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lucas energy inc (58L) Snapshot

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09/9/13 - €1.02
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lucas energy inc (58L) Details

Lucas Energy, Inc. operates as an independent oil and gas company in Texas. It is engaged in the acquisition and development of crude oil and natural gas from various formations, including the Austin Chalk, Eagle Ford, and Buda formations located primarily in Gonzales, Wilson, Karnes, and Atascosa counties south of the city of San Antonio; and the Eaglebine, Buda, and Glen Rose formations located in Leon and Madison counties north of the city of Houston, Texas. As of March 31, 2014, the company had leasehold interests in approximately 17,628 gross acres. Its estimated net proved reserves were 5.6 million barrels of oil equivalent comprising 5.0 million barrels of crude oil reserves and 3.3 billion cubic feet of natural gas reserves. Lucas Energy, Inc. is headquartered in Houston, Texas.

11 Employees
Last Reported Date: 08/14/14

lucas energy inc (58L) Top Compensated Officers

Chief Executive Officer, President, Interim C...
Total Annual Compensation: $290.0K
Compensation as of Fiscal Year 2014.

lucas energy inc (58L) Key Developments

Lucas Energy, Inc. Announces Earnings Results for the First Quarter Ended June 30, 2014

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.

Lucas Energy, Inc. Announces Joint Venture with Oak Valley Resources, LLC to Develop its Karnes County Acreage in the Eagle Ford Shale

Lucas Energy, Inc. announced that it has signed a binding participation agreement with Oak Valley Resources, LLC to jointly develop the company's Karnes County, Texas acreage in the Eagle Ford shale formation. At closing Lucas will receive $444,000 for a 50% working interest on approximately 400 acres. OVR will manage the drilling of the wells and each company will bear 50% of the drilling and completion costs. Once the wells are on production and initial oil sales begin, all revenues and operating costs will also be split between the parties on a 50%/50% basis. The first well is expected to be spudded no later than December 2014. The joint venture expects to drill a minimum of four wells on the property.

Lucas Energy, Inc. Reports Earnings Results for the First Quarter Ended June 30, 2014

Lucas Energy, Inc. reported earnings results for the first quarter ended June 30, 2014. For the quarter, the company's net operating revenues were $942,000 compared to $1,482,000 a year ago. Net loss was $1,254,000 or $0.04 per diluted share compared to $945,000 or $0.04 per diluted share a year ago. Cash used in operating activities was approximately $0.8 million or 51% less than cash used during the same period last year. Cash used in investing activities was 11% less for the first quarter of 2015, compared to the first quarter of 2014, reflecting the additions to oil and gas properties, and cash provided by financing activities was 25% lower, for a total net increase in cash by almost three-fold of $0.2 million compared to a $0.1 million decrease in the same period last year.


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