HOUSTON, May 11, 2009 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI) a U.S. independent oil and gas company based in Houston, Texas, today announces that the Board of Directors has elected Fred Hofheinz as Chairman of the Board of Directors.
Fred Hofheinz is the former mayor of Houston, a well known business man from Texas, and experienced in both oil and gas and real estate investments. Mayor Hofheinz has served on the board of directors of both public and private oil and gas companies in the past. He was elected to the Board of Directors of Lucas Energy, Inc. by the shareholders in November 2008. Mayor Hofheinz and his father, Judge Roy Hofheinz, were instrumental in the building of the AstroDome in Houston, Texas as well as being politicians, world businessmen, and philanthropists. In the late 1960's, the Hofheinz family, in partnership with the Irvin Feld Family, bought Ringling Bros. and Barnum and Bailey Circus from John Ringling North and his brother, and modernized it to Twentieth Century standards.
Mr. William A. Sawyer, President and CEO of Lucas Energy, said "We are pleased to have this new leadership to the Board of Directors at this time. Management looks forward to working with the new Chairman to move Lucas Energy, Inc. forward."
In other news, Chairman of the Board, former President, and co-founder James J. Cerna resigned as Chairman of the Board of Directors and a member of the Board in order to accept board positions at two Northern California green energy companies. Mr. Cerna will remain on the Board as the lead advisory director and is still a major shareholder of the Company. William Sawyer stated: "Jim Cerna was the most instrumental of all people in the founding, development, and growth of Lucas Energy, Inc. He is, in fact, the best partner I have ever had in the more than thirty-five years I have been in the oil business."
About Lucas Energy
Lucas Energy, Inc. (NYSE Amex:LEI) is a Houston, Texas based independent crude oil and gas company that identifies, 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