Lucas Energy, Inc.
LUCAS ENERGY INC (OTCBB: LUCE)
Houston, TX 77040
http://www.lucasenergy.com
Founded in 2004, Lucas Energy, Inc. is an independent oil and gas company that acquires underperforming oil and gas properties and applies new technologies and rigorous controls to revitalize yields. This approach allows the company to squeeze every ounce of oil out of proven wells using modern well technology.
Lucas Energy operates owns and operates 31 producing oil and gas wells and 41 oil and gas leases covering approximately 6,600 acres in Texas.
The company’s proven reserves were 1.6 million barrels (bbls) oil and 41.53 million cubic feet (MMcf) gas translating into $67.4 million in undiscounted future net reserves (FNR), based on a report issued on May 15, 2007, by Forrest A. Garb and Associates, Inc. an independent engineering firm.
Lucas has reported seven consecutive profitable quarters. For the fiscal year 2007 ended March 31, 2007, the company reported revenues of $1.3 million, up 440% from $0.3 million. Net income rose 516% to $0.3 million, or $0.01 per share, from $0.1 million, or $0.00 per share. Over the same period, cost of production declined from $22.36 to $9.43 a barrel.
On July 25, 2007, the company began the processes of selling subscriptions and warrants for purchase of the company’s common stock. These offerings will raise a net total of $11,280,000 in order to fund continued expansion.
