Key Developments: Lucas Energy Inc (LEI)
1.43USD
21 May 2013
$0.09 (+6.72%)
$1.34
$1.34
$1.50
$1.28
698,195
115,732
$2.54
$0.95
Latest Key Developments (Source: Significant Developments)
Lucas Energy Inc Completes Final Settlement Eliminating $1.3 Million In Related Obligations With Seidler Oil & Gas, L.P.
Lucas Energy Inc announced that it has completed the previously announced Settlement Agreement with Seidler Oil & Gas, L.P. Effective April 8, 2013, the Company received all of the required private investor releases; paid Seidler related legal fees; and returned approximately $1.3 million in prior investments to investors. As a result of the above, the Seidler litigation matter is completely settled, Seidler released the Company, its current and past officers, directors and agents from associated claims and Seidler has agreed to dismiss the previously filed lawsuit with prejudice. In addition, the private investors also agreed to release the Company, Seidler, and their respective past and present affiliates from any and all claims. Full Article
Lucas Energy Inc Names William J. Dale as Chief Financial Officer
Lucas Energy Inc announced the appointment of William J. Dale as Chief Financial Officer (CFO), Treasurer and Secretary of the Company. Mr. Dale replaces Anthony C. Schnur in those posts, which Mr. Schnur has held on an interim basis since being named Chief Executive officer (CEO) of Lucas Energy in December 2012. Full Article
Lucas Energy Inc Settles Legal Lawsuit
Lucas Energy Inc announced that it has entered into a Settlement and Release Agreement with Nordic Oil USA 1, LLLP in which the parties have agreed to terminate their October 13, 2011 purchase and sale agreement. The amicable settlement resolves litigation filed by Nordic seeking payment of the principal, accrued interest, attorney's fees and other damages relating to a $22 million, 6% promissory note due November 17, 2012 that had been issued by Lucas. In summary, Lucas has agreed to pay Nordic a total of $1.1 million over the next six months and has assigned certain oil and gas interests to Nordic. The assets assigned represent less than 18% of Lucas' total proved reserves and less than 5% of its current production. Full Article
Lucas Energy Inc Announces Sale Of Royalty Interest Baker Deforest Unit; Board Change; Updates On Lawsuit
Lucas Energy Inc announced that the Company has completed the sale of a 0.77% net royalty interest in certain assets owned by the Company within the Baker Deforest Unit, located in Gonzales and Dewitt Counties, Texas, for $4 million. On December 20, 2012, Ryan J. Morris was appointed as Chairman of the Board of Directors (J. Fred Hofheinz resigned as Chairman, but still remains on the Board as a Director). Specifically, the Company announced that it has: negotiated a 60 day stay of the lawsuit filed by Seidler Oil & Gas, L.P., to allow for the discussion of a settlement between the parties; provided a proposal for settlement to Knight Capital Americas LLC (as successor in interest to Knight Capital America, L.P.), in an effort to settle the lawsuit previously filed by Knight against the Company; and that the Company is currently in the process of attempting to reopen settlement discussions with Nordic Oil USA I, LP ("Nordic"), in connection with the Company's previously announced default in the payment of the $22 million note payable to Nordic (due in November 2012) and Nordic's subsequent filing of a lawsuit against the Company. Full Article
Lucas Energy Inc Announces Resignation of Chief Executive Officer
Lucas Energy Inc announced that Co-Founder, Chief Executive Officer(CEO) and Director William A. Sawyer has resigned effective December 12, 2012 to pursue other endeavors. The Board of Directors of the Company has appointed Anthony C. Schnur, 47 as CEO to fill the vacancy left by Mr. Sawyer's resignation. Mr. Schnur was previously appointed as the Chief Financial Officer, Treasurer, and Secretary of the Company effective November 1, 2012. Mr. Sawyer also resigned as a Director of the Company effective December 12, 2012 and the Board of Directors has appointed Ken Daraie, P.E. as a Director of the Company. Full Article
Lucas Energy Inc Announces Appointment Of New Chief Financial Officer
Lucas Energy Inc announced that the Board of Directors has appointed Anthony C. Schnur as Chief Financial Officer, Treasurer, and Secretary of the Company effective November 1, 2012. The new appointment was at the request of the current CFO, Andrew Lai, who has stepped down due to family medical issues. Current plans are for Mr. Lai to remain with Lucas in another capacity. Full Article
Lucas Energy Inc Announces Execution Of Joint Venture Term Sheet With Milestone Energy, LLC
Lucas Energy Inc announced that the Company has executed a term sheet for a Participation Agreement with Milestone Energy, LLC (Milestone) for the development of oil and gas properties located in the Gonzales, Wilson, and Karnes Counties, Texas area of the Eagle Ford/Austin Chalk Trend. The binding provisions of the term sheet call for Milestone to contribute 80% of the cost or value of the acreage to be developed and the Company to contribute 20%, and Milestone will be responsible for 100% of the drilling and completion cost, as well as project generation fees. The Company anticipates Milestone contributing from between $40 million and $100 million to the joint venture pursuant to the terms of a final Participation Agreement. Full Article
Lucas Energy Inc Closes $1.32 Million Equity Offering
Lucas Energy Inc announced that on September 11, 2012, it closed its previously announced registered offering to certain institutional investors of $1.32 million in equity. In total, the Company sold 800,000 units at a price of $1.65 per unit. Each unit consisted of one share of the Company's common stock and 0.25 of a warrant to purchase one share of the Company's common stock. Each warrant can be exercised to purchase one share of the Company's common stock at an exercise price of $2.00 per share at any time during the one-year period following the closing of the offering. A total of 800,000 shares and 200,000 warrants were sold in connection with the offering. The Company plans to use the proceeds from the offering to pay down expenses related to drilling, lease operating, and workover activities and for general corporate purposes, including general and administrative expenses. Full Article
Lucas Energy Inc Announces $1.32 Million Equity Offering
Lucas Energy Inc announced that it has undertaken a registered offering to certain institutional investors to raise up to $1.32 million in gross proceeds from the sale of 800,000 units at a price of $1.65 per unit. Each unit consists of one share of the Company's common stock and 0.25 of a warrant to purchase one share of the Company's common stock. Each warrant can be exercised to purchase one share of the Company's common stock at an exercise price of $2.00 per share at any time during the one-year period following the closing of the offering. It is anticipated that a total of 800,000 shares and 200,000 warrants will be sold in connection with the offering. The Company plans to use the proceeds from the offering to pay down expenses related to drilling, lease operating, and work over activities and for general corporate purposes, including general and administrative expenses. The closing of the offering is expected to occur on or about September 12, 2012. Full Article
Lucas Energy Inc Announces Execution Of Joint Venture Development Agreement With Dolphin Oil Partnership, LP
Lucas Energy Inc announced that the Company has entered into a Participation Agreement (commonly called a Joint Venture in the industry) with Dolphin Oil Partnership, LP (Dolphin or the Participant) for the development of Austin Chalk properties located in the Gonzales, Wilson, and Karnes Counties, Texas area of the Eagle Ford/Austin Chalk Trend. The Participation Agreement calls for the Participant to contribute 100% of the acreage, drilling, and completion cost as well as an overhead contribution and project generation fees. Dolphin may contribute as much as $50 million in capital to the joint venture. Full Article
Star Wars creator George Lucas imagines San Francisco museum
SAN FRANCISCO - Filmmaker George Lucas, the creator of "Star Wars," has submitted a bid to build a "storytelling museum" in San Francisco to share his vast collection of contemporary paintings, illustrations and digital art.
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