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.
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.
For more information on this and other activities of the Company, please visit the Lucas Energy web site at www.lucasenergy.com.
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Company Website: www.lucasenergy.com
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, projection, 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 including its Form 10-K and Form 10-Q's. 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, except as required by law, or those prepared by third parties that are not paid for by the Company. The Company's SEC filings are available at http://www.sec.gov.