HOUSTON, July 2, 2012 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI), an independent oil and gas company (the "Company" or "Lucas"), today announced that the Company has filed its Form 10-K for the fiscal year ending March 31, 2012. Key elements of the activity of the 2012 fiscal year include: (1) consolidating its acreage position in the Eagle Ford area around Gonzales County, Texas; (2) expanding into the Eaglebine area around Madison County, Texas; (3) a conversion from asset growth to production growth; (4) doubling oil production from operated wells; and (5) increasing revenues in the last quarter significantly. Lucas realized a net loss during fiscal year 2012 greater than was anticipated due to developmental drilling not occurring until the last two quarters of the fiscal year. The entire copy of the Form 10-K filing is available on the SEC's Edgar website.
Crude oil reserves increased approximately 4.2 million bbls (barrels) or 154% with the end of year proved crude oil reserves at approximately 7 million bbls. The estimated future net revenue discounted at 10% from proved oil and gas properties was approximately $104 million. Crude oil sales in bbls increased 45% over the previous fiscal year.
William A. Sawyer, President and Chief Executive Officer of the Company said, "The ultimate goal of the management of Lucas Energy, Inc. is to maximize shareholder value. Lucas is continuing to market its Eagle Ford properties and to develop other properties in an effort to accomplish that goal."
About Lucas Energy, Inc.
Lucas Energy, Inc., a Nevada corporation, is an emerging independent oil and gas company based in Houston, Texas. Lucas Energy, Inc. which acquires underdeveloped oil and gas properties, restores production to the properties, and looks for underlying value. Currently, the Company is active in the Austin Chalk, Eagle Ford, Eaglebine, and Buda trends. Our goal for the current year is production and revenue growth, and expansion of our asset base using joint ventures.
The Lucas Energy logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4192
For more information on this and other activities of the Company, visit the Lucas Energy web site at www.lucasenergy.com.
Company Website: www.lucasenergy.com
Forward-Looking Statement
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Act") and Section 21E of the Securities Act of 1934, as amended (the "Exchange Act"). In particular, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements and are subject to the safe harbor created by these Acts. Any statements made in this news release about an action, projection, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding future drilling and production are subject to all of the risks and uncertainties normally incident to the exploration and development of oil and gas. These risks include, but are not limited to, completion risk, dry hole risk, price volatility, reserve estimation risk, regulatory risk, potential inability to secure oilfield service risk as well as general economic risks and uncertainties, as disclosed in the Company's SEC filings including its Form 10-K and Form 10-Q's. 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.