial Officer, is leaving the Company to pursue other interests. Mr. Dale resigned as Chief Financial Officer, Treasurer and Secretary of the Company effective immediately, providing that Mr. Dale will continue to offer support, if needed, to Lucas for several months in connection with the transition of his duties and responsibilities. Anthony C. Schnur, Lucas's Chief Executive Officer and former Chief Financial Officer, will immediately assume Mr. Dale's duties.
"Over the past nine months, Lucas Energy has built strong financial and operations teams, and the Company is now positioned as a reserve development company. We are confident in our ability to pursue current initiatives and growth objectives without pause," said Mr. Schnur.
About Lucas Energy, Inc.
Lucas Energy is an asset-rich, independent oil and gas company developing its significant acreage positions in the Eagle Ford, Austin Chalk, Eaglebine and Buda & Glen Rose resource plays. Based in Houston, Texas, Lucas Energy's management team is committed to creating shareholder value through developing its asset base, improving operating efficiencies, and building a strong balance sheet.
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 risk 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 in 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.
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Contacts: |
Carol Coale / Ken Dennard |
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Dennard - Lascar Associates, LLC |
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(713) 529-6600 |
SOURCE Lucas Energy, Inc.
HOUSTON, June 27, 2013 /PRNewswire/ -- Lucas Energy, Inc. (NYSE MKT: LEI), ("Lucas" or the "Company"), an independent oil and gas company with its main operations in Texas, today announced two key additions to its leadership team. Effective June 24, 2013, Mr. Fred S. Zeidman was appointed a member of the Board of Directors and will serve as a member of the Audit and Compensation Committees. In addition, on June 10, 2013, Mr. Michael M. Sagan joined the Company as Vice President of Operations.
"We are proud to have added two very talented and experienced individuals to our team, along with other operations personnel in our Gonzales office," said Anthony C. Schnur, Chief Executive Officer of the Company, who continued, "The 'new' Lucas is highly-focused on building asset value and shareholder value, and we have added key people who will help lead us toward our objectives.
"Fred is a prominent energy expert and has significant experience serving as a director of both public and private companies. He has proven to be an innovative leader in each of his roles and has substantial understanding of the oil and gas industry, in general. We welcome the valuable perspective and insight he will add to our organization. Fred is an excellent addition to our Board and we look forward to working with a person of his qualifications, experience and reputation."
"Mike, as a petroleum engineer and operations manager, has a solid foundation in the coordination of office and field operations and brings in-depth knowledge and experience in drilling, completion and production technology to our management team. Due to his diverse background of work experience, Mike will be able to foster interdepartmental teamwork and group efforts. Additionally, Mike is proficient in generating intuitive ideas that will optimize expenditures and solve engineering problems."
Fred S. Zeidman
Mr. Zeidman has served as Chairman of the Board of Directors of Petroflow Energy Corporation since September 2011 and as Director of Petro River Oil Corporation since April 2013. Mr. Zeidman has also served as a director of Hyperdynamics Corporation since 2009 and as a director of Prosperity Bancshares, Inc. since 1986. He currently also serves as trustee for the AremmiSoft Liquidating Trust (a position he has held since 2004). In March 2013, Mr. Zeidman was appointed to the Board of Straight Path Communications, Inc. In March 2008, Mr. Zeidman was appointed the Interim President of Nova Biosource Fuels, Inc. ("Nova"), a publicly-traded biodiesel technology company, and served in that position until the company's acquisition in November 2009. Mr. Zeidman also served as a director of Nova from June 2007 to November 2009. From August 2009 through November 2009, Mr. Zeidman served as Chief Restructuring Officer for Transmeridian Exploration, Inc. and served in that position until its sale in November 2009. He also served as CEO, President and Chairman of the Board of Seitel Inc., an oil field services company, from June 2002 until its sale in February 2007. Mr. Zeidman served as a Managing Director of the law firm Greenberg Traurig, LLP from July 2003 to December 2008. Mr. Zeidman has served as CEO, Interim CEO and Chairman of the Board of a variety of companies, including several in the oil and gas sector. Mr. Zeidman also sits on the boards of numerous non-profit organizations. He received his Bachelor of Science and Bachelor of Arts from Washington University and a Masters of Business Administration from New York University.
Michael M. Sagan
Mr. Sagan has 38 years of experience and has held various supervisory, management and operating positions in engineering, drilling, production, and completion activities at both publicly-traded and privately-held oil and gas companies operating in many oil and gas basins of the United States. Prior to joining Lucas Energy, Mr. Sagan served as the Engineering and Operations Manager of Layline Petroleum in Houston, where he supervised all drilling, completion, facilities and production operations in Texas, Louisiana and North Dakota. He also has vast experience drilling horizontal wells with fracture stimulation techniques in the Austin Chalk and Barnett, Woodford and Fayetteville shales. Mr. Sagan has also successfully drilled and completed high-pressure wells in the Frio, Wilcox, Bol Mex and Yegua formations in the Gulf Coast region. His past experience has been with Hallwood Petroleum, Aspect Energy, Presidio Exploration and Tenneco Oil. He also has been an operations consultant to Encana Oil & Gas and Credo Petroleum in the early 2000's. Mr. Sagan received a B.S. in Petroleum Engineering from Pennsylvania State University.
About Lucas Energy, Inc.
Lucas Energy is an asset-rich, independent oil and gas company developing its significant acreage positions in the Eagle Ford, Austin Chalk, Eaglebine and Buda & Glen Rose resource plays. Based in Houston, Texas, Lucas Energy's management team is committed to creating shareholder value through developing its asset base, improving operating efficiencies, and building a strong balance sheet.
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. 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 risk 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 in 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.
Contacts: William J. Dale
Chief Financial Officer
Lucas Energy, Inc.
(713) 528-1881
Ken Dennard / Carol Coale
Dennard - Lascar Associates
(713) 529-6600
SOURCE Lucas Energy, Inc.
HOUSTON, Sept. 12, 2012 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE MKT:LEI), an independent oil and gas company (the "Company" or "Lucas Energy"), today announced that on September 11, 2012, it closed its previously announced registered offering to certain institutional investors of $1.32 million in equity. In total, the Company sold 800,000 units at a price of $1.65 per unit. Each unit consisted of one share of the Company's common stock and 0.25 of a warrant to purchase one share of the Company's common stock. Each warrant can be exercised to purchase one share of the Company's common stock at an exercise price of $2.00 per share at any time during the one-year period following the closing of the offering. A total of 800,000 shares and 200,000 warrants were sold in connection with the offering.
The Company plans to use the proceeds from the offering to pay down expenses related to drilling, lease operating, and workover activities and for general corporate purposes, including general and administrative expenses.
"We are pleased to have successfully completed the offering and to have sold the full amount of securities offered. We believe that this offering, although small, will allow us to further expand our drilling program and to continue our work-over activity during 2012," commented William A. Sawyer, President and Chief Executive Officer of the Company.
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, Inc., a Nevada corporation, is an independent oil and gas company based in Houston, Texas. The Company acquires underdeveloped oil and gas properties, restores production to the properties, and looks for underlying value. Currently, the Company is active in the Austin Chalk, Eagle Ford, Eaglebine, and Buda trends. Our goal for the current year is production and revenue growth, and expansion of our asset base using joint ventures.
For more information on this and other activities of the Company, visit the Lucas Energy web site at www.lucasenergy.com.
The Lucas Energy logo is available at https://www.globenewswire.com/newsroom/prs/?pkgid=4192
Forward-Looking Statements
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Act") and Section 21E of the Securities Act of 1934, as amended (the "Exchange Act"). In particular, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements and are subject to the safe harbor created by these Acts. Any statements made in this news release about an action, projection, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding future drilling and production are subject to all of the risks and uncertainties normally incident to the exploration and development of oil and gas. These risks include, but are not limited to, completion risk, dry hole risk, price volatility, reserve estimation risk, regulatory risk, potential inability to secure oilfield service risk as well as general economic risks and uncertainties, as disclosed in the Company's SEC filings including its Form 10-K and Form 10-Q's. 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.
CONTACT: Andrew Lai, CFO
alai@lucasenergy.com
(713) 528-1881
Michael Brette J.D., Advisor
mikebrette@gmail.com
(951) 236-8473
Source: Lucas Energy
HOUSTON, Aug. 8, 2012 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE:LEI), an independent oil and gas company (the "Company" or "Lucas"), today announced that for the Company's 2013 first fiscal quarter, i.e., the quarter ended June 30, 2012, gross operated production was over 30,000 bbls (barrels) of oil. This is a 70% increase in the production over the 1st Quarter of fiscal 2012 which was just over 18,000 bbls of oil. These numbers do not include oil and gas production from the two Eagle Ford wells operated by an affiliate of Marathon Oil Company.
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Gross production from operated wells for the 1st quarter of this fiscal year are slightly lower than anticipated due to drilling and workover activity being down. These activities are expected to increase in the 2nd and 3rd quarters of this fiscal year when joint venture funding is anticipated to be completed. Despite the anticipated decrease in drilling operations for the current quarter ending September 30, 2012, the Company anticipates gross operated production to be well ahead of last year's 2nd quarter.
In fiscal year 2012, Lucas produced approximately 93,000 bbls of oil gross from operated wells. Already in the first 4 months of fiscal year 2013, the Company has produced more than 44,000 bbls of oil gross from operated wells. Most of the Company's operated production is from horizontal wells completed in the Austin Chalk formation. For more information on this and other activities of the Company, see the Lucas Energy web site www.lucasenergy.com.
The Lucas Energy logo is available at https://www.globenewswire.com/newsroom/prs/?pkgid=4192
Company Website: www.lucasenergy.com
Forward-Looking Statement
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Act") and Section 21E of the Securities Act of 1934, as amended (the "Exchange Act"). In particular, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements and are subject to the safe harbor created by these Acts. Any statements made in this news release about an action, projection, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding future drilling and production are subject to all of the risks and uncertainties normally incident to the exploration and development of oil and gas. These risks include, but are not limited to, completion risk, dry hole risk, price volatility, reserve estimation risk, regulatory risk, potential inability to secure oilfield service risk as well as general economic risks and uncertainties, as disclosed in the Company's SEC filings including its Form 10-K and Form 10-Q's. 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.
CONTACT: Andrew Lai, CFO
alai@lucasenergy.com
(713) 528-1881
Michael Brette J.D., Advisor
mikebrette@gmail.com
(951) 236-8473
Source: Lucas Energy
HOUSTON, July 23, 2012 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI), an independent oil and gas company (the "Company" or "Lucas"), today announced that the Company has performed an internal review of its Eagle Ford oil and gas potential with the assistance of an independent petroleum engineering firm. As a result of the review, it is the opinion of the Company that total potential (proved, probable, and possible reserves) for the Eagle Ford properties exceed the 3.7 million proven bbls (barrels) of oil as determined by the Company's independent petroleum engineers. Lucas believes that the total potential oil, net to Lucas, may be closer to 14.5 million bbls of oil. This would indicate a PV10 present value of more than $275 million for the total potential for the Eagle Ford properties.
Potential quantities of oil and the estimate of net present value are not an indication of fair market value of the properties. The Company may use these numbers to evaluate offers by potential buyers, determine potential asset value in the future, or to assist in the decision as to whether to develop properties or sell them at the market. In making decisions to purchase oil and gas properties, larger companies may consider all potential oil quantities (proven, probable, and possible reserves). Further, larger companies, who determine their proven reserves in-house, may classify probable and possible reserves as proven due to their ability to financially develop the properties, and their subjective opinion as to the reserve category.
William A. Sawyer, President and Chief Executive Officer of the Company said, "Lucas is steadfast in moving its Eagle Ford sale forward. It is still our belief that the cash value of the properties is more beneficial to the Company and to overall shareholder value, than the undeveloped potential of the properties, whether proven or not."
About Lucas Energy, Inc.
Lucas Energy, Inc., a Nevada corporation, is an emerging independent oil and gas company based in Houston, Texas. Lucas Energy, Inc. which acquires underdeveloped oil and gas properties, restores production to the properties, and looks for underlying value. Currently, the Company is active in the Austin Chalk, Eagle Ford, Eaglebine, and Buda trends. Our goal for the current year is production and revenue growth, and expansion of our asset base using joint ventures.
For more information on this and other activities of the Company, visit the Lucas Energy web site at www.lucasenergy.com.
The Lucas Energy logo is available at https://www.globenewswire.com/newsroom/prs/?pkgid=4192
Company Website: www.lucasenergy.com
Forward-Looking Statement
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Act") and Section 21E of the Securities Act of 1934, as amended (the "Exchange Act"). In particular, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements and are subject to the safe harbor created by these Acts. Any statements made in this news release about an action, projection, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding future drilling and production are subject to all of the risks and uncertainties normally incident to the exploration and development of oil and gas. These risks include, but are not limited to, completion risk, dry hole risk, price volatility, reserve estimation risk, regulatory risk, potential inability to secure oilfield service risk as well as general economic risks and uncertainties, as disclosed in the Company's SEC filings including its Form 10-K and Form 10-Q's. 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.
CONTACT: Andrew Lai, CFO
alai@lucasenergy.com
(713) 528-1881
Michael Brette J.D., Advisor
mikebrette@gmail.com
(951) 236-8473
Source: Lucas Energy
HOUSTON, May 8, 2012 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI) an independent oil and gas company (the "Company" or "Lucas"), today announced that the Company's oil prices received for operated production in its core area around Gonzales County, Texas for the month of March 2012, ranged from $101 per bbl (barrel) to $107 per bbl. These prices were greater than the refinery posted prices for West Texas Intermediate (WTI) for the month of March 2012, and more in line with the closing New York Mercantile Exchange (NYMEX) price for the month of March 2012. The price received by Lucas for oil produced from outside operated Eagle Ford wells was up to $115 per bbl.
Lucas anticipates a continued strong price above $100 per bbl for the months of April and May 2012; however, at present, it is too early to make an accurate prediction of wellhead oil prices for the month of June 2012. Additionally, the Company expects that the greater affect on the Company's bottom line moving forward will come from increased production and not the price of oil.
In other news, Lucas has moved forward with re-working wells in the Eaglebine trend north of Houston, Texas in the counties of Leon and Madison. More news will be available within the next few days regarding the outcome of the first workover. Additionally, the sale of the Company's interests in its Eagle Ford leases continues to move forward. An update will be available soon. For more information on this and other activities of the Company, see the Lucas Energy web site www.lucasenergy.com.
The Lucas Energy logo is available at https://www.globenewswire.com/newsroom/prs/?pkgid=4192
Forward-Looking Statements
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Act") and Section 21E of the Securities Act of 1934, as amended (the "Exchange Act"). In particular, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements and are subject to the safe harbor created by these Acts. Any statements made in this news release about an action, projection, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding future drilling and production are subject to all of the risks and uncertainties normally incident to the exploration and development of oil and gas. These risks include, but are not limited to, completion risk, dry hole risk, price volatility, reserve estimation risk, regulatory risk, potential inability to secure oilfield service risk as well as general economic risks and uncertainties, as disclosed in the Company's SEC filings including its Form 10-K and Form 10-Q's. 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.
CONTACT: Andrew Lai, CFO
alai@lucasenergy.com
(713) 528-1881
Michael Brette J.D., Advisor
mikebrette@gmail.com
(951) 236-8473
Source: Lucas Energy
HOUSTON, Dec. 22, 2011 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI) an independent oil and gas company (the "Company" or "Lucas"), today announced that the Company has spudded (commenced drilling) the Hagen Ranch No.4H well in Gonzales County, Texas. The Hagen Ranch No.4H well will be a horizontal well in the Austin Chalk formation. The well is on the same lease as the two Hilcorp Oil Company drilled, but now Marathon Oil Company operated, Hagen EF No.1H and No.2H wells producing from the Eagle Ford formation. The Hagen Ranch No.4H well is being drilled with joint venture partners such as Seidler Oil and Gas.
William A. Sawyer, President and Chief Executive Officer of the Company said, "This is a continuation of our 2011-12 horizontal drilling program in the Austin Chalk formation designed to improve our operated production and our net revenue." For more information on this and other activities of the Company, see the Lucas Energy web site www.lucasenergy.com.
Company Website: www.lucasenergy.com
The Lucas Energy logo is available at https://www.globenewswire.com/newsroom/prs/?pkgid=4192
Forward-Looking Statement
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Act") and Section 21E of the Securities Act of 1934, as amended (the "Exchange Act"). In particular, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements and are subject to the safe harbor created by these Acts. Any statements made in this news release about an action, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding future drilling and production are subject to all of the risks and uncertainties normally incident to the exploration and development of oil and gas. These risks include, but are not limited to, completion risk, dry hole risk, price volatility, reserve estimation risk, regulatory risk, potential inability to secure oilfield service risk as well as general economic risks and uncertainties, as disclosed in the Company's SEC filings. 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 or those prepared by third parties that are not paid by the Company. The Company's SEC filings are available at http://www.sec.gov.
CONTACT: Andrew Lai, CFO
alai@lucasenergy.com
(713) 528-1881
Michael Brette J.D., Advisor
mikebrette@gmail.com
(951) 236-8473
Source: Lucas Energy
HOUSTON, Oct. 20, 2011 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI) an independent oil and gas company (the "Company" or "Lucas"), today announced that the previously reported letter of intent with Nordic Oil USA 2 LLLP ("Nordic 2") culminated in the execution of a Purchase and Sale Agreement with Nordic 2 on October 13, 2011. Pursuant to the agreement, Lucas agreed to sell Nordic 2 all of its interests, or a 7.56% working interest, in and to certain oil, gas and mineral leases located in McKinley County, New Mexico for $4 million in cash. Net proceeds to the Company after commission amounts to $3.6 million. The Company acquired the properties in January 2011 in a purchase transaction for $2.5 million, which included a deposit of $0.5 million.
Pursuant to the agreement, which has an effective date of February 1, 2011, Nordic 2 acquired all rights to the $0.5 million deposit, any overriding interests, mineral and royalty interests and other property interests that the Company had in the property, all rights to any wells on the property, all contractual rights associated with the property, all easements, permits, equipment and oil, gas and other hydrocarbons on the property, as well as all data which the Company had associated with the property.
William A. Sawyer, President and Chief Executive Officer of the Company said, "We are very pleased with the consummation of the New Mexico property sale. We plan to use the net proceeds of $3.6 million to further develop our Texas properties, especially in the Austin Chalk formation."
For more information on this and other activities of the Company, visit the Lucas Energy web site at www.lucasenergy.com.
| The Lucas Energy logo is available at https://www.globenewswire.com/newsroom/prs/?pkgid=4192 |
Forward-Looking Statement
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Act") and Section 21E of the Securities Act of 1934, as amended (the "Exchange Act"). In particular, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements and are subject to the safe harbor created by these Acts. Any statements made in this news release about an action, projection, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding future drilling and production are subject to all of the risks and uncertainties normally incident to the exploration and development of oil and gas. These risks include, but are not limited to, completion risk, dry hole risk, price volatility, reserve estimation risk, regulatory risk, potential inability to secure oilfield service risk as well as general economic risks and uncertainties, as disclosed in the Company's SEC filings including its Form 10-K and Form 10-Q's. 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.
CONTACT: Andrew Lai, CFO
alai@lucasenergy.com
(713) 528-1881
www.lucasenergy.com
Michael Brette J.D., Advisor
mikebrette@gmail.com
(951) 236-8473
Source: Lucas Energy
HOUSTON, Oct. 7, 2011 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI) an independent oil and gas company (the "Company" or "Lucas"), today responded to inquiries regarding the recent stock price activity. William A. Sawyer, President and Chief Executive Officer of the Company said, "Management of the Company believes the Company's fundamentals are strong and does not understand why the Company's stock price fluctuated so low, and then rebounded suddenly." As of the latest filing on June 30, 2011, the book value of the Company's assets was $1.23 per share. Within the past few days, the stock traded as low as $1.04 and as high as $1.80 per share, closing today at $1.49 per share.
Last November 2010, the Company published an evaluation of its potential (proved and probable reserves) indicating a potential net asset value of $86 million. Lucas has, more recently, published a review of the Marathon transaction analysis indicating that the asset value of the Company's Eagle Ford properties could be as much as $94 million, significantly higher than the market cap of $29 million.
Mr. Sawyer said, "I am hard pressed to understand the current market prices that place our market cap so low. This has not happened since early 2009 when the overall market was bad and we were not known to the public." For more information on this and other activities of the Company, see the Lucas Energy web site www.lucasenergy.com.
The Lucas Energy logo is available at https://www.globenewswire.com/newsroom/prs/?pkgid=4192
Company Website: www.lucasenergy.com
Forward-Looking Statement
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Act") and Section 21E of the Securities Act of 1934, as amended (the "Exchange Act"). In particular, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements and are subject to the safe harbor created by these Acts. Any statements made in this news release about an action, projection, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding future drilling and production are subject to all of the risks and uncertainties normally incident to the exploration and development of oil and gas. These risks include, but are not limited to, completion risk, dry hole risk, price volatility, reserve estimation risk, regulatory risk, potential inability to secure oilfield service risk as well as general economic risks and uncertainties, as disclosed in the Company's SEC filings including its Form 10-K and Form 10-Q's. 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.
CONTACT: Andrew Lai, CFO
alai@lucasenergy.com
(713) 528-1881
Michael Brette J.D., Advisor
mikebrette@gmail.com
(951) 236-8473
Source: Lucas Energy