Lucas Energy Announces Update on the Sale of the Eagle Ford and Eaglebine Properties
HOUSTON, April 19, 2012 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (LEI), an independent oil and gas company (the "Company" or "Lucas"), today announced that the ongoing activities to sell the Company's Eagle Ford and Eaglebine properties is moving forward at this time. Global Hunter is maintaining an active interest list in which there are five top prospects, of which one has visited the offices of Lucas to review the corporate technical presentation. There are additional parties which have expressed an interest in the properties but which have not visited the data room yet. Lucas is continuing to make contact with potential buyers for the properties.
Although the sale process has been slow, the Company is still optimistic that a transaction will occur in the near future. There are several reasons why the process has been slow. First, the calendar year first quarter is a time when most oil and gas companies are preparing end of year financial statements and reserves, and do not focus on acquisitions. Second, recent Pearsall Shale activity in the area of the Lucas properties has caused the Company to look at the potential benefit to the Lucas property sale. Third, Interest shown by other parties to joint venture with Lucas on the Eagle Ford and Eaglebine properties has led to discussions in that direction. Finally, activity in the Eaglebine area appears to be gaining momentum which could render the Lucas Eaglebine properties more valuable than originally anticipated.
It is the goal of Lucas to maximize value of the Eagle Ford and Eaglebine properties and convert them to cash for future development activities. Lucas would like to see the sale process move faster; however, since this trend is less than four years old, and there are two joint ventures with Marathon Oil in place, the transaction will move at its own speed.
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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 .
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Source: Lucas Energy 2012 GlobeNewswire, Inc.