Lucas Energy Granted NYSE MKT Listing Extension On Compliance Plan
HOUSTON, April 2, 2014 /PRNewswire/ -- Lucas Energy, Inc. (NYSE MKT: LEI) ("Lucas" or the "Company"), an independent oil and gas company with its operations in Texas, today announced that the NYSE MKT (the "Exchange") has accepted the Company's plan of compliance and granted the Company a conditional extension to regain compliance with the continued listing standards. The determination is contingent upon the completion of the recently-announced participating agreement with an independent operator in the Eagle Ford shale and achieving other milestones outlined in the plan.
On February 28, 2014, Lucas received notice from the Exchange, indicating the Company was below certain of the Exchange's continued listing standards related to its existing financial resources or financial condition as set forth in Part 10 of the NYSE MKT Company Guide. The Company was afforded the opportunity to submit a plan of compliance to the Exchange, and on March 14, 2014, Lucas presented its plan to the Exchange. On March 31, 2014, the Exchange notified the Company that it had accepted the Company's plan of compliance and granted the Company a conditional extension until April 14, 2014 by which the Company is required to regain compliance with Section 1003(a)(iv) of the NYSE MKT Company Guide and/or demonstrate adequate progress to that end. The Company will be subject to periodic review by Exchange Staff during the extension period. Failure to make progress consistent with the plan or to regain compliance with the continued listing standards by the end of the extension period could result in the Company being delisted from the NYSE MKT.
"The plan we submitted is consistent with our December 2013 initiative to engage in financing transactions or other strategic alternatives to enhance the Company's financial requirements. We continue to actively reviewing various proposals and proposed transactions to achieve compliance and to increase liquidity," said Anthony C. Schnur, the Chief Executive Officer of Lucas Energy.
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 Austin Chalk, Eagle Ford and Buda / Glen Rose. Based in Houston, Lucas Energy'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. Lucas Energy has updated its website to reflect the most recent Fact Sheet and a new offset operator map of its South Texas acreage.
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.
Carol Coale / Ken Dennard
Dennard ▪ Lascar Associates, LLC
SOURCE Lucas Energy, Inc.