HOUSTON, Aug. 13, 2008 (PRIME NEWSWIRE) -- Lucas Energy, Inc. (AMEX:LEI), a U.S. based independent oil and gas company reports the financial results from operations for the first quarter of fiscal year 2009.
For the first quarter of fiscal year 2009 the Company reports:
* An increase in total revenues of 162% to $1,323,804 from $504,814 for the quarter ending June 30, 2007. This increase in revenues was due to an increase in production as well as an increase in the price per barrel received. Production for the quarter ended June 30, 2008 was 10,666 barrels of oil (net) compared to 7,934 barrels of oil for the same period a year ago. Average price per barrel was $123.12 in the first quarter of fiscal year 2009 compared to $61.88 for the same period a year ago. * EBITDA from Oil and Gas operations increased to $790,084 or $0.08 a share for the quarter ended June 30, 2008, an increase of 381% from $164,178 for the quarter ended June 30, 2007. * Net income for the quarter ended June 30, 2008 increased to $1,390,130 from $25,666 for the same period in 2007. * Income per share for the first quarter of FY 2009 was $0.14 compared to $0.00 for the first quarter of FY 2008. * Shareholder Equity increased to $21,555,481 or $2.10 a share.
Management Comments
Mr. James Cerna, CEO of Lucas Energy, said, "The outstanding quarterly results represent the most profitable quarter ever for the company. This continuous growth is the direct result of our focus on developing our oil and gas portfolio efficiently and meticulously. We focused much of our time and energy during the quarter on increasing our land holdings in South Texas and further increasing reserves." Mr. Cerna went on to say, "For the remainder of our fiscal year we will focus on increasing production by increasing the number of producing wells we have in South Texas."
Lucas Energy filed a form 10-Q with the Securities and Exchange Commission today which contains all complete details of the results of operations for the first quarter of fiscal year 2009. Full financial tables are contained at the end of this press release.
About Lucas Energy
Lucas Energy, Inc. (AMEX:LEI) is an independent crude oil and gas company building a diversified portfolio of valuable oil and gas assets in the United States. The company is focused on identifying underperforming oil and gas assets, which are revitalized through a meticulous process of evaluation, application of modern well technology, and stringent management controls. This process allows the company to increase its reserve base and cash flow while significantly reducing the risk of traditional exploration projects. The Company's headquarters are located at 3000 Richmond Avenue, Suite 400, Houston, Texas 77098.
The Lucas Energy logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=4192
Use of Non-GAAP Financial Measures
In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, Lucas Energy uses EBITDA, a non-GAAP measure of operating income (loss), net income (loss) and income (loss) per share, which are adjustments from results based on GAAP to exclude Depreciation and Amortization, Interest Expense/Income, Other Income/Expense and Taxes as reconciled in the financial statements below. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. Management uses both GAAP and non-GAAP information in evaluating and operating business internally and as such deemed it important to provide all this information to investors.)
Forward-Looking Statement
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement identified by the words "expects," "projects," "plans," "feels," "anticipates" and certain of the other foregoing statements may be deemed "forward-looking statements." Although Lucas Energy believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this press release. These include risks inherent in the drilling of oil and natural gas wells, including risks of fire, explosion, blowout, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks inherent in oil and natural gas drilling and production activities, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; risks with respect to oil and natural gas prices, a material decline in which could cause the Company to delay or suspend planned drilling operations or reduce production levels; and risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in oil and gas prices and other risk factors. The complete filing is available at http://www.sec.gov
Lucas Energy, Inc.
Consolidated Statements of Operations
For the Three Months Ended June 30, 2008 and 2007
(Unaudited)
For the Three For the Three
Months Ended Months Ended
June 30, June 30,
2008 2007
REVENUES
Oil and gas revenues $ 1,323,804 $ 494,814
Consulting income -- 10,000
------------ ------------
Total Revenues 1,323,804 504,814
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EXPENSES
Lease operating expenses 270,910 162,716
Depreciation and depletion 203,983 55,185
General and administrative 262,810 177,920
------------ ------------
Total Expenses 737,703 395,821
------------ ------------
INCOME FROM OPERATIONS 586,101 108,993
------------ ------------
OTHER INCOME (EXPENSES)
Unrealized gain on investments, net 1,645,315 --
Realized loss on investment (125,420) --
Interest income 1,774 3,743
Interest expense -- (83,147)
------------ ------------
Total Other Expenses 1,521,669 (79,404)
------------ ------------
NET INCOME BEFORE INCOME TAXES 2,107,770 29,589
INCOME TAX EXPENSE 717,640 3,923
------------ ------------
NET INCOME $ 1,390,130 $ 25,666
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UNREALIZED HOLDING GAIN (LOSS) ON
MARKETABLE EQUITY SECURITIES -- 30,000
------------ ------------
COMPREHENSIVE INCOME $ 1,390,130 $ 55,666
============ ============
INCOME PER SHARE - BASIC AND DILUTED $ 0.14 $ 0.00
============ ============
WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING - BASIC AND DILUTED 10,246,189 29,792,429
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Lucas Energy, Inc.
Consolidated Balance Sheets
(Unaudited)
June 30, March 31,
2008 2008
CURRENT ASSETS
Cash $ 512,857 $ 1,142,386
Marketable securities 4,108,670 2,388,355
Accounts receivable - oil and gas 417,800 559,886
Other current assets 14,119 38,849
------------ ------------
TOTAL CURRENT ASSETS 5,053,446 4,129,476
------------ ------------
OIL AND GAS PROPERTIES, FULL COST METHOD
Properties subject to amortization 19,928,717 18,978,699
Properties not subject to amortization -- --
Accumulated depletion (1,045,335) (846,470)
------------ ------------
OIL AND GAS PROPERTIES, NET 18,883,382 18,132,229
------------ ------------
FIXED ASSETS, NET OF ACCUMULATED
DEPRECIATION OF $363 AND $0 2,037 2,255
OTHER ASSETS 86,986 51,766
------------ ------------
TOTAL ASSETS $ 24,025,851 $ 22,315,726
============ ============
CURRENT LIABILITIES
Accounts payable and accrued expenses $ 769,612 $ 1,174,737
------------ ------------
TOTAL CURRENT LIABILITIES 769,612 1,174,737
------------ ------------
NON-CURRENT LIABILITIES
Asset retirement obligation 148,992 141,512
Deferred tax liabilities 1,551,766 834,126
------------ ------------
TOTAL LIABILITIES 2,470,370 2,150,375
------------ ------------
STOCKHOLDERS' EQUITY
Preferred stock, 10,000,000 shares
authorized of $0.001 par value, no
shares issued and outstanding
Common stock, 100,000,000 shares
authorized of $0.001 par value,
10,246,189 and 10,246,189 shares
issued and outstanding 10,246 10,246
Additional paid-in capital 18,518,806 18,518,806
Retained earnings 3,026,429 407,046
Accumulated other comprehensive income -- 1,229,253
------------ ------------
TOTAL STOCKHOLDERS' EQUITY 21,555,481 20,165,351
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 24,025,851 $ 22,315,726
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