HOUSTON, Nov. 13, 2007 (PRIME NEWSWIRE) -- Lucas Energy, Inc. (OTCBB:LUCE), a U.S. based independent oil and gas company, is pleased to announce results from the Company's second fiscal quarter financial statements ending September 30, 2007.
The following are highlights from the FY 2008 second quarter financial results of the Company. Shareholders or interested parties are encouraged to review the complete statements for further details.
Highlights for the 3 month period ending September 30, 2007 --
* Total shareholder equity increased to $18,973,258
* Total assets increased to $20,538,817
* Early payment of $2,300,000 note now makes Lucas debt free
In addition, total revenues increased to $926,487 for the six month period ending September 30, 2007 versus $514,421 for the same six month period in 2006, representing an improvement of over 80%. Net income for the second quarter was $104,956 vs. $120,206 for the year prior.
Operational Update --
On October 25, 2007 Lucas Energy exchanged its stake in the ApClark prospect, an oil and gas property covering approximately 6,700 acres located in the ApClark field in Southwestern Borden County, Texas, for 3,000,000 shares of Bonanza Oil & Gas representing a 24.6% stake in the company.
During the period ended September 30, 2006, Lucas Energy entered into a Promissory Note in the amount of $2,300,000 with an original maturity date of February 3, 2008. On June 25, 2007, the maturity date was extended to February 3, 2009. On July 20, 2007 the note was paid off in full.
Lucas Energy has initiated a program to drill new laterals on existing well-bores or offset locations that are already leased by the Company. The purpose of these laterals will be to provide more aerial access to the formation in order to increase the flow rate and to recover additional oil and gas reserves not recoverable from the existing vertical (straight) holes. The company has completed two successful wells and has begun drilling a third.
The complete filing is available at http://www.sec.gov
About Lucas Energy, Inc.
Lucas Energy, Inc. (OTCBB:LUCE) 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
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.