In a January article about Lucas Energy (NYSEMKT:LEI), I wrote about a company that faced many challenges. Those challenges can be summarized as figuring out a way to generate a profit from a company I believe has a valuable asset base. In an industry that has been booming with capital spending and has garnered much media attention, earning a profit remains a challenge. Improved technology with the use of hydraulic fracturing and 3-D seismic has tremendously increased the accessibility and therefore economic viability of oil and gas reserves in tight oil and shale formations. This transformation of the industry has happened over a relatively short period of time and because of that, companies have participated in land grabs...
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