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.
Dec. 26, 2012, 3:38 PM
Lucas Energy (LEI +19%) soars after saying it recently completed the sale of it Baker Deforest Unit, located in Gonzales and Dewitt Counties, Texas, for $4M. The company on Friday also announced the appointment of Ryan J. Morris as its chairman of the board of directors and amended and restated its bylaws, including the reduction of the required ownership percentage of stockholders required to call a special meeting to at least 10% of all shares entitled to vote, which is down from 30%.| Dec. 26, 2012, 3:38 PM