HOUSTON, Oct. 3, 2012 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE:LEI) an independent oil and gas company (the "Company" or "Lucas"), today announced that the various shareholders of the Company who had previously filed a press release requesting that the Board of Directors call a special meeting of the shareholders have not, as of this date, provided to the Company sufficient shareholder support to require the Board to call such meeting. Furthermore, the President and Board of Directors of Lucas do not feel that a special shareholders' meeting would be economical in light of the fact that the annual shareholders' meeting is upcoming.
While the Board of Directors values shareholder input, we feel that the shareholder activists are distracting management from the current activities of the Company, and are using up valuable time of the officers and the Board that should be focused on the joint venture and other activities. In response to this, and to avoid the cost and time associated with potentially holding multiple special meetings every year at the request of minority shareholders, the Board has amended the Company's Bylaws to reflect that shareholders holding 30% or more of the outstanding shares are required to call a special shareholders' meeting rather than 10% as was in the previous Bylaws. Further, the Board changed the Bylaws to reflect a two-thirds vote needed to remove a director as required by Nevada law.
The current CEO, William A. Sawyer, took office in January 2009, and the current Board was elected in late 2008 at the annual meeting. When this group became active in January 2009, the stock price traded as low as $0.38 per share and the Market Cap was approximately $3.9 million. Today's trading price of above $2.00 per share is more than 500% of what it was when the team took over. Further, the Market Cap today of more than $50 million is more than 12 times what it was in January 2009. The Company believes that the statistics above definitively show that any accusations that the Company's CEO and Board have not provided accretive value to the Company is without merit.