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Lucas Energy Announces Third Quarter 2013 Financial And Operating Results

Stocks in this article: LEI

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."

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