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As of 2:21 PM 03/27/15 All times are local (Market data is delayed by at least 15 minutes).

lucas energy inc (58L) Snapshot

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04/4/14 - €0.62
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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: 02/17/15

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. Amends Terms of Loan Agreement

On February 23, 2015, Lucas Energy, Inc. entered into a letter agreement with Louise H. Rogers, the company's senior lender pursuant to that certain Letter Loan Agreement and Promissory Note, as amended by the Amended Letter Loan Agreement and Amended and Restated Promissory Note effective April 29, 2014, and the Second Amended Letter Loan Agreement and Second Amended and Restated Promissory Note effective November 13, 2014. Pursuant to the Letter Agreement, the parties agreed that the interest payments due under the promissory note for January, February and March 2015 (which January and February 2015 interest payments were not previously made by the company) would be added to the principal amount of the promissory note and be due at maturity; and that interest only payments on the promissory note at the rate of 12% per annum (compared to 15% per annum pursuant to the Second Amended and Restated Promissory Note, and 18% per annum as a result of various events of default which occurred under the loan documents prior to the parties' entry into the Letter Agreement) would be due between April 2015 and August 2015 compared to the terms of the Second Amended and Restated Promissory Note, which required amortizing principal payments every month between December 2014 and August 2015 (which amortizing payments the company failed to pay from December to February 2015). The Letter Agreement also provides the company the right to extend the maturity date of the promissory note to September 13, 2015, by paying an extension fee of 2% of the remaining balance of the note on or before the current maturity date (August 13, 2015), and to thereafter further extend the maturity date of the promissory note to October 13, 2015, by paying an additional extension fee of 2% of the then remaining balance of the note on or before the September 13, 2015 extended maturity date. The company also agreed to pay the lender all current and past due credit administration and legal fees, a $50,000 loan amendment fee upon final repayment of the promissory note, and to require that the newly formed entity (Newco) which the company plans to form with Victory Energy Corporation (in connection with its planned merger, and prior to the consummation of such merger, its planned arrangement whereby Victory will fund various of the company's wells), to provide the lender a promissory note in the amount of $250,000, payable within 90 days following the termination of its proposed merger transaction with Victory, provided that if the planned merger transaction with Victory is consummated, such promissory note will be cancelled, provided further that it will still owe the lender all amounts due under its Letter Loan Agreement and promissory note, each as amended, with the Lender.

Lucas Energy, Inc. Reports Earnings and Production Results for the Third Quarter and Cash Flow Results for the Nine Months Ended December 31, 2014

Lucas Energy, Inc. reported earnings and production results for the third quarter and cash flow results for the nine months ended December 31, 2014. For the third quarter, the company reported net operating revenues of $683,000 compared to $1,360,000 a year ago. Operating loss was $870,000 compared to $816,000 a year ago. Loss before income taxes was $1,307,000 compared to $1,131,000 a year ago. Net loss was $1,307,000 or $0.04 per diluted share compared to $1,131,000 or a loss of $0.04 per diluted share a year ago. Results were negatively impacted by certain non-recurring items primarily related to severance costs associated with recent staff reductions and other restructuring initiatives. For the quarter, average production volumes were 105 net barrels of oil equivalent per day (BOEPD) compared to 113 BOEPD in the fiscal second quarter and 158 BOEPD in the same period last year.  The production decline was largely a result of curtailed capital expenditures as they pursued strategic alternatives as directed by Board of Directors.  For the first nine months of fiscal 2015, cash used in operating activities was approximately $1.2 million or 65% less than cash used during the same period last year.

Lucas Energy, Inc., Annual General Meeting, Mar 25, 2015

Lucas Energy, Inc., Annual General Meeting, Mar 25, 2015., at 09:00 Central Standard Time. Location: at The Houston City Club, Plaza Room. Agenda: To elect three Directors to the company’s Board of Directors, each to serve a term of one year and until their respective successors have been elected and qualified, or until their earlier resignation or removal; to authorize the Board of Directors of the Company to effect a reverse stock split of outstanding common stock in a ratio of between one-for-ten and one-for-fifty-five; to ratify the appointment of Hein & Associates LLP, as the Company’s independent auditors for the fiscal year ending March 31, 2015; to approve the adjournment of the Annual Meeting, if necessary or appropriate, to solicit additional proxies if there are insufficient votes at the time of the Annual Meeting for a quorum or to approve any of the proposals above; and to transact such other business as may properly come before the annual meeting or any adjournment thereof.


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