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Stock Market & Financial Investment News

News Breaks
December 18, 2013
07:20 EDTLEILucas Energy completes the first of two horizontal drilling projects
Lucas Energy provided an operational update on the status of its drilling activity in the Austin Chalk and other certain matters. During the first three quarters of FY13 the company generated positive working capital of $1.1M, reduced total debt by approximately $20M, lowered lease operating expense by 47% and decreased general & administrative expense by 31%. In September, Lucas launched its work-over program in the Austin Chalk, completing its fourth workover on November 30, and is currently in the process of putting the well back on production. Additionally, the company completed the first of two planned horizontal drilling projects, the Merit RVS #1 Sidetrack in Gonzales County, Texas. the company said, "Lucas plans to spud its second Austin Chalk re-entry, the Upton Ruddock #1 Sidetrack, on a location has been already been constructed, and we are waiting on the arrival of a drilling rig." The company has an inventory of 15 re-entry candidates, which are being reviewed for further development. The company said it is actively reviewing a number of opportunities for strategic partnership, acquisitions, and mergers with a focus on development of reserves, increasing revenue, and improving shareholder value.
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April 16, 2014
07:21 EDTLEILucas Energy to sell up to 3.33M units of stock, warrants at 60c per unit
Lucas Energy announced that it has entered into an agreement with funds managed by Ironman Energy Master Fund and John Helmers, associated with Long Focus Capital Management, pursuant to which the company will sell up to 3,333,332 units at 60c per unit for total consideration of $2M to such entities. The units are each comprised of one share of common stock plus associated warrants to purchase 1,666,666 shares of common stock at an exercise price of $1.00 per share with a five-year term. The company will use the net proceeds from the sale of the Units solely for oil and gas development and for general corporate purposes.
07:09 EDTLEILucas Energy granted compliance plan extension to July 31
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07:07 EDTLEILucas Energy announces $2M equity offering
Lucas Energy has entered into an agreement with funds managed by Ironman Energy Master Fund and John B. Helmers, associated with Long Focus Capital Management, pursuant to which the company will sell up to 3,333,332 units at 60c per unit for total consideration of $2M to such entities. The units are each comprised of one share of common stock plus associated warrants to purchase 1,666,666 shares of common stock at an exercise price of $1.00 per share with a five-year term. The closing of the offering is expected to take place on or before April 21.

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