The ticker for this stock is LEI.
Lucas Energy, Inc. (Lucas), incorporated on December 16, 2003, is a oil and gas company. The Company had approximately 15,000 gross acres of oil and gas leases in South Texas primarily in the Gonzales County, Texas area. The Company is focused on building, revitalizing and developing a portfolio of oil and gas properties. As of March 31, 2009, the Company operated 26 producing wells that produce approximately 125–135 barrels of oil per day (BOPD), gross. It also controls another 16 shut-in or plugged wellbores. During the fiscal year ended March 31, 2009 (fiscal 2009), the Company’s oil production was 52,585 gross barrels of oil produced, and 41,209 net barrels of oil to its fractional royalty interest in the production. The Company owns 100% working interests in all but one of its operated wells. It also holds non operating interests in three wells in Gonzales, Texas.
The Company has completed its initial lateral, the Hagen Ranch #3 and its second lateral, the Perkins Oil Unit #1. These wells have produced during fiscal 2009, approximately 9,918 barrels of oil, net to its interest. The Company’s revenues are derived from the sale of the oil that it produces from the wells. The Company derives ancillary revenue from associated natural gas produced in connection with production from its oil wells. The Company has acquired and hold oil and gas lease acreage totaling approximately 15,159 and 12,630 gross and net acres, respectively. As of March 31, 2009, the Company had proved undeveloped properties consisted of 21 new laterals available to drill, 19 old laterals and seven shut in and plugged and abandoned wells identified for re-entry.
The following are some of their key developments.
Research a stock: Latest Key DevelopmentsLucas Energy, Inc. Announces Drilling Begins On Wilson County Re-Entry Well
Thursday, 25 Mar 2010 12:28pm EDT
Lucas Energy, Inc. announced that it began the re-entry of the Ebrom No.1 well on March 19, 2010. The well is a re-entry of a straight hole well in the Austin Chalk formation. The well is expected to be completed within the next few weeks. – – – – – (repeated)
Lucas Energy, Inc. Announces Letter Of Intent For New Joint Venture
Monday, 1 Mar 2010 01:02pm EST
Lucas Energy, Inc. announced that it has entered into a Letter of Intent for a new joint venture with a large, privately owned, oil and gas company. The Letter of Intent is nonbinding, subject to completion of a purchase and sale agreement which is anticipated to be completed prior to the end of the Company’s fiscal year, March 31, 2010. The purpose of the proposed joint venture is the development of the Eagleford Shale properties owned by Lucas Energy, Inc. in Gonzales County, Texas. The joint venture partner will acquire an 85% working interest in the deep rights, including the Eagleford Shale formation. Lucas will retain a 15% working interest. The joint venture does not include any producing wells or current production sale at closing. The joint venture is estimated to provide Lucas with $1.00 per share in cash and other considerations. – – – – – (repeated)
Lucas Energy, Inc. And Terra Energy & Resource Tech., Inc. Joint Development Of Oil And Gas Properties In Texas Commences
Monday, 22 Feb 2010 07:05am EST
Lucas Energy, Inc. and Terra Energy & Resource Technologies, Inc. announced that they are initiating three projects for development of oil and gas properties in Atascosa County, Texas, utilizing the application of Terra’s technologies on the Lucas Energy licensed territories. Lucas Energy accepted the proposal of Terra Energy & Resource Technologies for the application of its STeP and NAGS technologies, according to which Terra will survey three separate leases in Texas. Pursuant to this joint venture, Terra will provide its technology services to Lucas Energy on a substantially reduced fee basis, and Lucas Energy is to assign to Terra a 5% free-carried-interest in connection with the oil and gas production from any additional recompletions, or new drilling from the three properties, and grant Terra up to 30% in non-promoted participation interest. – – – – – (repeated)
Lucas Energy, Inc. And Terra Energy & Resource Tech., Inc. Announce Joint Venture For Development Of Oil And Gas Properties In Texas
Lucas Energy, Inc. Commences Kayla Unit No.1 Drilling
Wednesday, 7 Oct 2009 09:01am EDT
Lucas Energy, Inc. announced the commencement of drilling the Kayla Unit No.1 well, Gonzales County, Texas, a re-entry of a horizontal in the Austin Chalk formation. The well was spudded on September 28, 2009 and is expected to be completed within two weeks. The well was originally drilled in 1991 and plugged and abandoned in 2005. Lucas will re-enter the well and clean out the horizontal leg acidizing the lateral in stages to restore production. –
Tuesday, 18 Aug 2009 06:40pm EDT
Lucas Energy, Inc. 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 second 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. Specific temporary revisions made to the terms and conditions of the 2007 Warrants are: 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. –
Lucas Energy, Inc. Comments On Q2 2009 Earnings Guidance
Monday, 17 Aug 2009 11:15am EDT
Lucas Energy, Inc. announced that for second quarter of 2009, it expects to return to profitability. – – – – – (repeated)
Savoy Energy Corporation Signs Letter of Intent To Acquire 100% Working Interest Of Producing Texas Oil Well From Lucas Energy, Inc.
Wednesday, 3 Jun 2009 08:30am EDT
Savoy Energy Corporation announced that it has signed a letter of intent to acquire 100% of the working interest of the Wright Well in Gonzalez County, Texas from Lucas Energy, Inc. This pending transaction would increase Savoy Energy’s current working interest by 65% and would give the Company full control of a producing well with extensive reserves of both gas and sweet crude oil. – –
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