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Lucas Energy Announces Resignation Of Co-Founder And CEO And Appointment Of New CEO And Director

Stocks in this article: LEI

HOUSTON, Dec. 14, 2012 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE MKT:LEI), an independent oil and gas company (the "Company" or "Lucas"), today announced that Co-Founder, Chief Executive Officer and Director William A. Sawyer has resigned effective December 12, 2012 to pursue other endeavors.

The Board of Directors of the Company has appointed Anthony C. Schnur, 47 as CEO ("Chief Executive Officer") to fill the vacancy left by Mr. Sawyer's resignation. Mr. Schnur was previously appointed as the Chief Financial Officer, Treasurer, and Secretary of the Company effective November 1, 2012. Mr. Sawyer was a Co-Founder of the Company, serving as Vice President of Operations from April 2005 to January 2009, when he was promoted to the position of CEO and President, positions he continued to hold until his resignation. 

Mr. Schnur has served as CFO and CEO of several companies including his last position as CFO of Chroma Oil & Gas, LP. Mr. Schnur is 47 years old and has more than 25 years of experience, with 15 years in the oil and gas industry. He has served on the Board of Directors of two E&P companies. He is a member of IPAA, Houston Energy Finance Group, and other industry organizations. Mr. Schnur has a BSBA from Gannon University and an MBA from Case Western Reserve University.

Mr. Sawyer also resigned as a Director of the Company effective December 12, 2012 and the Board of Directors has appointed Ken Daraie, P.E. as a Director of the Company. Mr. Daraie, has significant experience in the oil and gas industry and has served as the Vice President of Operations of Wold Oil Properties, Inc. (WOPI) where he assists with business development, engineering and operations management, since April 2011.

About Lucas Energy, Inc.

Lucas Energy, Inc., a Nevada corporation, is an independent oil and gas company based in Houston, Texas. The Company 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.

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