Fri, Aug. 28, 12:46 PM
Mon, Aug. 17, 12:44 PM
Fri, Aug. 14, 4:18 PM
Mon, Jul. 27, 12:48 PM
Wed, Jul. 15, 5:41 PM
- Lucas Energy (NYSEMKT:LEI) fell 32% in today's trade after warning earlier that it was not generating enough revenue to cover expenses, casting doubts on its future viability unless it can secure additional funding to develop its assets in Texas' Eagle Ford shale formation.
- LEI said it was actively discussing potential strategic transactions to improve its liquidity, but that it has no specific deals in place yet.
- The warning came as it announced a FQ4 net loss of $1.1M, nearly unchanged from the year-ago quarter, while revenue fell 64% Y/Y to $400K.
Tue, Jul. 14, 5:51 PM
Mon, May 18, 2:58 PM
- A deal that would have provided a financial lifeline to cash-strapped Lucas Energy (LEI -10.1%) is terminated after proposed merger partner Victory Energy (OTCQX:VYEY -24.1%) backs out of the agreement.
- Victory also says it will not extend further credit to Lucas.
- The companies say they are working to finalize the terms of a mutual settlement and release agreement.
Wed, Mar. 4, 2:42 PM
- Lucas Energy (LEI +10.9%) regains compliance with credit covenants after signing collaboration and funding agreements with Victory Energy (OTCQX:VYEY +31.2%).
- The collaboration deal transfers rights to seven Eagle Ford wells to Victory, which will fund development of the wells.
- In the funding agreement, all loans made by Victory under this agreement are secured by a pledge of LEI treasury stock.
Tue, Feb. 17, 4:56 PM
Wed, Feb. 4, 12:43 PM
- Lucas Energy (LEI +68%) says it is working toward a merger with west Texas operator Victory Energy and will seek capital to drill in the Eagle Ford Shale.
- The two companies have not yet signed a definitive merger agreement but say any deal likely would not involve cash payments; LEI probably would issue equity to Victory shareholders.
- They say they are negotiating terms of a funding agreement for Victory to provide the capital LEI needs for wells in the Eagle Ford Shale in south Texas and other costs.
Mon, Feb. 2, 4:39 PM
- Lucas Energy (NYSEMKT:LEI) says it has defaulted on a debt payment due in December, and is looking to sell itself or draw a project financing agreement.
- Lucas’ lender has bot yet taken any actions, waiving an interest payment due this month and reserving the right to enter a new agreement with the company or enforce other rights it has when the company defaults.
- LEI says it has cut operating expenses and its G&A costs by $2M/year and has maintained its oil and gas production in the Eagle Ford Shale in Texas.
Nov. 14, 2014, 4:58 PM
Aug. 26, 2014, 7:59 AM
- Lucas Energy (NYSEMKT:LEI) announces a joint venture with Oak Valley Resources to develop LEI's Karnes County acreage in the Eagle Ford shale; at closing, LEI will receive $444K for a 50% working interest on ~400 acres.
- Oak Valley will manage the drilling of the wells, and each company will bear 50% of the drilling and completion costs.
- The first well is expected to be spudded no later than Dec. 2014.
Aug. 14, 2014, 4:43 PM
Jun. 27, 2014, 5:14 PM
Apr. 16, 2014, 8:06 AM
LEI vs. ETF Alternatives
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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