Press Releases Archives - Page 23 of 23 - Camber Energy, Inc. (CEIN)

HOUSTON, April 20, 2010 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI) an independent oil and gas company (the "Company") based in Houston, Texas, today announced that the Company has completed Ebrom No.1 well on March 25, 2010. The well is a re-entry of a straight hole well in the Austin Chalk formation and tested 85 BOPD with no water, pumping. Intangible cost for re-entry of the well was less than $75,000 through completion.

William A. Sawyer, President and CEO of Lucas Energy, said, "The Ebrom No.1 well is a part of our 2009-III Joint Venture program. This well exemplifies the profitability of putting old wells back on production." For more information on this and other activities of the Company, see the Lucas Energy web site www.lucasenergy.com.

Forward-Looking Statement

The Lucas Energy logo is available at https://www.globenewswire.com/newsroom/prs/?pkgid=4192

CONTACT:  Lucas Energy, Inc.
          Michael Brette, J.D.
            mikebrette@gmail.com
          Mike King
            mike@princetonresearch.com
          (713) 528-1881

HOUSTON, Oct. 6, 2009 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI) an independent oil and gas company (the "Company") based in Houston, Texas, today announced that the Ervin No.1 well, Gonzales County, Texas has reached TD (total depth) and has been logged and cased. Preliminary analysis of the well logs indicate the potential for completions in three intervals: (1) the Buda formation, (2) the Eagleford Shale formation, and (3) the Austin Chalk formation. Expectations are that the successful completion of any one of these formations could result in a 5-10% increase in the Company's net production.

William A. Sawyer, President and CEO of Lucas Energy, said, "The Ervin No.1 well is a part of our 2009-II joint venture program with partners that we hope will participate in additional drilling and workovers beyond the current six well program." Additional information will be posted on the Lucas web site (www.lucasenergy.com) within the next few days.

The Lucas Energy logo is available at https://www.globenewswire.com/newsroom/prs/?pkgid=4192

Forward-Looking Statement

CONTACT:  Lucas Energy, Inc.
          Michael Brette, J.D.
            mikebrette@gmail.com
          Mike King
            mike@princetonresearch.com
          (713) 528-1881

HOUSTON, Aug. 18, 2009 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI), an independent oil and gas company (the "Company"), today announced that the Board of Directors of the Company has approved a temporary adjustment to the Exercise Price for its outstanding warrants issued in connection with a private equity placement completed during the 2nd fiscal quarter ended September 2007 (the "2007 Warrants"). Each 2007 Warrant provides the holder the right to acquire one share of common stock at $8.00 per share, and for a period of 60 days (the "Re-Pricing Period") the Exercise Price for a 2007 Warrant has been adjusted to $1.00 per share.

The 2007 Warrants were originally issued as part of a unit that consisted of one share of common stock and one common share purchase warrant. Upon a 4 to 1 reverse split effected by the Company, the warrant Exercise Price was adjusted to $8.00 per share and the number of warrants issued was reduced to approximately 2.8 million. Lucas issued warrants to the placement agents in the offering and total 2007 Warrants currently outstanding are approximately 3.0 million.

Specific temporary revisions made to the terms and conditions of the 2007 Warrants are as follows:



 * The Exercise Price during the Re-Pricing Period shall be $1.00 per
   share of common stock;
 * During the Re-Pricing Period, the warrant provision permitting
   "cashless exercise" is suspended, and not available to the warrant
   holder; and
 * The Re-Pricing Period will be the period September 1, 2009 until
   October 30, 2009.

Should all 2007 Warrants be exercised by warrant holders during the Re-Pricing Period, the Company will raise approximately $3.0 million in cash proceeds that will be used primarily to progress Phase II of its 2009-2010 capital program, and used to reduce outstanding borrowings on its credit facility.

William A. Sawyer, President and CEO of Lucas Energy, said, "We believe that this is the correct action to take as the shareholders involved in the 2007 private placement have been very supportive, and we wanted to provide them the opportunity to participate in our current financing initiatives on what we believe to be advantageous terms. By Re-Pricing the 2007 Warrants, we can grow the value of our portfolio of oil and gas properties."

About Lucas Energy

Lucas Energy, Inc. (AMEX:LEI) is a Texas based independent crude oil and gas company that indentifies, evaluates and acquires oil and gas property interests, primarily in the Austin Chalk formation of South Texas, that are underperforming or have been shut-in or plugged and abandoned. These properties are revitalized by undertaking extensive re-entry and work-over procedures, including clean-up, repairs and treatments of the existing well bores and lateral extensions, as well as extending or drilling new laterals into previously nonproducing areas of the formation. By utilizing tight field and operating management controls, together with having a comprehensive understanding of the production characteristics of the Austin Chalk, the Company believes that it can increase reserves, improve production and maximize cash flow while avoiding most of the high risks of typical exploration projects.

The Company's headquarters are located at 6800 West Loop South, Suite 415, Bellaire (a suburb of Houston), Texas 77401.

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 and Section 21E of the Securities Act of 1934. A statement identified by the words "expects," "projects," "plans," "feels," "anticipates" and certain of the other foregoing statements may be deemed "forward-looking statements." Although Lucas 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 press release. These include risks inherent in the drilling of oil and natural gas wells, including risks of fire, explosion, blowout, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks inherent in oil and natural gas drilling and production activities, 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; risks with respect to oil and natural gas prices, a material decline in which could cause the Company to delay or suspend planned drilling operations or reduce production levels; and 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 oil and gas prices and other risk factors. The Company's complete filings with the Securities and Exchange Commission are available at http://www.sec.gov

CONTACT:  Lucas Energy, Inc.
          Michael Brette,J.D.
            mikebrette@gmail.com
          Mike King
            mike@princetonresearch.com
          (713) 528-1881

HOUSTON, July 28, 2009 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI), an independent oil and gas company (the "Company") based in Houston, Texas, today announced the kick-off of its LEI 2009-II Capital Program (the "Program"). The Program will be conducted through a joint venture with a U.S. affiliate of a European oil and gas company.

Pursuant to the terms of the joint venture agreement, the joint interest participant in the Program will take a 90% working interest in 6 (six) wells that are currently shut in or plugged and abandoned through a buy-in. The joint venture participant will fund its ratable share of costs to workover and put the wells into production. Total capital expenditures for the Program are estimated to be approximately $2.13 million. The Company will be responsible for capital expenditure associated with its 10% working interest retained in the 6 wells, and after payout, the Company's interest will revert to 20% working interest in the wells.

The Company will continue to operate the wells which are located in Gonzales County, Texas. The Company projects approximately 9 - 12 weeks will be required to complete the workover of the 6 wells in the LEI 2009-II Capital Program.

Mr. William A. Sawyer, President and CEO of Lucas Energy, said, "We are excited to be moving forward with the workover and restoration of production on these 6 wells. This allows us to complete the first part of our 2009 capital program and to finish out Phase I of our 2009 business plan. We are very pleased that we were able to attract a high caliber European company that was introduced to us by Mike King, Princeton Research."

About Lucas Energy

Lucas Energy, Inc. (NYSE Amex:LEI) is a Texas based independent crude oil and gas company that identifies, evaluates and acquires oil and gas property interests, primarily in the Austin Chalk formation of South Texas, that are underperforming or have been shut-in or plugged and abandoned. These properties are revitalized by undertaking extensive re-entry and work-over procedures, including clean-up, repairs and treatments of the existing well bores and lateral extensions, as well as extending or drilling new laterals into previously nonproducing areas of the formation. By utilizing tight field and operating management controls, together with having a comprehensive understanding of the production characteristics of the Austin Chalk, the Company believes that it can increase reserves, improve production and maximize cash flow while avoiding most of the high risks of typical exploration projects.

The Company's headquarters are located at 6800 West Loop South, Suite 415, Bellaire (a suburb of Houston), Texas 77401.

The Lucas Energy logo is available at https://www.globenewswire.com/newsroom/prs/?pkgid=4192

Forward-Looking Statement

CONTACT:  Lucas Energy, Inc.
          Michael Brette,J.D.
            mikebrette@gmail.com
          Mike King
            mike@princetonresearch.com
          (713) 528-1881

HOUSTON, Jan. 13, 2009 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Alternext US:LEI) ("the Company), an independent oil and gas company based in Houston, Texas, announced today its capital expenditures program for the third and fourth quarters of FY 2009 and first quarter of FY 2010.

The Company intends to re-enter seven shut-in or abandoned wells on leases presently held in its proven undeveloped property inventory in Gonzales County, Texas. Completing these Austin Chalk formation re-entries and putting the wells back into production is the Company's first priority at this time. This work will take an estimated six months, and the Company anticipates this work will increase proved developed producing (PDPs) reserves by approximately 150,000 barrels of oil recoverable.

The Company expects to complete the re-entries by the end of the first quarter of FY 2010 at a total cost of $2.0 million; approximately one-half of this represents intangible drilling costs, with the balance being equipment. In addition, the Company will finalize the acquisition of over 1,000 additional acres in Gonzales County, which will increase the proven un-developed (PUDs) reserves. The Company believes it will be able to fund the planned capital expenditures through internally generated cash flow and its bank line of credit. However, the Company's ability to fund this investment could be affected by prevailing uncertain economic and financial conditions in the oil and gas industry and the continuing volatility of crude oil and natural gas prices. Anticipated cash flows and credit availability may be adversely impacted by declining crude oil prices, which could cause a delay or scale-back in the capital expenditures or require the Company to seek other sources of additional capital.

About Lucas Energy

Lucas Energy, Inc. (AMEX:LEI) is a Houston, Texas based independent crude oil and gas company that indentifies, evaluates and acquires leasehold property interests, primarily in the Austin Chalk formation of South Texas, Southeast of San Antonio, that are underperforming or have been shut-in or plugged and abandoned. These properties are then revitalized by undertaking extensive re-entry and work-over procedures, including clean-up, repairs and treatments of the existing well bores and lateral extensions, as well as extending or drilling new laterals into previously nonproducing areas of the formation. By utilizing tight field and operating management controls, together with having a comprehensive understanding of the production characteristics of the Austin Chalk, the Company believes that it can increase reserves, improve production and maximize cash flow while avoiding most of the high risks of typical exploration projects.

The Company's headquarters are located at 6800 West Loop South, Suite 415, Bellaire (a suburb of Houston), Texas 77401.

Forward-Looking Statement

delay or suspend planned drilling operations or reduce production levels; and 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 oil and gas prices and other risk factors. The Company's complete filings with the Securities and Exchange Commission are available at http://www.sec.gov

CONTACT:  Lucas Energy, Inc.
          Brad Holmes, Director of Investor Relations
          713-654-4009
          bholmes@lucasenergy.com

HOUSTON, Feb. 26, 2008 (PRIME NEWSWIRE) -- Lucas Energy, Inc. (AMEX:LEI), a U.S. based independent oil and gas company, today announced that it has been named the fastest-growing company in the OGJ200 group for the third quarter, 2007, based on its 153% increase in stockholders' equity to $19 million in the third quarter 2007 from $7.5 million at March 31, 2007. Stockholders' equity is a primary factor for inclusion on the Oil and Gas Financial Journal list. Companies in the group must also be publicly traded, U.S.-based and generate positive, and increasing, net income. The Oil and Gas Journal cited Lucas Energy's acquisition of property in Gonzales County, Texas and its acquisition of a major stake in Bonanza Oil & Gas Inc., a Texas company, in the third and fourth quarters, respectively, as factors in this ranking.

James Cerna, CEO of Lucas Energy Inc., commented, "We are extremely honored with the recognition we have received by leading the OGJ200's fastest growing companies in the third quarter. We see this as a reflection of the success of our goal to identify, evaluate and revitalize underperforming oil and gas assets while continuously striving to enhance shareholder value. Our focus has always been to be profitable and maintain profitability. When we recently reported our results for the quarter ended December 31, 2007, we not only achieved record financial results, it was also our 11th consecutive quarter of profitability."

About Lucas Energy, Inc.

Lucas Energy, Inc. (AMEX:LEI) is an independent crude oil and gas company building a diversified portfolio of valuable oil and gas assets in the United States. The company is focused on identifying underperforming oil and gas assets, which are revitalized through a meticulous process of evaluation, application of modern well technology, and stringent management controls. This process allows the company to increase its reserve base and cash flow while significantly reducing the risk of traditional exploration projects. The Company's headquarters are located at 3000 Richmond Avenue, Suite 400, Houston, Texas 77098.

Forward-Looking Statements

The Lucas Energy logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=4192


CONTACT:  Lucas Energy, Inc.
          James Cerna, Jr., Chief Executive Officer
          713-528-1881

          Hayden Communications
          Investor Relations
          Peter Seltzberg
          646-415-8972
          peter@haydenir.com

HOUSTON, Jan. 15, 2008 (PRIME NEWSWIRE) -- Lucas Energy, Inc. (OTCBB:LUCE), a U.S. based independent oil and gas company, today announced the results of an independent study of the Company's oil and gas reserves performed by Forrest A. Garb and Associates, Inc., an independent licensed petroleum engineering firm based in Dallas.

The report estimates the undiscounted future net revenue (FNR) from these reserves at $92,674,580, or a discounted PV-10 of $54,555,200, which is commonly known as the SEC PV-10 figure. This equates to $1.34 per share in discounted (PV-10) Proved Reserves.

The reserve report, which is based on interests owned by Lucas Energy, Inc. in certain oil and gas properties located in Gonzales, Baylor, Karnes, and Wilson counties, Texas.

The total net reserves are 1,506,004 barrels of crude oil and 36.39 MMcf of natural gas, which breaks down as follows:


                                         Oil (MBbl)      Gas (MMcf)

 PROVED DEVELOPED PRODUCING                 229.64              --
 PROVED NONPRODUCING                         76.69           36.39
 PROVED UNDEVELOPED (PUD)                 1,119.70              --

 TOTAL PROVED                             1,506.04           36.39

The report did not include reserves attributed to the new wells drilled as part of the 2008 drilling program, or new properties acquired since April 1, 2007. The reserve report did not take into account any behind pipe, probable, or possible reserves that Lucas Energy may hold.

James J. Cerna, Chief Executive Officer of Lucas Energy, stated, "This gives our shareholders a better view of the Company's current assets and future net revenues. We will continue to build out our production and reserves through suitable acquisitions and drilling activities, while maintaining a low operating cost structure."

William A. Sawyer, Chief Operations Officer of Lucas Energy, said, "We are very pleased with this new independent report. Our acquisition of 1,000+ acres, 8 new wells, and new laterals drilled over the past few months, not included in the report, will surely add additional reserves to this calculation."

Complete financial results are available on at http://www.sec.gov.

Lucas Energy, Inc. (OTCBB:LUCE) (www.lucasenergy.com) is an independent crude oil and gas company building a diversified portfolio of valuable oil and gas assets in the United States. The company is focused on identifying underperforming oil and gas assets, which are revitalized through a meticulous process of evaluation, application of modern well technology, and stringent management controls. This process allows the company to increase its reserve base and cash flow while significantly reducing the risk of traditional exploration projects. The Company's headquarters are located at 3000 Richmond Avenue, Suite 400, Houston, Texas 77098.

The Lucas Energy logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=4192

The statements in this press release regarding any implied or perceived benefits from existing of oil and gas field properties, actual reserves and revenues to be derived from the reserves, plans to drill additional oil and gas wells, anticipated revenues, the acquisition of additional oil or gas leases, maintaining mineral lease rights, and any other effects resulting from any of the above are forward-looking statements. Such statements involve risks and uncertainties, including, but not limited to, the continued production of gas at historical rates, costs of operations, delays, and any other difficulties related to producing minerals such as oil or gas, continued maintenance of the oil field and properties, price of oil or gas, marketing and sales of produced minerals, risks and effects of legal and administrative proceedings and governmental regulation, future financial and operational results, competition, general economic conditions, and the ability to manage and continue growth.

The reserve values stated in the December 31, 2007 report are estimates and should not be interpreted as being exact quantities. They may or may not be actually recovered and the revenues stated in the report may be more or less than what will ultimately be recovered. While the reserve estimates presented in the report were believed reasonable at December 31, 2007, several factors may lead to a future revision of the reserve estimates presented in the report, including general economics, the Company's operations and reservoir performance.

Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents we file from time to time with the SEC. We undertake no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Cautionary Note to U.S. Investors

The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this press release such as "producing," "production," "discovery," "commercial viability," and "reserves" that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10-KSB for the year ended March 31, 2007 available by contacting Lucas Energy. You can also obtain this form from the SEC by calling 1-800-SEC-0330.

CONTACT:  Lucas Energy, Inc.
          Corporate:
          James Cerna, Jr.
            713-528-1881
          Media:
          Richard Angle
            866-513-5823 (LUCE)

HOUSTON, Jan. 2, 2008 (PRIME NEWSWIRE) -- Lucas Energy, Inc. (OTCBB:LUCE), a U.S.-based independent oil and gas company, is pleased to announce the acquisition of the Cone-Dubose Unit No.1 well, Christian (6800) Field, Gonzales County, Texas. The new 300 acre property offsets its Hagen Ranch No.3 well to the southwest and is part of the Company's plan to extensively develop the area.

The Cone-Dubose Unit No.1 well was acquired from an independent operator in the area and is currently shut in. The well was drilled in 1991 as a horizontal completion in the Austin Chalk formation. The total depth of the well is 13,673 feet although the vertical depth from the surface is only 8,983 feet, the lateral being the difference. The initial production rate from the well was reported as 1123 BOPD and 547 MCFPD in 1991. The Cone-Dubose Unit No.1 well produced 60,789 bbls of oil until 1998, when the well was shut in. Lucas Energy anticipates cleaning out the well in February 2008 and restoring production at that time, adding additional revenue to its growing portfolio of producing assets.

Since September 2007, Lucas has acquired over 1000 acres including eight new wells, all of which are suitable for workovers and/or new laterals. The Company will continue to aggressively expand its footprint in this area of the prolific Austin Chalk formation.

About Lucas Energy, Inc.

Lucas Energy, Inc. (OTCBB:LUCE) is an independent crude oil and gas company building a diversified portfolio of valuable oil and gas assets in the United States. The company is focused on identifying underperforming oil and gas assets, which are revitalized through a meticulous process of evaluation, application of modern well technology, and stringent management controls. This process allows the company to increase its reserve base and cash flow while significantly reducing the risk of traditional exploration projects. The Company's headquarters are located at 3000 Richmond Avenue, Suite 400, Houston, Texas 77098.

The Lucas Energy logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=4192

CONTACT:  Lucas Energy, Inc.
          Investor Relations:
          Richard Angle
          (866) 513-5823 (LUCE)
          angle@lucasenergy.com
          www.lucasenergy.com

HOUSTON, Sept. 20, 2007 (PRIME NEWSWIRE) -- Lucas Energy, Inc. (OTCBB:LUCE), a U.S.-based independent oil and gas company, today announced the drilling of a new horizontal leg in its Hagen Ranch No.3 well, located in the prolific Austin Chalk formation. The well has already produced more than 12,000 bbls of oil from a previous horizontal. It is expected that the lateral will be kicked off within the next 24 hours.

The Hagen Ranch No.3 well was acquired in 2006 and is located in Gonzales County, Texas. The well sits on a 1330 acre lease which has room for at least two additional wells. Currently, a 24-hour workover rig is on the location and the downhole directional motor and bit are being run into the hole. The old horizontal hole has been plugged back in preparation to drill a new horizontal hole in the opposite direction.

"With oil hitting new highs, we are pleased to start our first horizontal of our fiscal 2008 drilling program. We will continue our efforts to increase production," stated James Cerna Jr., CEO of Lucas Energy Inc.

The objective of this horizontal drilling program is to exploit the multiple pay zones and extend oilfield boundaries. Wells in the Austin Chalk are drilled with a horizontal leg in order to contact the fractures which contain trapped oil. Fractures are the main source of production in the Austin Chalk formation.

About Lucas Energy, Inc.

The Lucas Energy logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=4192

CONTACT:  Lucas Energy, Inc.
          Investor Relations:
          Richard Angle
          (713) 528-1881

HOUSTON, April 18, 2007 (PRIME NEWSWIRE) -- Lucas Energy, Inc. (OTCBB:LUCE), a U.S.-based independent oil and gas company, announced it has acquired the Team Bank No.1-H well, Wilson County, Texas. The well was drilled in 1992 and has cumulative production of 35,159 bbls of oil. The well is a horizontal that is currently producing from the Austin Chalk formation.

The Team Bank property is a 240 acre lease in an area that has not been fully developed. Lucas Energy, Inc. plans to boost production by cleaning out the current lateral and drilling an additional lateral from the current well bore. Further, Lucas Energy, Inc. plans to explore the potential for the Wilcox formation and the Poth formation on the lease.

This acquisition follows a succession of new properties which over the last seven months represents approximately 5,000-plus acres in leased assets in the Gonzales/Wilson County region.

The complete financial results for the first fiscal quarter ended December 31, 2006 are available on Form 10-QSB at http://www.sec.gov.

Lucas Energy, Inc. (OTCBB:LUCE) (www.lucasenergy.com) is an independent crude oil and gas company building a diversified portfolio of valuable oil and gas assets in the United States. The company is focused on identifying underperforming oil and gas assets, which are revitalized through a meticulous process of evaluation, application of modern well technology, and stringent management controls. This process allows the company to increase its asset base and cash flow through its investment portfolio, while significantly reducing the risk of traditional exploration projects. The Company's headquarters are located at 3000 Richmond Avenue, Suite 400, Houston, Texas 77098.

"Safe-Harbor" Statement Under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements regarding potential sales, the success of the company's business, as well as statements that include the word "believe" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Lucas Energy to differ materially from those implied or expressed by such forward-looking statements. Lucas Energy assumes no responsibility to update the information included herein for events occurring after the date hereof. Actual results could differ materially from those anticipated due to factors such as the lack of capital, timely development of products, inability of potential customers to pay, and political and economic risks inherent in international trade.

CONTACT: Lucas Energy, Inc.
         Corporate:
         James Cerna, Jr. CEO
           (713) 528-1881
         Media:
         Anthony DiMaio
           (917) 449-1177