Lucas Energy leaps on expected revenue results for fiscal 2008
Shares of Lucas Energy, Inc. (AMEX:LEI) are surging this morning after the U.S. based independent oil and gas company said pre-bell that it expects revenue for total proved reserves to increase 150% to $90.1 million for the fiscal year 2008 from $35.9 million last year.
The estimate represents a total net asset value of Lucas Energy's oil and gas properties of $8.82 per share.
During the year, proved developed producing reserves increased 97% to 496.02 from 252.20 in 2007. The total proved estimated net reserves is 1,797,230 barrels of oil and 96.01 cubic feet of gas, representing an increase of 13.6% from 1,583,540 barrels in the year-ago period and an increase of 131.2% from the 41.53 cubic feet of gas.
Shares leapt 22%, or $1.19, to $6.59 at 10:11 a.m. ET. For detailed price information and recent news stories about Lucas Energy, click LEI.
