lucas energy inc (LEI) Key Developments
Lucas Energy, Inc. Announces Completion of Settlement Agreement with Seidler Oil & Gas, L.P
Apr 9 13
Lucas Energy, Inc. announced that it has completed the previously announced settlement agreement with Seidler Oil & Gas, L.P. Effective April 8, 2013, the company received all of the required private investor releases; paid Seidler related legal fees; and returned approximately $1.3 million in prior investments to its investors. As a result of the above, the Seidler litigation matter is completely settled, Seidler released the company, its current and past officers, directors and agents from associated claims and Seidler has agreed to dismiss the previously filed lawsuit with prejudice. In addition, the private investors also agreed to release the company, Seidler, and their respective past and present affiliates from any and all claims.
Lucas Energy, Inc. Appoints William J. Dale as Chief Financial Officer, Treasurer and Secretary
Apr 8 13
Effective April 4, 2013, Lucas Energy, Inc. appointed William J. Dale as the company’s Chief Financial Officer, Treasurer and Secretary. Prior to joining the company, Mr. Dale served as a finance and account consultant to various entities in the oil and gas industry (including the company) from March 2012 to April 2013.
Lucas Energy, Inc. Enters into a Settlement and Release Agreement with Nordic Oil USA 1, LLLP
Apr 2 13
Lucas Energy, Inc. announced that it has entered into a Settlement and Release Agreement with Nordic Oil USA 1, LLLP in which the parties have agreed to terminate their October 13, 2011 purchase and sale agreement. The amicable settlement resolves litigation filed by Nordic seeking payment of the principal, accrued interest, attorney's fees and other damages relating to a $22 million, 6% promissory note due November 17, 2012 that had been issued by Lucas. In summary, Lucas has agreed to pay Nordic a total of $1.1 million over the next six months and has assigned certain oil and gas interests to Nordic. The assets assigned represent less than 18% of Lucas' total proved reserves and less than 5% of its current production. Lucas also provided an update concerning its previously announced Settlement Agreement with Seidler Oil & Gas, L.P. The settlement is conditioned upon receipt of executed releases from certain private investors prior to March 31, 2013. Despite active efforts, Lucas has not yet received all of the necessary releases to close on the settlement. Lucas remains in close contact with Seidler Oil & Gas and is confident it can secure the required releases in the near future.
Lucas Energy, Inc. Announces Resignation of Peter K. Grunebaum from the Board of Directors
Mar 7 13
Effective March 1, 2013, Peter K. Grunebaum resigned from the board of directors of Lucas Energy, Inc. due to health reasons. Effective March 3, 2013, Joshua D. Young resigned from the Board of Directors of the company to pursue other endeavors. Neither Mr. Grunebaum nor Mr. Young resigned from the Board of Directors in connection with a disagreement with the company on any matter relating to the company’s operations, policies or practices. Mr. Grunebaum did not serve on any committees of the Board of Directors (Mr. Grunebaum served on the Audit Committee of the Board of Directors until February 11, 2013, at which time he was replaced on such committee by W. Andrew Krusen, Jr.). Mr. Young served on the Compensation Committee and Nominating and Governance Committee. Effective in connection with Mr. Young’s resignation, J. Fred Hofheinz was appointed to the Nominating and Governance Committee to fill the vacancy left by Mr. Young’s resignation.
Lucas Energy, Inc. Reports Earnings and Operating Results for the Third Quarter and Nine Months Ended December 31, 2012
Feb 14 13
Lucas Energy, Inc. reported earnings and operating results for the third quarter and nine months ended December 31, 2012. For the quarter, the company reported a net loss of $2.7 million, or $0.10 per diluted share, versus a net loss of $2.2 million, or $0.11 per diluted share, for the same quarter last year. Revenue increased 48% to $1.9 million compared to $1.3 million the same period last year.
For the quarter, the company's average production increased 37% to 215 net barrels of oil equivalent per day (‘boe/d’) compared to the same quarter last year of 157 net boe/d.
For the nine months, the company reported a net loss of $6.2 million, or $0.25 per diluted share, versus $5.1 million, or $0.28 per diluted share, for the same nine month period last year. Revenue increased 82% to $6.4 million compared to $3.5 million the same period last year.
For the nine months, the company's average production increased 69% to 243 net boe/d compared to the same period last year of 144 net boe/d.