This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Lucas Energy Announces Third Quarter 2013 Financial And Operating Results

HOUSTON, Feb. 14, 2013 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE MKT:LEI), an independent oil and gas company (the "Company" or "Lucas"), today announced third quarter results ending December 31, 2012 for fiscal year 2013. For the quarter, Lucas reported a net loss of $2.7 million, or $0.10 per diluted share, versus a net loss of $2.2 million, or $0.11 per diluted share, for the same quarter last year. Average production increased 37 percent to 215 net barrels of oil equivalent per day ("boe/d") compared to the same quarter last year of 157 net boe/d. Revenue increased 48 percent to $1.9 million compared to $1.3 million the same period last year.

For the nine months ending December 31, 2012, Lucas reported a net loss of $6.2 million, or $0.25 per diluted share, versus $5.1 million, or $0.28 per diluted share, for the same nine month period last year. Average production increased 69 percent to 243 net boe/d compared to the same period last year of 144 net boe/d. Revenue increased 82 percent to $6.4 million compared to $3.5 million the same period last year.

"This quarter was very challenging for Lucas. We ended the month of December with a new CEO and implemented a strategic staff reduction to mitigate our dwindling cash flows. By the first week of February we reduced our staffing needs to only 9 full-time employees and several consultants and drastically reduced general and administrative costs going forward by over 40 percent. We continue to progress in our effort of making Lucas a positive cash flow company. We also continue to see our production stabilize as a result of implementing a series of work overs on our operated wells. Our goal is to seek opportunities to operate efficiently and deliver value to our shareholders. We are optimistic about our efforts to date and the path going forward and continue to appreciate the dedication of all of our current employees."

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,949.59 -85.34 -0.47%
S&P 500 2,097.29 -3.11 -0.15%
NASDAQ 5,014.1020 +19.50 0.39%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs