lucas energy inc (LEI) Key Developments
NYSE MKT Grants Extension To Lucas Energy, Inc. To Regain Compliance With Continued Listing Standards
Dec 16 14
Lucas Energy, Inc. announced that the NYSE MKT (Exchange) notified the company that it has been granted an extension until January 31, 2015 to regain compliance with the NYSE MKT continued listing standards. The company had previously presented its plan of compliance on March 28, 2014 in a letter to the Exchange, in response to a notice that the company was below certain of the NYSE MKT continued listing standards, as set forth in Section 1003(a)(iii) of the NYSE MKT Company Guide, due to its financial condition. By virtue of the conditions described in the March letter and subsequent letters in July and November 2014, the company was granted until December 4, 2014 to regain compliance with the NYSE MKT continued listing standards, provided that certain conditions are met by the company (as described by the company in its Plan, as amended). Based on information provided by the company through December 4, 2014, the Exchange has determined that Lucas Energy has made a reasonable demonstration of its ability to regain compliance by the end of the revised period which has been extended to January 31, 2015. At the end of the revised plan period, the company must be in compliance with the Exchange's continued listing standards. Failure to demonstrate adequate progress within that timeframe will result in the Exchange Staff initiating delisting proceedings pursuant to Section 1009 of the Company Guide.
Lucas Energy, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended September 30, 2014; Reports Production Results for the Second Quarter Ended September 30, 2014
Nov 14 14
Lucas Energy, Inc. reported earnings results for the second quarter and six months ended September 30, 2014. For the quarter, the company reported net operating revenues of $993,000 against $1,227,000 a year ago. Operating loss was $1,100,000 against $1,221,000 a year ago. Loss before income taxes was $1,475,000 against $1,559,000 a year ago. Net loss was $1,489,000 against $1,559,000 a year ago. The recent results were negatively impacted by certain non-recurring items primarily related to legal expenses associated with potential funding and other strategic transactions, none of which have been finalized or completed to date.
For the quarter, average production volumes were 113 net barrels of oil equivalent per day (BOEPD), a 10% sequential increase over the prior quarter but down approximately 14% from the same period last year. The year-over-year decrease in production was primarily related to lower volumes from Griffin #2 and Hagen #1 wells, partially offset by an increase in volumes at Gatlin well.
For the first six months of fiscal 2015, cash used in operating activities was approximately $1.1 million or 53% less than cash used during the same period last year.
Lucas Energy, Inc. Announces Director Changes
Oct 14 14
Effective October 10, 2014, Ken Daraie, W. Andrew Krusen, Jr. and Ryan J. Morris each resigned as members of the Board of Directors of Lucas Energy, Inc. Mr. Daraie served as the Chairman of the Board, Chairman of the Audit Committee, Member of the Compensation Committee and Member of the Nominating and Corporate Governance Committee at the time of his resignation. Mr. Krusen served as Chairman of the Compensation Committee at the time of his resignation. Mr. Morris served as Chairman of the Compensation and Nominating Committee and a Member of the Compensation Committee at the time of his resignation. As a result of the resignations, the Board of Directors of the Company currently consists of Anthony C. Schnur (also the Chief Executive Officer and Interim Chief Financial Officer), J. Fred Hofheinz and Fred S. Zeidman. Mr. Hofheinz and Mr. Zeidman are considered independent directors under applicable rules. Effective in connection with the resignations above, Fred S. Zeidman was appointed to the Nominating and Corporate Governance Committee of the Board, joining J. Fred Hofheinz on such committee, and J. Fred Hofheinz was appointed to the Compensation Committee of the Board, joining Fred S. Zeidman on such committee. Mr. Zeidman was also appointed as the Chairman of the Audit Committee. Mr. Zeidman is financially sophisticated and qualifies as an audit committee financial expert under applicable rules.
LEI Explores Strategic Alternatives
Sep 23 14
Candagua originally acquired the shares of Lucas reported in the Schedule 13D for investment purposes. However, Candagua now believes that Lucas Energy, Inc. (AMEX:LEI) should explore strategic alternatives as a means to enhance or maximize value for its stockholders.
Lucas Energy, Inc. Announces Earnings Results for the First Quarter Ended June 30, 2014
Aug 28 14
Lucas Energy, Inc. announced earnings results for the first quarter ended June 30, 2014. For the quarter, the company reported net loss of $1.25 million or $0.04 loss per share compared to a net loss of $944,744 or $0.04 loss per share for the same quarter ended June 30, 2013. Total revenues were $941,920 compared to $1.48 million for the same quarter ended June 30, 2013. Operating loss was $835,680 compared to $762,275 for the same quarter ended June 30, 2013.