HOUSTON, May 4, 2011 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI) ("Lucas"), an independent oil and gas company, announced today that in connection with its December 2010 offering, Lucas has filed a Form S-3 Registration Statement under the Securities Act of 1933, as amended, to register the resale of the shares underlying the warrants which were sold in the offering. The Form S-3 covers the resale of shares of common stock underlying previously granted warrants and no new shares or shares issuable in the future are being offered through the Form S-3 filing, other than those included in the December 2010 offering.
"The warrants, if and when exercised for cash, will provide Lucas with capital for expansion, and for drilling more wells in the Eagle Ford Trend," commented William A. Sawyer, President and CEO of Lucas Energy, who continued, "The December 2010 offering, and the associated warrants were granted at or above market (at the time of the offering), and if exercised for cash, will provide Lucas with sufficient capital for its 2011-12 programs."
In other news, the Hilcorp operated Eagle Ford wells in which Lucas has an interest, are continuing to produce without artificial lift. Lucas anticipates that the two Eagle Ford wells will be put on artificial lift in the near future. Two additional Eagle Ford wells are expected to be drilled by Hilcorp on Lucas leases before year end.
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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, 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. 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 or those prepared by third parties that are not paid by the Company. The Company's SEC filings are available at http://www.sec.gov.