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Thu, Jan. 21, 12:45 PM
Wed, Jan. 6, 9:18 AM
Tue, Jan. 5, 9:15 AM
Mon, Jan. 4, 10:31 AM
- Lucas Energy (LEI -4.1%) is downgraded to Sell with a $1 price target at Euro Pacific Capital after shares spiked on Thursday.
- The firm says LEI is operating as a shell company looking for reverse-merger acquisition candidates after recently transferring its assets and debt obligations to a special purpose subsidiary that has no recourse to the parent company, and says it would be surprised to see a lender extend borrowing capacity on a credit facility for this purpose.
- With no asset base, Euro Pacific says its $1 target represents option value acting as a potential reverse-merger vehicle.
Mon, Jan. 4, 9:17 AM
Dec. 31, 2015, 12:40 PM
Dec. 31, 2015, 10:57 AM
- Microcap Lucas Energy (LEI +392.7%) has struck a deal with 21 entities and individuals to buy interests in Oklahoma oil and gas-producing properties and undeveloped acreage. It's paying $5M in cash, assuming $31.4M in debt, and issuing 13M common shares and 552K preferred shares. The preferred shares are convertible into 3.94M common shares at $3.50/share, and will bear a 6% interest rate.
- Lucas: "The properties currently produce in excess of 1,200 net barrels of oil equivalent per day (BOE/d), of which 53% are liquids from 114 producing wells. The bulk of the production is from the Hunton formation holding approximately 43,000 gross acres (9,900 net acres) in central Oklahoma. Further, offset development drilling opportunities for at least 40 additional wells have already been identified. According to a recent third-party reserve report (as of December 1, 2015), total proved developed reserves (PDP) are 5.4 million barrels of oil equivalent (MMBOE) comprised of 6% oil, 47% natural gas liquids (NGL) and 47% natural gas."
- A Q1 closing is targeted. Lucas still needs to place a commercial bank facility to finance its $5M cash payment. Post-closing, the company will have 14.5M common shares to go with its preferred shares.
Sep. 22, 2015, 12:42 PM
Sep. 2, 2015, 12:40 PM
Sep. 1, 2015, 3:47 PM
- Lucas Energy (LEI +40.7%) enjoys one of the day's rare rallies after saying had secured a new $2.4M line of credit, boosting its borrowing capacity to $200K/month over the next year.
- Borrowing under the new credit line is subject to several restrictions, including LEI's stock continuing to trade on the NYSE; loans will be recorded as convertible promissory notes with a $1.50/share exchange rate, subject to shareholder approval, and paying 6% yearly interest.
- LEI also says it amended terms of its senior secured note, extending its due date to Oct. 31, 2016.
Sep. 1, 2015, 12:46 PM
Aug. 31, 2015, 12:47 PM
Aug. 28, 2015, 12:46 PM
Aug. 17, 2015, 12:44 PM
Aug. 14, 2015, 4:18 PM
- Lucas Energy (NYSEMKT:LEI): FQ1 EPS of -$0.73
- Revenue of $0.39M (-58.5% Y/Y)
Jul. 27, 2015, 12:48 PM
Lucas Energy Inc is an oil and gas company. It is engaged in the development and acquisition of onshore properties in Texas. Its operations are located in the Eagle Ford and Austin Chalk trends in Wilson and Gonzales counties.
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