HOUSTON, Jan. 27, 2009 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSEAlternext:LEI) ("the Company), an independent oil and gas company based in Houston, Texas announced that it has promoted Mr. William Sawyer to the post of President and Chief Executive Officer.
The Board of Directors of Lucas Energy promoted Mr. Sawyer to the position of President and Chief Executive Officer effective immediately. Mr. Sawyer was the Chief Operating Officer and is a co-founder of Lucas Energy. Mr. Sawyer has over 30 years of experience in the oil and gas industry including work with ARCO, Houston Oil & Minerals and Superior Oil (Mobil). Prior to co-founding Lucas Energy, Mr. Sawyer was President of Exploration Engineers, a private consulting firm that served the oil and gas industry for over eighteen years. His experience makes him uniquely qualified to oversee the execution of the Lucas Energy business plan of restoring previously shut-in or abandoned oil wells to production.
James J. Cerna, Chairman of the Board commented, "At the direction of the board, Mr. Sawyer will cut operational costs and corporate expenses in response to the drastic decline in the price of oil. As a co-founder and seasoned operational expert we feel his is well suited to the task."
Mr. Sawyer replaces Mr. W.A. Sikora as President & CEO.
About Lucas Energy
Lucas Energy, Inc. (NYSEAlternext:LEI) is a Houston, Texas based independent crude oil and gas company that indentifies, evaluates and acquires leasehold property interests, primarily in the Austin Chalk formation of South Texas, Southeast of San Antonio, that are underperforming or have been shut-in or plugged and abandoned. These properties are then revitalized by undertaking extensive re-entry and work-over procedures, including clean-up, repairs and treatments of the existing well bores and lateral extensions, as well as extending or drilling new laterals into previously nonproducing areas of the formation. By utilizing tight field and operating management controls, together with having a comprehensive understanding of the production characteristics of the Austin Chalk, the Company believes that it can increase reserves, improve production and maximize cash flow while avoiding most of the high risks of typical exploration projects.
The Company's headquarters are located at 6800 West Loop South, Suite 415, Bellaire (a suburb of Houston), Texas 77401.
The Lucas Energy logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4192
Forward-Looking Statement
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement identified by the words "expects," "projects," "plans," "feels," "anticipates" 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 press release. These include risks inherent in the drilling of oil and natural gas wells, including risks of fire, explosion, blowout, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks inherent in oil and natural gas drilling and production activities, 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; risks with respect to oil and natural gas prices, a material decline in which could cause the Company to delay or suspend planned drilling operations or reduce production levels; and 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 oil and gas prices and other risk factors. The Company's complete filings with the Securities and Exchange Commission are available at http://www.sec.gov