HOUSTON, Jan. 4, 2017 /PRNewswire/ -- Lucas Energy, Inc. (NYSE MKT: LEI) ("Lucas") today announced that it will change its name to Camber Energy, Inc., effective January 5, 2017, to more accurately reflect the Company's strategic shift from its Austin Chalk and Eagleford roots to an expanding addition of shallow oil and gas reserves with longer-lived, lower-risk production profiles.  The Company's ticker symbol will be changed to "CEI" under which it will begin trading on the NYSE MKT exchange upon the morning of the same date, January 5, 2017.

To further the Company's growth strategy, Camber has retained the services of Thomas E. Hardisty as Senior Vice President of Land & Business Development and J. Mark Bunch as Senior Vice President of Engineering & Operations.  Mr. Hardisty brings over 30 years of oil industry experience to our team as a Petroleum Land Management professional, and Mr. Bunch is a Petroleum Engineer with more than 35 years of operational & managerial experience in oil & gas exploration, development, and acquisitions.

About Camber Energy, Inc.

Based in Houston, Texas, Camber Energy (NYSE MKT: CEI) is a growth-oriented, independent oil and gas company engaged in the development of crude oil and natural gas in the Austin Chalk and Eagle Ford formations in south Texas, the Permian Basin in west Texas, and the Hunton formation in central Oklahoma.  

Safe Harbor Statement and Disclaimer

This news release includes "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Forward looking statements give our current expectations, opinions, belief or forecasts of future events and performance.  A statement identified by the use of forward looking words including "may," "will," "expect," "anticipate," "estimate," "hope," "plan," "believe," "predict," "envision," "if," "intend," "would," "probable," "project," "forecasts," "outlook," "aim," "might," "likely" "positioned," "strategy," "continue," "potential," "ensure," "should," "confident," "could" and similar words and expressions, and the negative thereof, and certain of the other foregoing statements may be deemed forward-looking statements.  Although Camber 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 news release, including our ability to integrate and realize the benefits expected from the Segundo acquisition and future acquisitions that we may complete; the availability of funding and the terms of such funding; our growth strategies; anticipated trends in our business; our ability to repay outstanding loans and satisfy our outstanding liabilities; our liquidity and ability to finance our exploration, acquisition and development strategies; market conditions in the oil and gas industry; the timing, cost and procedure for future acquisitions; the impact of government regulation; estimates regarding future net revenues from oil and natural gas reserves and the present value thereof; legal proceedings and/or the outcome of and/or negative perceptions associated therewith; planned capital expenditures (including the amount and nature thereof); increases in oil and gas production; changes in the market price of oil and gas; changes in the number of drilling rigs available; the number of wells we anticipate drilling in the future; estimates, plans and projections relating to acquired properties; the number of potential drilling locations; our financial position, business strategy and other plans and objectives for future operations; and other risks described in Camber Energy's Annual Report on Form 10-K and other filings with the SEC, available at the SEC's website at www.sec.gov.  Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected.  The forward-looking statements in this press release are made as of the date hereof.  The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company.  The Company's SEC filings are available on its website or at http://www.sec.gov.

Contacts:
Carol Coale / Ken Dennard
Dennard • Lascar Associates LLC
(713) 529-6600
ccoale@dennardlascar.com

SOURCE Lucas Energy, Inc.

HOUSTON, Jan. 3, 2017 /PRNewswire/ -- Lucas Energy, Inc. (NYSE MKT: LEI) ("Lucas Energy" or the "Company"), an independent oil and gas company with operations in Texas and Oklahoma, announced today that it has entered into a Lease Acquisition and Participation Agreement with a privately-held, Houston, Texas-based oil and gas holding company ("Partner") to acquire a leasehold position in the Permian Basin in Texas (the "Agreement").

Under the Agreement, Lucas Energy will purchase the initial lease comprised of 16,322 gross, 3,630 net, mineral acres, and the parties have agreed to form an area of mutual interest (the "AMI") on the Central Basin Platform of the Permian Basin covering approximately twenty thousand (20,000) net mineral acres.

This transaction represents the opening of a new core area where the Company will operate the properties and own a 90% working interest and the Partner will hold a 10% working interest in the initial leases and all subsequently acquired leases.  The initial cash consideration paid by Lucas Energy is $1.43 million, in exchange for access to the Partner's regional, technical database and the Company's 90% interest in the initial leases.  Over $1.1 million of this amount is being deferred until on or before January 31, 2017, pending title approval.  As additional leases are acquired under the AMI, the Company will pay the Partner its lease acquisition costs and grant an incentive overriding royalty interest.  Upon meeting certain acreage acquisition goals based on size and location of the properties, Lucas Energy will also issue to the Partner 200,000 unregistered shares of its common stock and pay the Partner an acreage fee based on the total leasehold and brokerage costs.

The San Andres is found at relatively shallow depths and has similar attributes to the Company's de-watering Hunton play in Oklahoma.  Lucas Energy believes it has certain advantages in initiating a development program in the San Andres.  Both the Hunton and San Andres are highly water-saturated carbonates where the production profile appears to be optimized by a de‑watering process which slowly de‑pressurizes the formation allowing fuller depletion of the reservoir.  Lucas Energy will transfer its twenty plus year technical evolution and knowledge of the Hunton to its development and production of the San Andres.  To date, the horizontal development of the San Andres has been largely dominated by private E&P companies, many of which are backed by leading private equity firms.

Since the acquisition of the Segundo assets the Company has sought an opportunity to expand its de-watering expertise to another productive formation.  For over nine months, the Company has evaluated seismic, geologic, and other technical data provided by the Texas Railroad Commission and other industry sources.  Multiple acreage targets in the AMI have already been mutually identified, and the Company and the Partner plan to secure additional leases over the term of the agreement.  Drilling is expected to commence upon the acquisition of additional acreage and is anticipated to occur in the second half of 2017.

"We are pleased to announce another potentially transformational transaction for our Company," said Anthony C. Schnur, Chief Executive Officer of Lucas Energy.  "With this initial leasehold position, we have established our entry into the prolific Permian Basin.  We believe the similarities of the San Andres to our existing Hunton properties play well into our technical strengths in drilling carbonates, as well as water and other infrastructure management capabilities.

"We are confident in our ability to expand our leasehold position beyond this initial commitment and look forward to increasing our participation in the development of the Permian Basin," Mr. Schnur continued.  "The Company has now delivered on the next step expanding beyond the platform our recent acquisition provided and will continue to maintain an advantageous growth posture."

About Lucas Energy, Inc.

Based in Houston, Texas, Lucas Energy (NYSE MKT: LEI) is a growth-oriented, independent oil and gas company engaged in the development of crude oil and natural gas in the Austin Chalk and Eagle Ford formations in south Texas, the Permian Basin in west Texas, and the Hunton formation in central Oklahoma.  For more information, please visit www.lucasenergy.com. 

Safe Harbor Statement and Disclaimer

This news release includes "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Forward looking statements give our current expectations, opinions, belief or forecasts of future events and performance.  A statement identified by the use of forward looking words including "may," "will," "expect," "anticipate," "estimate," "hope," "plan," "believe," "predict," "envision," "if," "intend," "would," "probable," "project," "forecasts," "outlook," "aim," "might," "likely" "positioned," "strategy," "continue," "potential," "ensure," "should," "confident," "could" and similar words and expressions, and the negative thereof, 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 news release, including our ability to integrate and realize the benefits expected from the Segundo acquisition and future acquisitions that we may complete; the availability of funding and the terms of such funding; our growth strategies; anticipated trends in our business; our ability to repay outstanding loans and satisfy our outstanding liabilities; our liquidity and ability to finance our exploration, acquisition and development strategies; market conditions in the oil and gas industry; the timing, cost and procedure for future acquisitions; the impact of government regulation; estimates regarding future net revenues from oil and natural gas reserves and the present value thereof; legal proceedings and/or the outcome of and/or negative perceptions associated therewith; planned capital expenditures (including the amount and nature thereof); increases in oil and gas production; changes in the market price of oil and gas; changes in the number of drilling rigs available; the number of wells we anticipate drilling in the future; estimates, plans and projections relating to acquired properties; the number of potential drilling locations; our financial position, business strategy and other plans and objectives for future operations; and other risks described in Lucas Energy's Annual Report on Form 10-K and other filings with the SEC, available at the SEC's website at www.sec.gov.  Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected.  The forward-looking statements in this press release are made as of the date hereof.  The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company.  The Company's SEC filings are available on its website or at http://www.sec.gov.

SOURCE Lucas Energy, Inc.

HOUSTON, Nov. 21, 2016 /PRNewswire/ -- Lucas Energy, Inc. (NYSE MKT: LEI) ("Lucas" or the "Company"), an independent oil and gas company with its operations in Texas and Oklahoma, today announced that, on November 17, 2016, it has received gross proceeds of $4.5 million for the second tranche of the sale and issuance of the convertible shares and entered into a third amendment to its stock purchase agreement with an accredited institutional investor ("Selling Shareholder"), dated November 16, 2016.  As previously reported, on April 6, 2016, the Company agreed to a series of instruments convertible into common stock.  The Company sought to ensure liquidity upon the closing of its acquisition of assets in Oklahoma and Texas which was completed, and subsequently announced, on August 25, 2016.  Upon conversion, the common shares are issued in tranches to meet the condition that the Selling Shareholder's ownership interest does not exceed 4.99% on any given date.  The third and final tranche, for an additional $5.0 million must be exercised on or before March 31, 2017.  More information is available in the Company's Form 8-K filed with the U.S. Securities and Exchange Commission on April 6, 2016 and subsequent 8-K and Rule 424(3)(b) filings.

"This funding arrangement was established to finance acquisition activity, initial development drilling and field optimization work, which has already commenced," said Anthony C. Schnur, Chief Executive Officer of Lucas Energy.  "We are actively pursuing opportunities within or near our existing operations and acquisitions of leasehold acreage to expand the Company's drilling inventory.  As we consider producing properties, and all opportunities, we are focused on property(ies) that conform to our technical expertise.  The Company believes it significantly increases the successful management and development of an acquisition by adhering to this standard.

"What we established in April was the ability to access capital in an extremely uncertain and disruptive oil and gas environment.  That longer term view is now fueling our go-forward plans." 

About Lucas Energy, Inc.

Based in Houston, Texas, Lucas Energy (NYSE MKT: LEI) is a growth-oriented, independent oil and gas company engaged in the development of crude oil and natural gas in the Austin Chalk and Eagle Ford formations in south Texas, the Permian Basin in west Texas, and the Hunton formation in central Oklahoma.  For more information, please visit www.lucasenergy.com. 

Safe Harbor Statement and Disclaimer

This news release includes "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Forward looking statements give our current expectations, opinions, belief or forecasts of future events and performance.  A statement identified by the use of forward looking words including "may," "expects," "projects," "anticipates," "plans," "believes," "estimate," "should," and certain of the other foregoing statements may be deemed forward-looking statements.  Although Lucas 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 news release.  These include risks inherent in natural gas and oil drilling and production activities, including risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, 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; delays in receipt of drilling permits; risks with respect to natural gas and oil prices, a material decline which could cause Lucas to delay or suspend planned drilling operations or reduce production levels; 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 natural gas and oil prices; risks relating to unexpected adverse developments in the status of properties; risks relating to the absence or delay in receipt of government approvals or fourth party consents; and other risks described in Lucas's Annual Report on Form 10-K and other filings with the SEC, available at the SEC's website at www.sec.gov. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company. The Company's SEC filings are available on our website or at http://www.sec.gov.

SOURCE Lucas Energy, Inc.

HOUSTON, Nov. 14, 2016 /PRNewswire/ -- Lucas Energy, Inc. (NYSE MKT: LEI) ("Lucas" or the "Company"), an independent oil and gas company with its operations in Texas and Oklahoma, today announced its fiscal 2017 second quarter results for the period ending September 30, 2016.

"The fiscal 2017 second quarter was transformational for Lucas Energy with the August closing of the Segundo transaction that expanded our operating and exploration activities to the Mid-Continent area and the Permian Basin," said Anthony C. Schnur, Chief Executive Officer of Lucas Energy.  "The acquired assets include working interests in producing properties and undeveloped acreage in Texas and Oklahoma, which are currently producing over 1,000 net barrels of equivalent (BOE) oil.  The quarter benefited from approximately thirty days of incremental revenues and production related to the Segundo transaction.  However, two significant non-recurring items directly related to the closing of that transaction impacted our reported financial results.  In the upcoming quarters, we do not expect to incur additional transaction-related expenses. 

"The acquisition of these assets significantly increases our overall production and was representative of our strategic objective to build a platform for growth through the development of long-lived reserves with numerous drilling opportunities.  We have initially targeted 40 drilling locations in the Hunton formation and plan to selectively develop these locations over the next two years, paying particular attention to leasehold acreage expirations.  During the current quarter, Lucas participated in the drilling of two new wells in south Gonzales County in the Eagle Ford shale which were drilled and completed at an average cost per well that was 10% below budget and 57% below 2014 drilling costs.  We intend to further develop our Eagle Ford and Austin Chalk assets using technologies adopted by leading operators in the area that have been able to significantly reduced per unit drilling and completion costs over time.

"We believe our assets serve as the foundation on which to grow the Company, and we plan to take advantage of the prevailing weak oil and gas industry conditions to pursue attractively-priced acquisitions and expand our exploration acreage at relatively shallow depths located near or in the same regions as our current assets.  We will work diligently to consider properties that offer attractive production and cash flow returns, while improving the production rates of our recently acquired and existing assets.  We anticipate being able to ramp-up production early next calendar year, which should result in improved revenue and cash flow.  As we execute on our aggressive acquisition-driven growth strategy, we plan to create a company capable of delivering long-term sustainable shareholder value."

Fiscal 2017 Second Quarter Results

Impacting fiscal 2017 second quarter results, for the period ending September 30, 2016, were two significant one-time items related to the Segundo transaction, the largest of which was the recording of a non-cash impairment charge of $49.0 million, as required by GAAP accounting, as an adjustment to the purchase price paid for the acquired assets related to the difference between our stock price when the assets were initially contemplated and the transaction closing date.  Specifically, on December 30, 2015, the closing price was $1.65 per share, compared to $3.78 per share on August 25, 2016.  In accordance with GAAP accounting principles, this resulted in an increase in the value of stock consideration paid by Lucas relative to the agreed upon price for the acquisition of the assets and represents a non-cash item.

The second significant special item impacting the fiscal 2017 second quarter results was approximately $0.5 million of additional expenses related to professional fees incurred with the financing of the Segundo transaction, which was recorded in General and Administrative (G&A) expenses.  Adjusted for the non-cash impairment charge and the one-time G&A expense, Lucas reported a net loss of $1.3 million or a loss of ($0.20) per share in the three months ending September 30, 2016 compared to a net loss of $0.96 million or loss of ($0.66) per share in the three months ending September 30, 2015. 

On a reported basis, including the above-noted special items, for the three months ending September 30, 2016, Lucas reported a net loss of $50.8 million, or a loss of ($7.74) per share.

Total revenues from the sale of crude oil, natural gas and natural gas liquids for the fiscal 2017 second quarter increased by 208% to $0.9 million compared to $0.29 million in the same period a year ago largely reflecting the inclusion of natural gas and liquids production which added approximately $0.4 million to revenues.  During the fiscal 2017 second quarter, Lucas produced an average of approximately 372 net BOE per day from 100 active well bores compared to 72 BOE per day in the fiscal 2016 second quarter.  The average daily production rate reflected only thirty days of acquired production blended with Lucas' existing production.  Total production in the quarter was 34,260 BOE, net, compared to 6,620 BOE in the same period last year.  The Company commenced a maintenance and upgrade program in October 2016 that was budgeted at $0.5 million, including the repair and/or replacement of down-hole pumps in addition to mechanical repairs in Oklahoma, and maintenance operations to certain existing wells in Texas.  Lucas expects to continue maintenance operations as it reviews new drilling locations in its core areas of operation.

Lease operating expenses of $0.5 million for the fiscal 2017 second quarter, ending September 30, 2016, increased by approximately $0.25 million from $0.25 million for the same period a year ago, principally reflecting the acquisition of working interests in various properties in Texas and Oklahoma related to the Segundo transaction that closed in August 2016. 

Total G&A expenses increased by 66% or by approximately $0.4 million in the fiscal 2017 second quarter to $1.0 million compared to the prior year's second quarter primarily related to transaction costs associated with the Segundo acquisition, as noted above, partially offset by a decrease in the awarding of employee stock-based options and compensation. 

Depreciation, depletion, amortization and accretion (DD&A) expense increased by approximately $0.3 million related to a 27,640 BOE increase in production, attributable to our newly acquired working interests in various producing properties.

The Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2016 will be filed with the Securities and Exchange Commission reflecting these results later today. 

About Lucas Energy, Inc.

Based in Houston, Texas, Lucas Energy (NYSE MKT: LEI) is a growth-oriented, independent oil and gas company engaged in the development of crude oil and natural gas in the Austin Chalk and Eagle Ford formations in south Texas, the Permian Basin in west Texas, and the Hunton formation in central Oklahoma.  For more information, please visit www.lucasenergy.com.  

Safe Harbor Statement and Disclaimer

This news release includes "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Forward looking statements give our current expectations, opinions, belief or forecasts of future events and performance.  A statement identified by the use of forward looking words including "may," "expects," "projects," "anticipates," "plans," "believes," "estimate," "should," and certain of the other foregoing statements may be deemed forward-looking statements.  Although Lucas 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 news release.  These include risks inherent in natural gas and oil drilling and production activities, including risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, 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; delays in receipt of drilling permits; risks with respect to natural gas and oil prices, a material decline which could cause Lucas to delay or suspend planned drilling operations or reduce production levels; 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 natural gas and oil prices; risks relating to unexpected adverse developments in the status of properties; risks relating to the absence or delay in receipt of government approvals or fourth party consents; and other risks described in Lucas's Annual Report on Form 10-K and other filings with the SEC, available at the SEC's website at www.sec.gov. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company. The Company's SEC filings are available on our website or at http://www.sec.gov.

SOURCE Lucas Energy, Inc.

HOUSTON, Oct. 20, 2016 /PRNewswire/ -- Lucas Energy, Inc. (NYSE MKT: LEI) ("Lucas" or the "Company"),an independent oil and gas company with operations in Oklahoma and Texas, today updated its operational activity in the Eagle Ford shale and development activity in Oklahoma. 

Specifically, in south Gonzales County, Texas, in the Eagle Ford shale, the Company participated in the Cyclone #9H well that tested 598 barrels of oil equivalent per day (Boe/d) and a 30-day initial production rate of 486 Boe/d.  The Cyclone #10H tested 631 Boe/d and a 30-day initial production rate of 521 Boe/d.  Originally estimated to cost an average of $5.2 million, these wells have been drilled and completed at an average cost of $4.7 million.  Both are producing approximately 90% crude oil from a processed three-stream basis on a 18/64" choke.  Lucas owns an 8% working interest in these two wells.

Lucas's Griffin 1H Austin Chalk well (100% working interest) in Karnes County was recently re-activated after being shut-in while two nearby Eagle Ford wells were being completed.  The Griffin 1H came back on production in October at 55 boe/d on the initial 48-hour test after having produced 5 Boe/d prior to shut-in. 

The Company has kicked off a maintenance and upgrade program budgeted at $0.5 million to be spent over the next 60 days with the expectation of a five-month payout on the investment.  In Oklahoma, the program includes the repair and/or the replacement of down-hole pumps in addition to mechanical repairs and upgrades on certain wells in Texas.  Lucas expects to continue these maintenance operations as it reviews the new well drilling locations in its core areas of development.   

"Since the Segundo acquisition was announced in December 2015, the prices for oil, natural gas and NGLs have increased on average by over 40%," said Anthony C. Schnur, the Chief Executive Officer of Lucas Energy.  "The change in the commodity price environment has allowed Lucas to reassess its opportunities to increase shareholder value.  As we ramp up production on our legacy and newly-acquired assets, the Company continues to aggressively pursue acquisition opportunities with both producing and nonproducing reserves.  We are convinced that the state of 'lower for longer' commodity price environment offers exceptional value on the asset acquisition front."

About Lucas Energy

Lucas Energy, Inc. (NYSE MKT: LEI) is engaged in the acquisition and development of crude oil and natural gas from various known productive geological formations, including the Hunton Formation in Central Oklahoma and the Austin Chalk and Eagle Ford shale in South Texas.  Based in Houston, Lucas Energy's management team is committed to building a platform for growth and the development of its oil and gas reserves while continuing its focus on operating efficiencies and cost control. For more information, please visit www.lucasenergy.com. 

Safe Harbor Statement and Disclaimer

This news release includes "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Forward looking statements give our current expectations, opinion, belief or forecasts of future events and performance.  A statement identified by the use of forward looking words including "may," "expects," "projects," "anticipates," "plans," "believes," "estimate," "should," and certain of the other foregoing statements may be deemed forward-looking statements.  Although Lucas 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 news release.  These include risks inherent in natural gas and oil drilling and production activities, including risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, 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; delays in receipt of drilling permits; risks with respect to natural gas and oil prices, a material decline which could cause Lucas to delay or suspend planned drilling operations or reduce production levels; 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 natural gas and oil prices; risks relating to unexpected adverse developments in the status of properties; risks relating to the absence or delay in receipt of government approvals or fourth party consents; and other risks described in Lucas's Annual Report on Form 10-K and other filings with the SEC, available at the SEC's website at www.sec.gov. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company. The Company's SEC filings are available at http://www.sec.gov.

SOURCE Lucas Energy, Inc.

HOUSTON, Oct. 6, 2016 /PRNewswire/ -- Lucas Energy, Inc. (NYSE MKT: LEI) ("Lucas" or the "Company"), an independent oil and gas company with its operations in Oklahoma and Texas, today announced that on October 4, 2016, the NYSE MKT LLC (the "Exchange") granted and accepted the Company's compliance plan (the "Plan") dated August 21, 2016. 

The Company now has until January 21, 2018 to regain compliance with NYSE MKT continued listing standards as set forth in Section 1003(a)(ii) and (iii) of the NYSE MKT Company Guide as related to its financial condition as reported on March 31, 2016. At or before January 21, 2018, the Company must either be in compliance or must have made progress that is consistent with the accepted Plan during that period. 

In order to maintain its listing on the Exchange, the Exchange has requested that the Company provide quarterly updates to the Exchange concurrent with its interim and annual Securities and Exchange Commission (SEC) filings.  Failure to meet the requirements to regain compliance could result in the initiation of delisting proceedings. 

"We are pleased to have received the Plan acceptance from the Exchange and look forward to the opportunity to demonstrate our ability to execute on our strategic initiatives," said Anthony C. Schnur, Lucas' Chief Executive Officer. 

The Company also announced that Lucas' Board of Directors appointed Paul Pinkston to Principal Financial Officer, Treasurer and Secretary of the Company effective September 29, 2016.  Mr. Pinkston previously served as Chief Accounting Officer since August of 2016.  Mr. Schnur, who held the positions of Chief Financial Officer and Principal Financial Officer in interim capacities, will remain Chief Executive Officer and a member of the Board of Directors.

About Lucas Energy, Inc.

Lucas Energy (NYSE MKT: LEI) is engaged in the acquisition and development of crude oil and natural gas from various known productive geological formations, including the Hunton Formation in Central Oklahoma and the Austin Chalk and Eagle Ford shale in South Texas.  Based in Houston, Lucas Energy's management team is committed to building a platform for growth and the development of its oil and gas reserves while continuing its focus on operating efficiencies and cost control.

For more information, please visit the updated Lucas Energy web site at www.lucasenergy.com. 

Safe Harbor Statement and Disclaimer

This news release includes "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Forward looking statements give our current expectations, opinion, belief or forecasts of future events and performance.  A statement identified by the use of forward looking words including "may," "expects," "projects," "anticipates," "plans," "believes," "estimate," "should," and certain of the other foregoing statements may be deemed forward-looking statements.  Although Lucas 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 news release.  These include risks inherent in natural gas and oil drilling and production activities, including risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, 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; delays in receipt of drilling permits; risks with respect to natural gas and oil prices, a material decline which could cause Lucas to delay or suspend planned drilling operations or reduce production levels; 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 natural gas and oil prices; risks relating to unexpected adverse developments in the status of properties; risks relating to the absence or delay in receipt of government approvals or fourth party consents; and other risks described in Lucas's Annual Report on Form 10-K and other filings with the SEC, available at the SEC's website at www.sec.gov. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company. The Company's SEC filings are available at http://www.sec.gov.

SOURCE Lucas Energy, Inc.

HOUSTON, Aug. 31, 2016 /PRNewswire/ -- Lucas Energy, Inc. (NYSE MKT: LEI) ("Lucas" or the "Company"), an independent oil and gas company, announced that, effective August 25, 2016, it closed the acquisition of working interests in producing properties and undeveloped acreage in Texas and Oklahoma, including varied interests in two contiguous acreage blocks in the liquids-rich Mid-Continent region of the U.S., from Segundo Resources LLC ("Segundo") and other sellers.  The assets are currently producing over one thousand net barrels of oil equivalent per day (BOE/d), of which 53% are liquids and which are being produced primarily from the Hunton formation.  Additional offset development drilling opportunities have been identified and specific development activities are being planned. 

On August 26, 2016 and in conjunction with the closing, three new members were added to Lucas' Board of Directors:  Richard N. Azar II, Robert D. Tips and Alan W. Dreeben, with Mr. Azar appointed as Chairman of the Board.  Mr. Azar has more than 30 years of experience in the oil and gas exploration and production industry.  Over the last 20 years, Mr. Azar has been instrumental in developing the Hunton Dewatering Resource play in central Oklahoma through his ownership/partnership in Altex Resources, Inc., which was sold to a Canadian Energy Trust in March 2006.  Mr. Tips is a highly-recognized San Antonio business leader who oversees a family-owned organization and engages in various volunteer activities, and Mr. Dreeben is an owner and director of Republic National Distributing Company, LLC, currently serves on two other boards, and engages in various philanthropic activities.  Anthony C. Schnur, Lucas' Chief Executive Officer, will continue to serve as a member of the Board in addition to existing members Mr. Fred Zeidman and Mr. Fred Hofheinz. 

In consideration for the purchase of the assets, Lucas assumed approximately $30.6 million of commercial bank debt and issued the sellers 552,000 shares of Series B Redeemable Convertible Preferred Stock and approximately 13 million shares of restricted common stock in addition to a cash payment of $4,975,000.  At closing, Lucas also entered into a $40 million loan agreement with the International Bank of Commerce ("IBC"), the majority of which funds were used for the debt assumption and closing payment discussed above, which is due on August 25, 2019, and a promissory note pursuant to which $1.5 million was borrowed from RAD2 Minerals, Ltd., one of the sellers owned and controlled by Mr. Azar, payable on or before the earlier of (a) October 31, 2016 and (b) the date that Lucas receives at least $1.5 million in proceeds from the April 2016 Stock Purchase Agreement. 

Additional information regarding the transactions and related financings are included in the Current Report on Form 8-K filed with the Securities and Exchange Commission on August 31, 2016.

"We are very pleased to have closed the acquisition of properties in Texas and Oklahoma," said Anthony C. Schnur, Chief Executive Officer of Lucas.  "We now have a foundation of producing and undeveloped assets on which to grow the Company.  Not only are we diversifying our production profile to include natural gas liquids, but the conventional nature of the long-lived Hunton reserves are lower-risk and lower-cost to develop than our Eagle Ford assets.

"This has been an eventful month for the Company.  Last week, we entered into an agreement to fund the development of our Eagle Ford shale assets with a successful operator in the area, and with the closing of the Segundo transaction, we have completed a significant step toward our strategy of expanding the Company into proven reservoirs outside of the Eagle Ford, while improving our financial stability.  We want to thank IBC for having confidence in our team and being an integral part of the financing transaction and look forward to working with them in the future as we continue to execute on our acquisition strategy."

As reported previously, the Company did not receive the required number of votes to approve the amendment to the Company's Articles of Incorporation to change the Company's name to 'Camber Energy, Inc.' at the Company's recent shareholder meeting.  The Company currently anticipates that the shareholders who received shares in the closing will approve the name change via a written consent without a meeting, and we plan to file and mail an information statement relating to such approval in the near future in connection therewith.

ROTH Capital Partners acted as financial advisor on the Transaction.

About Lucas Energy, Inc.

Based in Houston, Texas, Lucas Energy (NYSE MKT: LEI) is a growth-oriented, independent oil and gas company engaged in the development of crude oil, natural gas and natural gas liquids in the Hunton formation in Central Oklahoma in addition to the Austin Chalk and Eagle Ford formations in South Texas.

For more information, please visit the updated Lucas Energy web site at www.lucasenergy.com.

Safe Harbor Statement and Disclaimer

This news release includes "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Forward looking statements give our current expectations, opinion, belief or forecasts of future events and performance.  A statement identified by the use of forward looking words including "may," "expects," "projects," "anticipates," "plans," "believes," "estimate," "should," and certain of the other foregoing statements may be deemed forward-looking statements.  Although Lucas 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 news release.  These include risks inherent in natural gas and oil drilling and production activities, including risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, 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; delays in receipt of drilling permits; risks with respect to natural gas and oil prices, a material decline which could cause Lucas to delay or suspend planned drilling operations or reduce production levels; 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 natural gas and oil prices; risks relating to unexpected adverse developments in the status of properties; risks relating to the absence or delay in receipt of government approvals or fourth party consents; and other risks described in Lucas's Annual Report on Form 10-K and other filings with the SEC, available at the SEC's website at www.sec.gov. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company. The Company's SEC filings are available at http://www.sec.gov.

SOURCE Lucas Energy, Inc.

HOUSTON, Aug. 25, 2016 /PRNewswire/ -- Lucas Energy, Inc. (NYSE MKT: LEI) ("Lucas" or the "Company"), an independent oil and gas company with its operations in central Texas, today announced that its wholly-owned subsidiary, CATI Operating, LLC ("CATI"), entered into an agreement with its senior lender, as evidenced by a promissory note, to borrow $1 million, effective August 15, 2016.  The Company plans to use the funds to participate in the drilling and completion of certain Eagle Ford wells under a joint operating agreement with Lonestar Resources US, Inc. ("Lonestar") and conduct improvement maintenance operations on the existing assets of CATI.  The agreement with Lonestar covers over 1,450 gross acres and Lucas' participation will vary from an 8% to a 14% working interest in the units.  

"We are pleased to partner with Lonestar, a known and successful operator in the Eagle Ford, by initially participating in the Cyclone #9H and #10H wells in which CATI has a working interest of 8%," said Anthony C. Schnur, Chief Executive Officer of Lucas Energy. "This represents another step in the growth and expansion of our assets and our company.  It is anticipated that the wells will enhance our reserve portfolio and production in addition to securing the leaseholds of the locations."

Under the terms of the note, a total of 80% of all cash flow generated by the wells is required to first be paid to satisfy amounts owed under the new and existing notes with the lender with the remaining 20% to be used by CATI for lease and other operating expenses and capital expenditures.  Please refer to the Company's Current Report on Form 8-K, filed with the SEC on August 25, 2016, for more information regarding the terms and conditions of the note and funding.

About Lucas Energy, Inc.

Based in Houston, Texas, Lucas Energy (NYSE MKT: LEI) is a growth-oriented, independent oil and gas company engaged in the development of crude oil, natural gas and natural gas liquids in the Hunton formation in Central Oklahoma and the Austin Chalk and Eagle Ford formations in South Texas.

For more information, please visit the updated Lucas Energy web site at www.lucasenergy.com. 

Safe Harbor Statement and Disclaimer

This news release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Forward-looking statements give our current expectations, opinion, belief or forecasts of future events and performance.  A statement identified by the use of forward-looking words including "may," "expects," "projects," "anticipates," "plans," "believes," "estimate," "should," and certain of the other foregoing statements may be deemed forward-looking statements.  Although Lucas 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 news release.  These include risks inherent in natural gas and oil drilling and production activities, including risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, 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; delays in receipt of drilling permits; risks with respect to natural gas and oil prices, a material decline which could cause Lucas to delay or suspend planned drilling operations or reduce production levels; 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 natural gas and oil prices; risks relating to unexpected adverse developments in the status of properties; risks relating to the absence or delay in receipt of government approvals or fourth party consents; and other risks described in Lucas's Annual Report on Form 10-K and other filings with the SEC, available at the SEC's website at www.sec.gov. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company. The Company's SEC filings are available at http://www.sec.gov.

SOURCE Lucas Energy, Inc.

HOUSTON, Aug. 23, 2016 /PRNewswire/ -- Lucas Energy, Inc. (NYSE MKT: LEI) ("Lucas" or the "Company"), an independent oil and gas company with its operations in central Texas announced that at a separate special stockholder meeting today its shareholders voted to approve the Asset Purchase Agreement to acquire the working interests in certain oil and gas properties from Segundo Resources and various sellers.  Also approved were the financial transactions in connection with the acquisition.   Holders voted in favor of five proposals to issue approximately 13 million shares of common stock in addition to preferred stock and debt transactions in connection with the Segundo acquisition and other related matters.  Shareholders also approved the ratification of the appointment of GBH CPAs, PC as Lucas' independent auditors for the fiscal year ending March 31, 2017.  Additional information regarding the stockholders meeting and the items approved are described in greater detail in the Definitive Proxy Statement on Schedule 14A, filed by Lucas with the Securities and Exchange Commission on July 29, 2016, and the Current Report on Form 8-K filed concurrently with this press release.

"Obtaining shareholder approval for the purchase agreement and financial transactions was a critical step toward closing the pending acquisition of producing properties and undeveloped acreage in Texas and Oklahoma," said Anthony C. Schnur, Chief Executive Officer of Lucas Energy.  "We view the Special Shareholder Meeting's approval as a sign of shareholder support for our strategy of expanding the Company's scale and strengthening its financial flexibility."

A required majority vote of over 50% of Lucas's outstanding shares was not achieved to approve the amendment to the Articles of Incorporation to change the Company's name to Camber Energy, Inc.  This amendment will be re-submitted for shareholder vote, likely at the Annual Shareholder Meeting expected to be held in March of 2017.

About Lucas Energy, Inc.

Based in Houston, Texas, Lucas Energy (NYSE MKT: LEI) is a growth-oriented, independent oil and gas company engaged in the development of crude oil, natural gas and natural gas liquids in the Hunton formation in Central Oklahoma and the Austin Chalk and Eagle Ford formations in South Texas.

For more information, please visit the updated Lucas Energy web site at www.lucasenergy.com. 

Safe Harbor Statement and Disclaimer

This news release includes "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Forward looking statements give our current expectations, opinion, belief or forecasts of future events and performance.  A statement identified by the use of forward looking words including "may," "expects," "projects," "anticipates," "plans," "believes," "estimate," "should," and certain of the other foregoing statements may be deemed forward-looking statements.  Although Lucas 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 news release.  These include risks inherent in natural gas and oil drilling and production activities, including risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, 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; delays in receipt of drilling permits; risks with respect to natural gas and oil prices, a material decline which could cause Lucas to delay or suspend planned drilling operations or reduce production levels; 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 natural gas and oil prices; risks relating to unexpected adverse developments in the status of properties; risks relating to the absence or delay in receipt of government approvals or fourth party consents; and other risks described in Lucas's Annual Report on Form 10-K and other filings with the SEC, available at the SEC's website at www.sec.gov. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company. The Company's SEC filings are available at http://www.sec.gov.

SOURCE Lucas Energy, Inc.

HOUSTON, Aug. 12, 2016 /PRNewswire/ -- Lucas Energy, Inc. (NYSE MKT: LEI) ("Lucas" or the "Company"), an independent oil and gas company with its operations in central Texas, today announced its first quarter results for the period ending June 30, 2016 and the filing of its Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, on August 12, 2016. 

"With the shareholder vote on the proposed acquisition of oil and gas properties from a consortium of sellers and Segundo Resources just a couple of weeks away, the recent financial results will be less meaningful if the transaction is approved," said Anthony C. Schnur, Chief Executive Officer of Lucas Energy, who continued, "As previously disclosed, we entered into an agreement last December to acquire the working interests in producing properties and undeveloped acreage in Texas and Oklahoma that would add about 1,000 net barrels of equivalent (BOE) oil production to our existing productive base if the deal is closed. 

"As demonstrated in the current quarterly financial results, we continue to diligently reduce our overhead and operating costs, excluding the impact of transaction costs associated with our acquisition.  We resumed our workover program in late June as we returned several shut-in wells back into service, and we saw a resulting uptick in our production volumes.  We expect to see an increase in production from our legacy wells continue throughout the remainder of this year.  Going forward, our outlook for the Company as outlined in our year-end earnings release that we published on July 13, 2016, remains unchanged.  We are excited about the course we have chosen, and we are eager to bring it to a close."

Fiscal 2017 First Quarter Results

For the three months ending June 30, 2016, Lucas reported a fiscal year net loss of $1.4 million, or a loss of ($0.80) per share, compared to a net loss of $1.0 million or loss of ($0.73) per share in the three months ending June 30, 2015.  The net loss increased primarily because of a $0.2 million decrease in sales revenues and an increase of $0.1 million in operating expense.

Total revenues from the sale of crude oil for the fiscal 2017 first quarter were $0.15 million compared to $0.39 million in the same period a year ago largely reflecting a 24% drop in the price of crude oil coupled with a 49% decline in crude oil volumes. The decline in crude oil prices reduced revenues by approximately $0.09 million and the lower production volumes reduced revenues by another $0.15 million when compared with the same period last year.  The Company has implemented several workover plans in the later part of the current reporting period in order to get these wells on-line and increase production flows, funding permitting.  Additional production declines can be attributed to workover drilling and lateral programs with higher front-end production in the prior reporting period coupled with interference from offset activity in the current period.

Lease operating expenses of $0.28 million for the fiscal 2017 first quarter increased by $0.11 million from $0.16 million for the same period a year ago, principally because several workovers were completed in the current quarter.  The Company implemented the workover programs in the later part of the fiscal 2017 first quarter in order to address wells that had been shut-in for a significant period of time.  As a result of these workovers, production volumes rose in the latter part of the quarter and are expected to continue to increase over the next few quarters.

General and administrative (G&A) expenses (excluding share-based compensation) increased by approximately $0.12 million in the fiscal 2017 first quarter compared to the prior year's first quarter primarily related to transaction costs associated with the pending Segundo acquisition.  Excluding those transaction costs, certain other G&A expenses have decreased significantly, reflecting improved efficiencies in daily operating activities as a result of internal restructuring initiatives.  Share-based compensation also decreased, by about 30%, reflecting cuts in employee stock-based options and compensation.  Last year's expenses included $0.3 million of legal expenses, investment banking fees and other transaction costs related to strategic initiatives that were subsequently abandoned. 

Depreciation, depletion, amortization and accretion (DD&A) expense decreased for the current quarter as compared to the prior year period by approximately $0.1 million primarily related to lower production volumes of 3,428 BOE compared to the previous period.  The production decrease was primarily due to numerous wells being shut-in during the early part of current reporting period and drilling and lateral programs with higher front-end production when compared to the prior period.

About Lucas Energy, Inc.

Based in Houston, Texas, Lucas Energy (NYSE MKT: LEI) is a growth-oriented, independent oil and gas company engaged in the development of crude oil and natural gas in the Austin Chalk and Eagle Ford formations in South Texas.

For more information, please visit the updated Lucas Energy web site at www.lucasenergy.com. 

Safe Harbor Statement and Disclaimer

This news release includes "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Forward looking statements give our current expectations, opinions, belief or forecasts of future events and performance.  A statement identified by the use of forward looking words including "may," "expects," "projects," "anticipates," "plans," "believes," "estimate," "should," and certain of the other foregoing statements may be deemed forward-looking statements.  Although Lucas 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 news release.  These include risks inherent in natural gas and oil drilling and production activities, including risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, 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; delays in receipt of drilling permits; risks with respect to natural gas and oil prices, a material decline which could cause Lucas to delay or suspend planned drilling operations or reduce production levels; 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 natural gas and oil prices; risks relating to unexpected adverse developments in the status of properties; risks relating to the absence or delay in receipt of government approvals or fourth party consents; and other risks described in Lucas's Annual Report on Form 10-K and other filings with the SEC, available at the SEC's website at www.sec.gov. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company. The Company's SEC filings are available at http://www.sec.gov.

SOURCE Lucas Energy, Inc.

HOUSTON, July 29, 2016 /PRNewswire/ -- Lucas Energy, Inc. (NYSE MKT: LEI) ("Lucas", "us", "our" or the "Company"), an independent oil and gas company with its operations in central Texas, today announced that a special meeting of stockholders will be held on August 23, 2016 at 9:00 a.m. Central time at River Oaks Executive Center, Highland Village Boardroom, located at 4265 San Felipe, Suite 1100, Houston, Texas 77027.  The purpose of the meeting will be to consider and vote upon a proposal to approve the issuance of approximately 13 million shares of common stock in addition to preferred stock and debt transactions in connection with the previously announced strategic acquisition under which Lucas has agreed to acquire assets from various sellers including Segundo Resources, LLC, and other related matters.  Stockholders will also be asked to approve an amendment to our Articles of Incorporation to change our name to Camber Energy, Inc. and to ratify the appointment of GBN CPAs, PC as our independent auditors for the fiscal year ending March 31, 2017.

Common stockholders of record as of the close of business on July 18, 2016 will be entitled to vote at the special meeting or by proxy. Proxy materials related to the special meeting of stockholders are expected to be mailed to stockholders on or about August 1, 2016.  Lucas has engaged Issuer Direct as its proxy solicitor in connection with the meeting.

About Lucas Energy, Inc.

Based in Houston, Texas, Lucas Energy (NYSE MKT: LEI) is an independent oil and gas company engaged in the development of crude oil and natural gas in the Austin Chalk and Eagle Ford formations in South Texas.

For more information, please visit the updated Lucas Energy web site at www.lucasenergy.com.   

Safe Harbor Statement and Disclaimer

This news release includes "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward looking statements give our current expectations, opinions, beliefs or forecasts of future events and performance. A statement identified by the use of forward looking words including "may," "expects," "projects," "anticipates," "plans," "believes," "estimate," "should," and certain of the other foregoing statements may be deemed forward-looking statements. Although Lucas 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 news release. These include risks inherent in natural gas and oil drilling and production activities, including risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, 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; delays in receipt of drilling permits; risks with respect to natural gas and oil prices, a material decline which could cause Lucas to delay or suspend planned drilling operations or reduce production levels; 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 natural gas and oil prices; risks relating to unexpected adverse developments in the status of properties; risks relating to the absence or delay in receipt of government approvals or fourth party consents; and other risks described in Lucas's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings with the SEC, available at the SEC's website at www.sec.gov. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company. The Company's SEC filings are available at http://www.sec.gov.

Important Information

In connection with the planned acquisition described above, Lucas has filed a definitive proxy statement on July 29, 2016 with the Securities and Exchange Commission (the "SEC") that includes important information about the assets and the proposed acquisition, and Lucas also intends to file a resale registration statement with the SEC. This communication is not a substitute for any proxy statement, registration statement, proxy statement/prospectus or other document Lucas has filed or may file with the SEC in connection with the proposed transaction. Prospective investors are urged to read the definitive proxy statement and registration statement, when filed, as they will contain important information. The definitive proxy statement will be mailed to stockholders of Lucas. Prospective investors may obtain free copies of the definitive proxy statement and registration statement, when filed, as well as other filings containing information about Lucas, without charge, at the SEC's website (www.sec.gov). Copies of Lucas' SEC filings may also be obtained from Lucas without charge at Lucas' website (www.lucasenergy.com) or by directing a request to Lucas at (713) 528-1881. This document does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

INVESTORS SHOULD READ THE DEFINITIVE PROXY STATEMENT AND OTHER DOCUMENTS TO BE FILED WITH THE SEC CAREFULLY BEFORE MAKING A DECISION CONCERNING THE PROPOSED TRANSACTION.

Participants in Solicitation

Lucas and its directors and executive officers and other members of management and employees are potential participants in the solicitation of proxies in respect of the proposed transaction. Information regarding Lucas' directors and executive officers is available in Lucas' Annual Report on Form 10-K for the year ended March 31, 2016, filed with the SEC on July 13, 2016 and Lucas' definitive proxy statement on Schedule 14A, filed with the SEC on February 18, 2016. Additional information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, is included in the definitive proxy statement filed on July 29, 2016 with the SEC by Lucas in connection with the proposed transaction and in other relevant documents filed by Lucas with the SEC. These documents can be obtained free of charge from the sources indicated above.

SOURCE Lucas Energy, Inc.

HOUSTON, July 22, 2016 /PRNewswire/ -- Lucas Energy, Inc. (NYSE MKT: LEI) ("Lucas" or the "Company"), an independent oil and gas company with its operations in central Texas, today announced that, as previously disclosed in its Annual Report on Form 10-K for the year ended March 31, 2016, which was filed with the Securities Exchange Commission on July 13, 2016, the audited financial statements of the Company contained an audit opinion from the Company's independent registered public accounting firm, GBH CPAs, PC, which included a going concern qualification.

This announcement is made pursuant to the NYSE MKT Company Guide (the "Company Guide") Sections 401(h) and 610(b), which requires separate disclosure of receipt of an audit opinion containing a going concern qualification.  For further details, please refer to Note 2 of the audited financial statements included in "Part II" – "Item 8. Financial Statements and Supplementary Data" of the Form 10-K filing.

Additionally, on July 21, 2016, Lucas was notified by the NYSE MKT (the "Exchange") that the Company is not in compliance with certain of the Exchange's continued listing standards as set forth in Part 10 of the NYSE MKT Company Guide (the "Company Guide").

Specifically, Lucas is not in compliance with Sections 1003(a)(ii) and (iii) of the Company Guide in that it reported stockholders' equity of $2.4 million as of March 31, 2016 and net losses in its five most recent fiscal years then ended, meaning that it did not have stockholders' equity over (a) $4 million (required if an Exchange-listed company has had losses from continuing operations and/or net losses in three of its last four fiscal years, as the Company did) or (b) over $6 million (required if an Exchange listed company has had losses from continuing operations and/or net losses in its five most recent fiscal years, as the Company did).

In order to maintain its listing on the Exchange, the Exchange has requested that the Company submit a plan of compliance (the "Plan") by August 21, 2016, addressing how it intends to regain compliance with Sections 1003(a)(ii) and (iii) of the Company Guide by January 21, 2018. The Company intends to submit a Plan in the prescribed form to the Exchange by the required due date, specifying activities that the Company plans to complete in the near future to address the concerns of the Exchange and regain compliance with the Exchange's continued listing standards.

Receipt of the letter does not have any immediate effect on the listing of the Company's shares on the Exchange, except that until the Company regains compliance with the Exchange's listing standards, a "BC" indicator will be affixed to the Company's trading symbol. The Company's business operations, SEC reporting requirements and debt instruments are unaffected by the notification, provided that if the Plan is not acceptable, or the Company does not make sufficient progress under the Plan or reestablish compliance by January 28, 2018, then the Company will be subject to the Exchange's delisting procedures. The Company may then appeal a staff determination to initiate such proceedings in accordance with the Exchange's Company Guide.

The Company has been operating under a going concern opinion since December 31, 2014, which corresponded with the collapse in crude oil prices that began in June 2014. Lucas anticipates that by the end of its second quarter of fiscal 2017, it will close its pending acquisition of assets from various sellers, and in consideration for the acquisition, the Company will issue approximately 13 million shares of common stock, in addition to preferred stock, and also undertake various preferred stock and debt transactions. These financings and transactions are expected to return the Company to compliance with the requirements of Sections 1003(a)(ii) and (iii) of the Company Guide.  Additionally, the oil and gas reserves planned to be acquired are currently producing approximately 1,000 barrels of oil equivalent per day from 25 wells, which, together with the transactions above, should generate sufficient revenues and cash flows to mitigate the doubt about our ability to continue as a going concern.

About Lucas Energy, Inc.

Based in Houston, Texas, Lucas Energy (NYSE MKT: LEI) is a growth-oriented, independent oil and gas company engaged in the development of crude oil and natural gas in the Austin Chalk and Eagle Ford formations in South Texas.

For more information, please visit the updated Lucas Energy web site at www.lucasenergy.com.

Safe Harbor Statement and Disclaimer

This news release includes "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward looking statements give our current expectations, opinions, beliefs or forecasts of future events and performance. A statement identified by the use of forward looking words including "may," "expects," "projects," "anticipates," "plans," "believes," "estimate," "should," and certain of the other foregoing statements may be deemed forward-looking statements. Although Lucas 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 news release. These include risks inherent in natural gas and oil drilling and production activities, including risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, 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; delays in receipt of drilling permits; risks with respect to natural gas and oil prices, a material decline which could cause Lucas to delay or suspend planned drilling operations or reduce production levels; 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 natural gas and oil prices; risks relating to unexpected adverse developments in the status of properties; risks relating to the absence or delay in receipt of government approvals or fourth party consents; and other risks described in Lucas's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings with the SEC, available at the SEC's website at www.sec.gov. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company. The Company's SEC filings are available at http://www.sec.gov.

Contacts: Carol Coale / Ken Dennard
Dennard ▪ Lascar Associates LLC
(713) 529-6600

SOURCE Lucas Energy, Inc.

HOUSTON, July 13, 2016 /PRNewswire/ -- Lucas Energy, Inc. (NYSE MKT: LEI) ("Lucas" or the "Company"), an independent oil and gas company with its operations in central Texas, today announced its fourth quarter and fiscal year-end results for the periods ending March 31, 2016 and the filing of its Annual Report on Form 10-K on July 13, 2016. 

"While the past year was another difficult one for the energy industry, it afforded our Company with multiple opportunities, with the most significant being our agreement to acquire the working interests in certain oil and gas properties in Texas and Oklahoma from Segundo Resources," said Anthony C. Schnur, Chief Executive Officer of Lucas Energy.  "Also during the year we regained compliance with the NYSE MKT exchange by restructuring and extending our existing term loan and completing a 1-for-25 reverse stock split.  Additionally, we entered into several financial transactions, some of which will be triggered after the close of the Segundo acquisition. 

"We did not realize full production potential in fiscal 2016 because some of our top producing wells were offline at various times throughout the year.  Our production was also significantly impacted by declines in realized oil prices that limited our ability to provide sufficient cash flow to the field level, especially during the fiscal fourth quarter when prices averaged $31.68, $30.32, and $37.55 per barrel for the months of January, February and March, respectively.  As a result, our average production fell 42% from the prior year.

"We continue to remain vigilant in controlling our costs." Mr. Schnur continued.  "During the year, we lowered our respective lease operating expenses and G&A costs by 49% and 25%, this following our respective fiscal 2015 reductions of 34% and 13% year over year.  We relocated our corporate offices, reducing our monthly lease payments by about 40%.  As we develop acquired acreage, we expect to materially increase our production and expand and optimize our asset base.  We believe these efforts, combined with our ongoing cost-cutting initiatives, will stabilize our cash flow, improve our profitability margins, and ultimately achieve greater value for our shareholders."

Review and Outlook

The price of a barrel of oil in mid-2014 was over $100; by the end of 2015 it was in the $30 range and in the first calendar quarter reached into the twenties.  The resulting fallout saw 42 bankruptcies among energy companies in 2015 followed by an additional 39 in the first five months of 2016.  Survival in our industry has been the primary objective, and we have done so to date.  In fact, we view the current market environment as an opportunity to expand our footprint and grow the company.  The first-step in our transition from a distressed turnaround concern to a renewed acquisition-focused, growth-oriented company is the strategic business combination announced in December of 2015.  This transaction is currently under review by the Securities Exchange Commission, and the parties anticipate closing, which is subject to various conditions, to occur during the second quarter of fiscal 2017. 

As previously disclosed, we expect that once the acquisition is completed, our asset base and daily production will increase significantly with the addition of the Hunton formation Mid-continent reserves in Central Oklahoma.  We also intend to redirect our strategic vision with the initial rebranding name change to "Camber Energy." Camber is a noun, meaning a slightly convexed, or arched shape, which bears resemblance to the production curve of the Hunton reserves which exhibit an atypical inclining rate of production in the first 18 to 24 months, and a very low decline rate thereafter.  We are excited about the course we have chosen, and we are eager to bring it to a close.

The Company also completed a series of financial transactions during the year that provided working capital and near-term debt relief and provided for a capital infusion at the closing of the acquisition.  By working closely with our lender, we restructured the existing debt on our balance sheet, affording us the opportunity to continue to operate as well as transact.  Our current capital requirements are augmented through a convertible loan note facility that we expect to utilize through closing.  Finally, as announced on April 7, 2016, Lucas entered into a series of agreements with an institutional investor whereby it will receive $10.0 million of equity capital, subject to meeting certain conditions including the acquisition of the Segundo assets.  This financing was specifically arranged to ensure our fiscal stability and liquidity as we begin our growth as Camber Energy.

We intend to drill the acquired acreage, funding permitting, and have identified 50 Hunton locations where an initial six locations are under review.  That review will assess current drilling costs, updated production profiles and the availability of electrical and saltwater disposal facilities.   Any development schedule will be dependent on when we are able to close the acquisition.  Beyond those known locations, we believe there are opportunities to develop other sands present in the acreage. 

Our existing properties are located in the Eagle Ford Shale trend, one of the most active plays in the U.S.  Drilling activity around our Eagle Ford assets continues to support an enhanced view of our position.  In addition, leading operators in the Eagle Ford area have developed drilling and completion technologies that have significantly reduced production risk and decreased per well capital costs.  While commodity prices have dropped precipitously, the associated cost to drill and complete have fallen as well.  We continue to review opportunities to accelerate development of our five million barrels of proved Eagle Ford and other oil reserves through either direct development or strategic partnerships.  

Our long-term strategy is to grow the Company in three ways: develop our acquired and existing assets; expand our existing footprint through bolt-on acquisitions; and continue to pursue material acquisitions.  The prolonged down cycle in oil, or otherwise referred to as "lower for longer," likely favors a strategy of focused acquisition in the near term, but we will be flexible and opportunistic.  It is our intent to create an asset portfolio of increasing production AND expanded drilling inventory where we can apply technical expertise to the asset.   

With our acquisition of Segundo, we also acquire technical knowledge of how the impact of dewatering practices improves production rates, how sophisticated field-wide saltwater disposal systems and proprietary electrical infrastructure can lower operating costs, and how this combined process can be applied to other formations that harbor characteristics similar to the Hunton formation.  Identifying and acquiring properties in areas analogous to the Hunton will be a key component to the future growth of the company.

The last several years have been difficult for Lucas, and the fiscal 2016 results bear that out.  However, we are confident in our future direction and ambitious growth initiative.  What we will create with Segundo and the establishment of Camber is a platform on which to build our Company, through the acquisition, and development of additional reserves through and out of this cyclical downturn. 

Please refer to our Annual Report on Form 10-K for the year ended March 31, 2016, at www.sec.gov for complete financial statements, footnotes relating to such financial statements, risk factors regarding the Company and a more detailed discussion of our plan of operations and results of operations, as well as other matters.

Fiscal 2016 Annual Results

For the twelve months ending March 31, 2016, Lucas reported a fiscal year net loss of $25.4 million, or a loss of ($17.58) per share), compared to a net loss of $5.1 million or ($3.78) per share in the twelve months ending March 31, 2015.  Fiscal year 2016 included impairment charges [related to the full-cost write-down of its oil and gas assets].  Excluding for the impairment charges, the adjusted net loss for fiscal year 2016 was $4.8 million, or ($2.80 per share compared to a net loss of $5.1 million, or ($3.78) per share in fiscal 2015.

Total crude oil and natural gas revenues for fiscal 2016 were $1.0 million compared to $3.0 million for the same period a year ago due primarily to a 45% drop in crude oil prices and a 42% decrease in annual production volumes.  The decline in crude oil prices impacted revenues by approximately $1.3 million and the lower production volumes decreased revenues by another $0.7 million when compared with the same period last year.  The production decline is primarily attributable to two of the Company's top producing wells being shut-in for over two months.  Capital constraints prohibited the Company from performing timely workovers on three other top producing wells, which experienced down times ranging from between 20 and 256 days.  Other factors impacting production were severe flooding conditions in Texas during the year, significant interference from offset activity, and the higher front-end production in the prior reporting period related to workover drilling and lateral programs.

Lease operating expenses of $0.7 million for the year ended March 31, 2016 decreased $0.7 million, or 49%, from $1.5 million for the same period a year ago, principally due to less production related to reduced drilling activity and workover activity due to limited funding and the Company's efforts to preserve capital while maintaining cash flow.  General and administrative expenses (excluding share-based compensation) decreased approximately $0.8 million or 24% for fiscal 2016 compared to the prior year despite a one-time expense of $0.4 million related to transaction costs associated with the Segundo acquisition.  Last year's expenses included $0.3 million of legal expenses, investment banking fees and other transaction costs related to strategic initiates that were subsequently abandoned. 

Depreciation, depletion, amortization and accretion (DD&A) expenses for the 2016 fiscal year decreased $0.7 million, or 43%, from the same period a year ago, primarily due to a 42% reduction in production volumes by 15,886 barrels of oil equivalent (BOE) to 22,190 BOE.  Average daily production was 61 barrels of oil per day (BOPD) compared to 104 BOPD in fiscal 2015, all of which was produced from the Austin Chalk formation.

In fiscal 2016, the Company recorded an impairment of $21.4 million associated with oil and gas properties primarily due to a significant decline in commodity prices during the fiscal year, which triggered a full-cost write-down of these assets.  These fields were reduced to the fair value of approximately $14.0 million using discounted future cash flows.

Fiscal 2016 Reserves

At year-end on March 31, 2016, Lucas' estimated net proved crude oil and natural gas reserves were approximately 4.3 million BOE, down approximately 0.8 million or 16% from 5.1 million BOE at the end of fiscal 2015.  In 2016, Lucas had a downward revision primarily due to the sale of existing leases of 0.3 million Boe in Karnes County, Texas, the expiration of 0.4 million Boe on existing leases and the transfer of approximately 0.1 million Boe of proved undeveloped reserves to probable undeveloped reserves. 

Using the SEC pricing methodology of an average monthly crude oil price of $45.22 per Bbl and natural gas price of $2.39 per thousand cubic feet for the twelve months ended March 31, 2016, the estimated discounted future net cash flow (PV-10) before tax expenses for Lucas' proved reserves was approximately $14.0 million, of which approximately $12.1 million are proved undeveloped reserves of which a large portion are located in the Eagle Ford shale formation.  These reserves were determined in accordance with standard industry practices and SEC regulations by the licensed independent petroleum engineering firm of Ralph E. Davis Associates, LLC.   

About Lucas Energy, Inc.

Based in Houston, Texas, Lucas Energy (NYSE MKT: LEI) is a growth-oriented, independent oil and gas company engaged in the development of crude oil and natural gas in the Austin Chalk and Eagle Ford formations in South Texas.

For more information, please visit the updated Lucas Energy web site at www.lucasenergy.com. 

Safe Harbor Statement and Disclaimer

This news release includes "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Forward looking statements give our current expectations, opinion, belief or forecasts of future events and performance.  A statement identified by the use of forward looking words including "may," "expects," "projects," "anticipates," "plans," "believes," "estimate," "should," and certain of the other foregoing statements may be deemed forward-looking statements.  Although Lucas 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 news release.  These include risks inherent in natural gas and oil drilling and production activities, including risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, 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; delays in receipt of drilling permits; risks with respect to natural gas and oil prices, a material decline which could cause Lucas to delay or suspend planned drilling operations or reduce production levels; 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 natural gas and oil prices; risks relating to unexpected adverse developments in the status of properties; risks relating to the absence or delay in receipt of government approvals or fourth party consents; and other risks described in Lucas's Annual Report on Form 10-K and other filings with the SEC, available at the SEC's website at www.sec.gov. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company. The Company's SEC filings are available at http://www.sec.gov.

SOURCE Lucas Energy, Inc.

HOUSTON, April 15, 2016 /PRNewswire/ -- Lucas Energy, Inc. (NYSE MKT: LEI) ("Lucas" or the "Company") announced today that the Company, Silver Star Oil Company ("Silver Star") and Target Alliance London Limited ("TALL") have entered into an  Assignment, Assumption and Amendment to its Line of Credit and Notes Agreement.  Under the new agreement, Silver Star has assigned an existing $200,000 Convertible Promissory Note and its rights under the Non-Revolving Line of Credit, effective August 28, 2015 to TALL.  Additionally, the Line of Credit for any  future Convertible Promissory Notes sold to TALL is amended to include:  an increase of the conversion price of any future notes sold to $3.25 from $1.50 per share, an increase of the monthly advance limit to  $250,000 from $200,000, and sets the remaining amount available to Lucas at $800,000 unless mutually agreed.  The Company has also agreed to grant to TALL, as an additional consideration for agreeing to the terms and increased conversion price, warrants to purchase 51,562 shares of common stock at an exercise price of $3.25 per share for each $250,000 loaned.  Conversion and registration rights were also amended to conform to certain restrictions of the April 6, 2016 Securities Purchase and Stock Purchase Agreements as described by the Company on Form 8-K filed with the Securities and Exchange Commission on April 7, 2016.

"Collectively, the financings announced over the past two weeks are in anticipation of a successful completion of the Segundo asset acquisition," said Anthony C. Schnur, Chief Executive Officer of Lucas Energy, who continued, "In August of 2015, we set out to have $2.4 million available to the Company prior to the closing of any transaction.  This Convertible Note amendment rounds out our expected pre-closing capital needs and does so at a far more favorable conversion level.  Last week's announcement of a $15 million raise was primarily a post-acquisition funding for growth and development.  These steps are intended to free management to focus on future growth planning and the evaluation of additional acquisitions."

More information regarding the Assignment, Assumption and Amendment to Line of Credit and Notes Agreement and the terms and conditions thereof have been disclosed in the Current Report on Form 8- K filed by Lucas today with the Securities and Exchange Commission.

About Lucas Energy, Inc.

Lucas Energy (NYSE MKT: LEI) is engaged in the production of crude oil and natural gas in the Austin Chalk and Eagle Ford formations in South Texas. Based in Houston, Lucas's management team is committed to building a platform for growth and the development of its five million barrels of proved Eagle Ford and other oil reserves while continuing its focus on operating efficiencies and cost control.

Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Forward-looking statements give our current expectations, opinions, beliefs or forecasts of future events and performance.  A statement identified by the use of forward-looking words including "may," "expects," "projects," "anticipates," "plans," "believes," "estimate," "should," and certain of the other foregoing statements may be deemed forward-looking statements. Although Lucas 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 news release. These risks and uncertainties include, but are not limited to: the occurrence of any event, change or other circumstances that could give rise to the termination of the asset purchase agreement; and the inability to complete the transaction due to the failure to satisfy any of the conditions to complete the transaction. These also include risks inherent in natural gas and oil drilling and production activities, including risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, 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; delays in receipt of drilling permits; risks with respect to natural gas and oil prices, a material decline which could cause Lucas to delay or suspend planned drilling operations or reduce production levels; 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 natural gas and oil prices; risks relating to unexpected adverse developments in the status of properties; risks relating to the absence or delay in receipt of government approvals or fourth party consents; and other risks described in Lucas's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings with the SEC, available at the SEC's website at www.sec.gov. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company. The Company's SEC filings are available at http://www.sec.gov.

Important Information

In connection with the planned acquisition described above, Lucas currently intends to file a registration statement and a proxy statement with the Securities and Exchange Commission (the "SEC"). This communication is not a substitute for any proxy statement, registration statement, proxy statement/prospectus or other document Lucas may file with the SEC in connection with the proposed transaction. Prospective investors are urged to read the registration statement and the proxy statement, when filed as they will contain important information. Any definitive proxy statement(s) (if and when available) will be mailed to stockholders of Lucas. Prospective investors may obtain free copies of the registration statement and the proxy statement, when filed, as well as other filings containing information about Lucas, without charge, at the SEC's website (www.sec.gov). Copies of Lucas's SEC filings may also be obtained from Lucas without charge at Lucas's website (www.lucasenergy.com) or by directing a request to Lucas at (713) 528-1881. This document does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

INVESTORS SHOULD READ THE PROXY STATEMENT AND OTHER DOCUMENTS TO BE FILED WITH THE SEC CAREFULLY BEFORE MAKING A DECISION CONCERNING THE TRANSACTION.

Participants in Solicitation

Lucas and its directors and executive officers and other members of management and employees are potential participants in the solicitation of proxies in respect of the proposed transaction. Information regarding Lucas's directors and executive officers is available in Lucas's Annual Report on Form 10-K for the year ended March 31, 2015, filed with the SEC on July 14, 2015 and Lucas's definitive proxy statement on Schedule 14A, filed with the SEC on February 18, 2016. Additional information regarding the interests of such potential participants will be included in the registration statement and proxy statement to be filed with the SEC by Lucas in connection with the proposed transaction and in other relevant documents filed by Lucas with the SEC. These documents can be obtained free of charge from the sources indicated above. Additional information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available.

Contact:
Carol Coale / Ken Dennard
Dennard Lascar Associates, LLC
(713) 529-6600
ccoale@dennardlascar.com 
ken@dennardlascar.com 
http://www.dennardlascar.com

SOURCE Lucas Energy, Inc.

HOUSTON, April 7, 2016 /PRNewswire/ -- Lucas Energy, Inc. (NYSE MKT: LEI) ("Lucas" or the "Company") announced today that it has entered into a series of agreements with an institutional investor whereby it will receive $10.0 million of equity capital, subject to meeting certain conditions.  The initial investment is structured as a Redeemable Convertible Subordinated Debenture which will automatically convert into common stock at an initial conversion price of $3.25 per share upon certain of the conditions described below being met.  At closing, this placement will provide $500,000 of funding immediately, and the balance of $4.5 million through the exercise of a Warrant upon (i) the closing of the announced transaction with Segundo, (ii) shareholder approval to issue the common shares for NYSE MKT purposes, (iii) registration of the underlying common stock and (iv) a dollar volume trading requirement of $5 million in the previous 20 trading days.  Lucas also agreed to issue an additional $5.0 million of a newly designated Series C Redeemable Convertible Preferred Stock of which $500,000 will be funded upon closing of the announced Segundo Transaction, and the balance upon achieving certain milestones.  The Series C Redeemable Convertible Preferred Stock will also be convertible into common stock at an initial conversion price of $3.25 per share.

Under the terms of the agreements with the investor, Lucas is to receive $10 million under current commitments while an additional $5 million is to be made available through the exercise of an additional Warrant upon mutual consent.  See the Form 8-K filed on April 7, 2016 for the conditions and other material terms relating to this transaction and associated agreements.

"This placement demonstrates confidence in the future of Lucas Energy as we progress towards closing on the Segundo Resources asset purchase," said Anthony C. Schnur, Chief Executive Officer of Lucas Energy who continued, "Having received this commitment establishes some certainty that we can initiate growth and development activities upon closing the acquisition."

On December 31, 2015 the Company announced the signing of a purchase agreement to acquire, from 21 different entities and individuals, working interests in producing properties and undeveloped acreage.  The assets being acquired include varied interests in two largely contiguous acreage blocks in the liquids-rich Mid-Continent region.  The properties currently produce in excess of 1,200 net barrels of oil equivalent per day (BOE/d).  At the closing of the transaction, Lucas will rebrand and change its name to Camber Energy, Inc.

ROTH Capital Partners acted as exclusive placement agent on this Transaction.

More information regarding the agreements referenced herein, including the terms and conditions have been disclosed in the Current Report on Form 8- K filed by Lucas today with the Securities and Exchange Commission.

About Lucas Energy, Inc.

Lucas Energy (NYSE MKT: LEI) is engaged in the production of crude oil and natural gas currently in the Austin Chalk and Eagle Ford formations in South Texas. Based in Houston, Lucas's management team is committed to building a platform for growth and the development of its five million barrels of proved Eagle Ford and other oil reserves while continuing its focus on operating efficiencies and cost control.

Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Forward-looking statements give our current expectations, opinions, beliefs or forecasts of future events and performance.  A statement identified by the use of forward-looking words including "may," "expects," "projects," "anticipates," "plans," "believes," "estimate," "should," "progress," and certain of the other foregoing statements may be deemed forward-looking statements. Although Lucas 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 news release. These risks and uncertainties include, but are not limited to: the occurrence of any event, change or other circumstances that could give rise to the termination of the asset purchase agreement; the inability to complete the asset purchase transaction due to the failure to satisfy any of the conditions to complete the asset purchase transaction; or the occurrence of any event, change or other circumstances that would cause us not to meet the conditions required to receive the full amount of the proceeds from the $15 million financing. These also include risks inherent in natural gas and oil drilling and production activities, including risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, 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; delays in receipt of drilling permits; risks with respect to natural gas and oil prices, a material decline which could cause Lucas to delay or suspend planned drilling operations or reduce production levels; 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 natural gas and oil prices; risks relating to unexpected adverse developments in the status of properties; risks relating to the absence or delay in receipt of government approvals or fourth party consents; and other risks described in Lucas's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings with the SEC, available at the SEC's website at www.sec.gov. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company. The Company's SEC filings are available at http://www.sec.gov.

Important Information

The securities described above have not been registered under the Securities Act of 1933, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. In connection with the financing and planned acquisition described above, Lucas currently intends to file resale registration statements and a proxy statement with the Securities and Exchange Commission (the "SEC"). This communication is not a substitute for any proxy statement, registration statement, proxy statement/prospectus or other document Lucas may file with the SEC in connection with the proposed transactions. Prospective investors are urged to read the proxy statement, when filed as it will contain important information. Any definitive proxy statement(s) (if and when available) will be mailed to stockholders of Lucas. Prospective investors may obtain free copies of the proxy statement, when filed, as well as other filings containing information about Lucas, without charge, at the SEC's website (www.sec.gov). Copies of Lucas's SEC filings may also be obtained from Lucas without charge at Lucas's website (www.lucasenergy.com) or by directing a request to Lucas at (713) 528-1881. This document does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

INVESTORS SHOULD READ THE PROXY STATEMENT AND OTHER DOCUMENTS TO BE FILED WITH THE SEC CAREFULLY BEFORE MAKING A DECISION CONCERNING THE TRANSACTION.

Participants in Solicitation

Lucas and its directors and executive officers and other members of management and employees are potential participants in the solicitation of proxies in respect of the proposed transaction. Information regarding Lucas's directors and executive officers is available in Lucas's Annual Report on Form 10-K for the year ended March 31, 2015, filed with the SEC on July 14, 2015 and Lucas's definitive proxy statement on Schedule 14A, filed with the SEC on February 18, 2016. Additional information regarding the interests of such potential participants will be included in the registration statement and proxy statement to be filed with the SEC by Lucas in connection with the proposed transaction and in other relevant documents filed by Lucas with the SEC. These documents can be obtained free of charge from the sources indicated above. Additional information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available.

Contact:
Carol Coale / Ken Dennard
Dennard Lascar Associates, LLC
(713) 529-6600
ccoale@dennardlascar.com
ken@dennardlascar.com
http://www.dennardlascar.com

SOURCE Lucas Energy, Inc.

HOUSTON, April 1, 2016 /PRNewswire/ -- Lucas Energy, Inc. (NYSE MKT: LEI) ("Lucas" or the "Company") announced today that it has entered into (a) a Convertible Note Purchase Agreement, which provides for up to $600,000 of funding, of which $450,000 has been received to date, and (b) a Short Term Promissory Note with a third party relating to a loan of $250,000, each to fund near-term financial obligations.  These agreements replace the previous Non-Revolving Line of Credit Agreement that was entered into with Silver Star Oil Company ("Silver Star") in August 2015. 

Silver Star has had difficulty providing the required funding per the terms of the line of credit, which provides Lucas the right to request up to $2.4 million in convertible promissory notes over a twelve month period.  As of the date of this press release, Lucas has sold $1 million in such convertible promissory notes to Silver Star.  In an effort to raise funding for ongoing expenses and as a replacement for the amounts previously sought from Silver Star, the Company entered into the Convertible Note Purchase Agreement and Short Term Promissory Note described above.

"We firmly believe that the current oil and gas market continues to offer acquisition opportunities, and we are pleased that thus far the investment community is willing to provide the funding so that we can work to capitalize on those opportunities," said Anthony C. Schnur, Chief Executive Officer of Lucas Energy, who continued, "We continue to move efficiently toward completing our acquisition of the Segundo Resources assets and seek to expand the Company's asset base into more conventional plays and improve our returns to our shareholders." 

More information regarding the Convertible Note Purchase Agreement and Short Term Promissory Note and the terms and conditions thereof have been disclosed in the Current Report on Form 8- K filed by Lucas today with the Securities and Exchange Commission.

About Lucas Energy, Inc.

Lucas Energy (NYSE MKT: LEI) is engaged in the production of crude oil and natural gas in the Austin Chalk and Eagle Ford formations in South Texas. Based in Houston, Lucas's management team is committed to building a platform for growth and the development of its five million barrels of proved Eagle Ford and other oil reserves while continuing its focus on operating efficiencies and cost control.

Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Forward-looking statements give our current expectations, opinions, beliefs or forecasts of future events and performance.  A statement identified by the use of forward-looking words including "may," "expects," "projects," "anticipates," "plans," "believes," "estimate," "should," and certain of the other foregoing statements may be deemed forward-looking statements. Although Lucas 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 news release. These risks and uncertainties include, but are not limited to: the occurrence of any event, change or other circumstances that could give rise to the termination of the asset purchase agreement; and the inability to complete the transaction due to the failure to satisfy any of the conditions to complete the transaction. These also include risks inherent in natural gas and oil drilling and production activities, including risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, 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; delays in receipt of drilling permits; risks with respect to natural gas and oil prices, a material decline which could cause Lucas to delay or suspend planned drilling operations or reduce production levels; 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 natural gas and oil prices; risks relating to unexpected adverse developments in the status of properties; risks relating to the absence or delay in receipt of government approvals or fourth party consents; and other risks described in Lucas's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings with the SEC, available at the SEC's website at www.sec.gov. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company. The Company's SEC filings are available at http://www.sec.gov.

Important Information

In connection with the planned acquisition described above, Lucas currently intends to file a registration statement and a proxy statement with the Securities and Exchange Commission (the "SEC"). This communication is not a substitute for any proxy statement, registration statement, proxy statement/prospectus or other document Lucas may file with the SEC in connection with the proposed transaction. Prospective investors are urged to read the registration statement and the proxy statement, when filed as they will contain important information. Any definitive proxy statement(s) (if and when available) will be mailed to stockholders of Lucas. Prospective investors may obtain free copies of the registration statement and the proxy statement, when filed, as well as other filings containing information about Lucas, without charge, at the SEC's website (www.sec.gov). Copies of Lucas's SEC filings may also be obtained from Lucas without charge at Lucas's website (www.lucasenergy.com) or by directing a request to Lucas at (713) 528-1881. This document does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

INVESTORS SHOULD READ THE PROXY STATEMENT AND OTHER DOCUMENTS TO BE FILED WITH THE SEC CAREFULLY BEFORE MAKING A DECISION CONCERNING THE TRANSACTION.

Participants in Solicitation

Lucas and its directors and executive officers and other members of management and employees are potential participants in the solicitation of proxies in respect of the proposed transaction. Information regarding Lucas's directors and executive officers is available in Lucas's Annual Report on Form 10-K for the year ended March 31, 2015, filed with the SEC on July 14, 2015 and Lucas's definitive proxy statement on Schedule 14A, filed with the SEC on February 18, 2016. Additional information regarding the interests of such potential participants will be included in the registration statement and proxy statement to be filed with the SEC by Lucas in connection with the proposed transaction and in other relevant documents filed by Lucas with the SEC. These documents can be obtained free of charge from the sources indicated above. Additional information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available.

Contact:
Carol Coale / Ken Dennard
Dennard Lascar Associates, LLC
 (713) 529-6600
ccoale@dennardlascar.com
ken@dennardlascar.com
http://www.dennardlascar.com

SOURCE Lucas Energy, Inc.

HOUSTON, Feb. 16, 2016 /PRNewswire/ -- Lucas Energy, Inc. (NYSE MKT: LEI)("Lucas" or the "Company"), an independent oil and gas company with its primary operations in Texas, today announced its financial results for its fiscal 2016 third quarter, the three months ended December 31, 2015, and the filing of its Quarterly Report on Form 10-Q. 

"The fiscal 2016 third quarter was a transformational one for our Company," said Anthony C. Schnur, Lucas's Chief Executive Officer. "Our pending transaction with Segundo Resources to acquire the working interests in the Hunton formation in Oklahoma is a significant step in growing our reserves and production in a more economic, conventional resource play.   Following the closing of this transaction, we intend to drill six initial wells and have identified 50 drilling locations in the Hunton assets we are acquiring.  As previously mentioned, we will also be changing our company name to Camber Energy, Inc. when the transaction is completed.

"We have also been successful in enhancing our liquidity by amending our line of credit with Silver Star Oil Company ("Silver Star"), followed by the subsequent sale of an additional $200,000 of convertible notes under the line of credit.  We are currently discussing potential financing transactions that would fulfill our near-term capital requirements as well as our planned asset acquisition, which we believe, if finalized and completed, will ensure the future viability of the Company.  While the current commodity price environment continues to be challenging to our operations, it may also create opportunities to expand our footprint through attractive acquisitions, funding permitting."

OTHER EVENTS DURING AND SUBSEQUENT TO THE QUARTER

In mid-December 2015, we amended our existing senior loan which required us to transfer all of our oil and gas interests and equipment to a newly formed wholly-owned Texas subsidiary.  As a result of the amendment, the loan is no longer recourse to Lucas, only the subsidiary, in the event of a default under the loan, and Lucas (the parent company) was released from any future collateral obligations.

On December 30, 2015, Lucas signed a purchase agreement to acquire, from 21 different entities and individuals, working interests in producing properties and undeveloped acreage.  The assets agreed to be acquired include varied interests in two largely contiguous acreage blocks in the liquids-rich Mid-Continent region.  In exchange for the assets being acquired, Lucas agreed to assume $31,350,000 in commercial bank debt, issue 552,000 shares of a newly designated form of convertible preferred stock, issue 13,009,664 shares of common stock, and pay $4,975,000 in cash. At the closing of the transaction, which is subject to various closing conditions, Lucas will rebrand and change its name to Camber Energy, Inc.  Lucas currently anticipates the closing of the acquisition to occur during the first quarter of fiscal 2017 and will require additional funding of approximately $1.35 million in legal expenses, investment banking fees and other transaction costs in order to complete the acquisition, in addition to the closing cash requirement described above. 

On February 1, 2016, Lucas entered into a first amendment to the Non-Revolving Line of Credit Agreement with Silver Star, which added a 9.99% ownership blocker to the Convertible Promissory Notes and prevents the holder of the notes from converting the notes into common stock if upon such conversion the holder would beneficially own more than 9.99% of Lucas's outstanding common stock, subject to the ability of any holder to modify such limitation with 61 days prior written notice. Lucas also received notice on February 2, 2016, that $300,000 of the convertible notes were assigned by Silver Star to Rockwell Capital Partners.

On February 10, 2016, Lucas sold a convertible note in the aggregate principal amount of $200,000 to Silver Star pursuant to the terms of the line of credit.  The convertible note is due and payable on October 1, 2016, accrues interest at the rate of 6% per annum (15% upon the occurrence of an event of default), and gives the holder the right to convert the principal and interest into Lucas common stock at $1.50 per share.  The total number of shares of common stock issuable upon conversion of the notes cannot exceed 19.9% of Lucas's common stock that was outstanding on August 30, 2015, the date that the line of credit was agreed to.  Any conversion above such 19.9% limit is subject to shareholder approval and all conversions are subject to additional listing of the shares issuable upon conversion under NYSE MKT rules and regulations, which we have not sought or obtained to date.

Please refer to previous press releases and the Company's fiscal 2016 third quarter Quarterly Report on Form 10-Q filed today and the Form 8-Ks filed on December 31, 2015 and February 12, 2016, with the Securities Exchange Commission, for more detail on the Purchase Agreement, the amended Non-Revolving Line of Credit Agreement, and the Convertible Notes.

FISCAL 2016 THIRD QUARTER RESULTS

For the three months ending December 31, 2015, Lucas reported a fiscal third quarter net loss of $1.0 million, or ($0.70) per common share, which was a 22% improvement over the $1.3 million net loss, or ($0.94) per common share, for the same three month period last year.  This improvement reflected a decrease in total operating expenses of approximately $0.5 million and a decrease of $0.3 million in interest expense, partially offset by a decline of approximately $0.5 million in sales revenues for the current period compared to the prior year's period.  The loss per share in both quarters has been adjusted for a 1-for-25 reverse stock split which was effected on July 15, 2015. 

Total revenues from crude oil and natural gas sales for the quarter ended December 31, 2015 decreased by 73% to $0.2 million compared to $0.7 million for the same period a year ago and fell 37% sequentially from the fiscal second quarter.  The year-over-year decline was primarily impacted by a 48% drop in realized crude oil prices to $37.01 per barrel from $70.63 per barrel in the same period last year, resulting in an unfavorable crude oil price variance of $0.3 million coupled with an unfavorable crude oil volume variance of approximately $0.2 million.  Production volumes averaged 54 net barrels of oil equivalent (BOE) per day during the three months ended September 30, 2015 compared to 105 net BOE per day during the three months ended December 31, 2015.  The production decline can be attributed to workover drilling and lateral programs with higher front-end production in last year's fiscal second quarter coupled with production declines primarily related to interference from offset activity in the current period.

Lease operating expenses of $0.2 million for the quarter ended December 31, 2015 decreased by $0.2 million or 46% from $0.4 million for the same period a year ago, including a 38% reduction in workover expense.  General and administrative (G&A) expenses decreased by approximately 10% for the quarter ended December 31, 2015 as compared to the prior year's third quarter as the Company continues to improve the efficiencies of daily operating activities.  The fiscal 2015 fourth quarter G&A expenses also included a one-time charge of $0.2 million primarily related to transaction costs related to the entry into the purchase agreement with Segundo Resources as described above.  There was a 27% decrease in share-based compensation compared to the prior year's third quarter.

Depreciation, depletion, amortization and accretion expenses for the quarter ended December 31, 2015 decreased $0.2 million, or by 47%, to $0.2 million from the same period a year ago.   The decrease was primarily due to the decline in production volumes and the higher front-end production rates attributable to interference from offset operators. 

LIQUIDITY AND GOING CONCERN CONSIDERATIONS

At December 31, 2015, the Company's total current liabilities of $11.0 million exceeded its total current assets of $0.6 million, resulting in a working capital deficit of $10.4 million, an increase of $0.7 million in the working capital deficit from March 31, 2015, which increase was primarily related to cash used from our new convertible notes with Silver Star Oil Company ("Silver Star") of $0.6 million, net, and $0.2 million of additional payables incurred related to the recent purchase agreement, offset by a $0.1 million decrease in amounts owed under our senior loan.

About Lucas Energy, Inc.

Lucas Energy (NYSE MKT: LEI) is engaged in the production of crude oil and natural gas in the Austin Chalk and Eagle Ford formations in South Texas. Based in Houston, Lucas's management team is committed to building a platform for growth and the development of its five million barrels of proved Eagle Ford and other oil reserves while continuing its focus on operating efficiencies and cost control.

For more information, please visit the updated Lucas Energy web site at www.lucasenergy.com.  

Safe Harbor Statement and Disclaimer

This news release contains "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Forward looking statements give our current expectations, opinion, belief or forecasts of future events and performance.  A statement identified by the use of forward looking words including "may," "expects," "projects," "anticipates," "plans," "believes," "estimate," "should," and certain of the other foregoing statements may be deemed forward-looking statements.  Although Lucas 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 news release.  These risks and uncertainties include, but are not limited to: the occurrence of any event, change or other circumstances that could give rise to the termination of the asset purchase agreement; and the inability to complete the transaction due to the failure to satisfy any of the conditions to complete the transaction. These also include risks inherent in natural gas and oil drilling and production activities, including risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, 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; delays in receipt of drilling permits; risks with respect to natural gas and oil prices, a material decline which could cause Lucas to delay or suspend planned drilling operations or reduce production levels; 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 natural gas and oil prices; risks relating to unexpected adverse developments in the status of properties; risks relating to the absence or delay in receipt of government approvals or fourth party consents; and other risks described in Lucas's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings with the SEC, available at the SEC's website at www.sec.gov. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company. The Company's SEC filings are available at http://www.sec.gov.

Important Information

In connection with the planned acquisition described above, Lucas currently intends to file a registration statement and a proxy statement with the Securities and Exchange Commission (the "SEC"). This communication is not a substitute for any proxy statement, registration statement, proxy statement/prospectus or other document Lucas may file with the SEC in connection with the proposed transaction. Prospective investors are urged to read the registration statement and the proxy statement, when filed as they will contain important information. Any definitive proxy statement(s) (if and when available) will be mailed to stockholders of Lucas. Prospective investors may obtain free copies of the registration statement and the proxy statement, when filed, as well as other filings containing information about Lucas, without charge, at the SEC's website (www.sec.gov). Copies of Lucas's SEC filings may also be obtained from Lucas without charge at Lucas's website (www.lucasenergy.com) or by directing a request to Lucas at (713) 528-1881. This document does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

INVESTORS SHOULD READ THE PROXY STATEMENT AND OTHER DOCUMENTS TO BE FILED WITH THE SEC CAREFULLY BEFORE MAKING A DECISION CONCERNING THE TRANSACTION.

Participants in Solicitation

Lucas and its directors and executive officers and other members of management and employees are potential participants in the solicitation of proxies in respect of the proposed transaction. Information regarding Lucas's directors and executive officers is available in Lucas's Annual Report on Form 10-K for the year ended March 31, 2015, filed with the SEC on July 14, 2015 and Lucas's definitive proxy statement on Schedule 14A, filed with the SEC on February 9, 2015. Additional information regarding the interests of such potential participants will be included in the registration statement and proxy statement to be filed with the SEC by Lucas in connection with the proposed transaction and in other relevant documents filed by Lucas with the SEC. These documents can be obtained free of charge from the sources indicated above. Additional information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available.

SOURCE Lucas Energy, Inc.

HOUSTON, Jan. 14, 2016 /PRNewswire/ -- Lucas Energy, Inc. (NYSE MKT: LEI) ("Lucas" or the "Company") announced today that is has scheduled a conference call to discuss the recent announcement of the proposed acquisition of oil and natural gas properties in the Hunton play in the Mid-Continent region in addition to the new strategic direction and rebranding of the Company.  The conference call is scheduled for 11:00 a.m. Eastern Time (10:00 a.m. Central Time) on Thursday, January 21, 2016.  There will be an accompanying slide presentation posted on the Company's website just prior to the call.  Investors may participate by phone or via audio webcast.

About Lucas Energy, Inc.

Lucas Energy (NYSE MKT: LEI) is engaged in the development of crude oil and natural gas in the Austin Chalk and Eagle Ford formations in South Texas. Based in Houston, Lucas's management team is committed to building a platform for growth and the development of its five million barrels of proved Eagle Ford and other oil reserves while continuing its focus on operating efficiencies and cost control.

Forward Looking Statements

In addition to historical information contained herein, this news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, subject to various risks and uncertainties that could cause the Company's actual results to differ materially from those in the "forward-looking" statements. Although Lucas 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 news release. These risks and uncertainties include, but are not limited to: the occurrence of any event, change or other circumstances that could give rise to the termination of the asset purchase agreement; and the inability to complete the transaction due to the failure to satisfy any of the conditions to completion of the transaction. These also include risks inherent in natural gas and oil drilling and production activities, including risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, 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; delays in receipt of drilling permits; risks with respect to natural gas and oil prices, a material decline which could cause Lucas to delay or suspend planned drilling operations or reduce production levels; 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 natural gas and oil prices; risks relating to unexpected adverse developments in the status of properties; risks relating to the absence or delay in receipt of government approvals or fourth party consents; and other risks described in Lucas's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings with the SEC, available at the SEC's website at www.sec.gov. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company. The Company's SEC filings are available at http://www.sec.gov.

Important Information

In connection with the planned acquisition described above, Lucas currently intends to file a registration statement and a proxy statement with the Securities and Exchange Commission (the "SEC"). This communication is not a substitute for any proxy statement, registration statement, proxy statement/prospectus or other document Lucas may file with the SEC in connection with the proposed transaction. Prospective investors are urged to read the registration statement and the proxy statement, when filed as they will contain important information. Any definitive proxy statement(s) (if and when available) will be mailed to stockholders of Lucas. Prospective investors may obtain free copies of the registration statement and the proxy statement, when filed, as well as other filings containing information about Lucas, without charge, at the SEC's website (www.sec.gov). Copies of Lucas's SEC filings may also be obtained from Lucas without charge at Lucas' website (www.lucasenergy.com) or by directing a request to Lucas at (713) 528-1881. This document does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

INVESTORS SHOULD READ THE PROXY STATEMENT AND OTHER DOCUMENTS TO BE FILED WITH THE SEC CAREFULLY BEFORE MAKING A DECISION CONCERNING THE TRANSACTION.

Participants in Solicitation

Lucas and its directors and executive officers and other members of management and employees are potential participants in the solicitation of proxies in respect of the proposed transaction. Information regarding Lucas's directors and executive officers is available in Lucas's Annual Report on Form 10-K for the year ended March 31, 2015, filed with the SEC on July 14, 2015 and Lucas's definitive proxy statement on Schedule 14A, filed with the SEC on February 9, 2015. Additional information regarding the interests of such potential participants will be included in the registration statement and proxy statement to be filed with the SEC by Lucas in connection with the proposed transaction and in other relevant documents filed by Lucas with the SEC. These documents can be obtained free of charge from the sources indicated above. Additional information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available.

Contact:
Carol Coale / Ken Dennard
Dennard Lascar Associates, LLC
 (713) 529-6600
ccoale@dennardlascar.com
ken@dennardlascar.com
http://www.dennardlascar.com

SOURCE Lucas Energy, Inc.

HOUSTON, Dec. 31, 2015 /PRNewswire/ -- Lucas Energy, Inc. (NYSE MKT: LEI) ("Lucas" or the "Company") announced today that is has signed a purchase agreement to acquire, from 21 different entities and individuals, working interests in producing properties and undeveloped acreage.  The assets being acquired include varied interests in two largely contiguous acreage blocks in the liquids-rich Mid-Continent region.  The properties currently produce in excess of 1,200 net barrels of oil equivalent per day (BOE/d), of which 53% are liquids from 114 producing wells.  The bulk of the production is from the Hunton formation holding approximately 43,000 gross acres (9,900 net acres) in central Oklahoma.  Further, offset development drilling opportunities for at least 40 additional wells have already been identified.  According to a recent third-party reserve report (as of December 1, 2015), total proved developed reserves (PDP) are 5.4 million barrels of oil equivalent (MMBOE) comprised of 6% oil, 47% natural gas liquids (NGL) and 47% natural gas.

In exchange for the assets being acquired, Lucas will assume $31,350,000 in commercial bank debt, issue 552,000 shares of a newly designated form of convertible preferred stock, issue 13,009,664 shares of common stock, and pay $4,975,000 in cash. At the closing of the transaction, Lucas will rebrand and change its name to Camber Energy, Inc.  There are no significant management changes planned at this time as Anthony C. Schnur will maintain his role as President and Chief Executive Officer of the Company.  However, the sellers will have the right to appoint three members to the Board of Directors at closing, including Richard N. Azar II.  Mr. Azar, the principal seller and manager of the properties, will be appointed as Executive Chairman following the closing. Mr. Azar is a founding partner of Segundo Resources, representative of the sellers, and for over 20 years has been instrumental in developing the Hunton resource play in Central Oklahoma through his direction of Segundo, ownership in Altex Resources, Inc., and various other successful oil and gas ventures. 

SAFE-GUARDING THE CAPITAL STRUCTURE

Prior to entering into the acquisition agreement, and as previously disclosed, Lucas has completed the transfer of its existing oil and gas assets and current and outstanding senior debt obligations through a conveyance to a wholly-owned special purpose vehicle (SPV), non-recourse to Lucas Energy, Inc.  Lucas's senior lender will maintain its rights to the assets of the SPV.  This restructuring allowed Lucas the ability to enter into the acquisition agreement described above in order to pursue its strategic objective of adding significant production and increasing the scope and scale of the Company. 

GO FORWARD STRATEGY

"The completion of this transaction will raise the trajectory of opportunities for Lucas, not only as we increase our existing production base and future development opportunities, but also as we expand our reach into a key play in the Mid-continent and broaden our strategic horizons," said Anthony C. Schnur, Lucas's Chief Executive Officer. "We are extremely excited to have identified an acquisition that provides us with stable, long-lived reserves with substantial current production and ample drilling opportunities that are economic in a prolonged depressed commodity price environment.  We are further encouraged by the planned upcoming additions to our board, especially the appointment of Richard N. Azar II as our Chairman.  I have known Richard over the last three years, and I welcome his depth of knowledge and strategic sense to our Company."

TRANSACTION OVERVIEW

The asset purchase agreement contains customary representations and warranties of the parties and rights of termination. The closing of the acquisition is subject to closing conditions including Lucas placing the commercial bank facility to fund the $4.975 million cash required to acquire the properties; Lucas obtaining stockholder approval for the issuance of the shares of common stock in the closing and upon conversion of the preferred stock; the effectiveness of a registration statement registering the common stock and common stock issuable upon conversion of the preferred stock issued at closing; Lucas's continued listing on the NYSE MKT prior to and following the closing;; and the consent of various creditors of the sellers.  The parties are targeting a closing date, subject to the satisfaction or waiver of the required closing conditions, of Lucas's first fiscal quarter of 2016.

Post-closing there will be 14,514,902 shares of common stock issued and outstanding; assuming there are no adjustments through the diligence and closing process.  Additionally, the new class of preferred stock to be issued at closing will be convertible into 3,941,280 shares of common stock and will bear a 6.0% annual dividend rate payable in cash, common stock or PIK at Lucas's option.  The preferred, which has a face value and liquidation preference of $25 per share, a conversion rate into common stock of 7.14:1, will be convertible at any time at a price of $3.50 per share.  Under certain conditions, it will convert automatically.

More information regarding the purchase agreement, planned acquisition and the terms and conditions thereof have been disclosed in the Current Report on Form 8-K filed by Lucas today with the Securities and Exchange Commission.

ROTH Capital Partners acted as financial advisor on the Transaction.

INVESTOR UPDATE CONFERENCE CALL

Management intends to  schedule a conference call in the first calendar quarter of 2016 to discuss these developments with investors and further information regarding the call will be disclosed when available.

About Lucas Energy, Inc.

Lucas Energy (NYSE MKT: LEI) is engaged in the production of crude oil and natural gas in the Austin Chalk and Eagle Ford formations in South Texas. Based in Houston, Lucas's management team is committed to building a platform for growth and the development of its five million barrels of proved Eagle Ford and other oil reserves while continuing its focus on operating efficiencies and cost control.

Forward Looking Statements

In addition to historical information contained herein, this news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, subject to various risks and uncertainties that could cause the Company's actual results to differ materially from those in the "forward-looking" statements. Although Lucas 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 news release. These risks and uncertainties include, but are not limited to: the occurrence of any event, change or other circumstances that could give rise to the termination of the asset purchase agreement; and the inability to complete the transaction due to the failure to satisfy any of the conditions to completion of the transaction. These also include risks inherent in natural gas and oil drilling and production activities, including risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, 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; delays in receipt of drilling permits; risks with respect to natural gas and oil prices, a material decline which could cause Lucas to delay or suspend planned drilling operations or reduce production levels; 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 natural gas and oil prices; risks relating to unexpected adverse developments in the status of properties; risks relating to the absence or delay in receipt of government approvals or fourth party consents; and other risks described in Lucas's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings with the SEC, available at the SEC's website at www.sec.gov. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company. The Company's SEC filings are available at http://www.sec.gov.

Important Information

In connection with the planned acquisition described above, Lucas currently intends to file a registration statement and a proxy statement with the Securities and Exchange Commission (the "SEC"). This communication is not a substitute for any proxy statement, registration statement, proxy statement/prospectus or other document Lucas may file with the SEC in connection with the proposed transaction. Prospective investors are urged to read the registration statement and the proxy statement, when filed as they will contain important information. Any definitive proxy statement(s) (if and when available) will be mailed to stockholders of Lucas. Prospective investors may obtain free copies of the registration statement and the proxy statement, when filed, as well as other filings containing information about Lucas, without charge, at the SEC's website (www.sec.gov). Copies of Lucas' SEC filings may also be obtained from Lucas without charge at Lucas' website (www.lucasenergy.com) or by directing a request to Lucas at (713) 528-1881. This document does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

INVESTORS SHOULD READ THE PROXY STATEMENT AND OTHER DOCUMENTS TO BE FILED WITH THE SEC CAREFULLY BEFORE MAKING A DECISION CONCERNING THE TRANSACTION.

Participants in Solicitation

Lucas and its directors and executive officers and other members of management and employees are potential participants in the solicitation of proxies in respect of the proposed transaction. Information regarding Lucas' directors and executive officers is available in Lucas' Annual Report on Form 10-K for the year ended March 31, 2015, filed with the SEC on July 14, 2015 and Lucas' definitive proxy statement on Schedule 14A, filed with the SEC on February 9, 2015. Additional information regarding the interests of such potential participants will be included in the registration statement and proxy statement to be filed with the SEC by Lucas in connection with the proposed transaction and in other relevant documents filed by Lucas with the SEC. These documents can be obtained free of charge from the sources indicated above. Additional information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available.

Contact:
Carol Coale / Ken Dennard
Dennard Lascar Associates, LLC
 (713) 529-6600
ccoale@dennardlascar.com
ken@dennardlascar.com 
http://www.dennardlascar.com

SOURCE Lucas Energy, Inc.