In
recent months, the economy has seen a downturn in energy prices. With some
energy companies filing bankruptcy, Lucas Energy, Inc. (NYSE MKT: LEI) has not
only survived the recent downturn but positioned itself perfectly to benefit
from the current market environment. Furthermore, the company plans to expand
on its current national footprint.
Lucas
Energy, Inc. is a growth-oriented, independent oil and gas company based in
Houston. LEI has working interests in over 10,000 net acres in South Texas with
reserves valued at approximately $112 million, as well as other reserves
estimated to be worth $60 million. All of the company’s acreage is located in
the Eagle Ford shale and the Austin Chalk producing formations.
In
2012, LEI appointed a new management team with a vast amount of experience that
positioned the company for growth and opportunity. Since the appointment of
this new expert team, the company has reduced overhead, improved balance
sheets, made field operations more efficient, and resolved legacy legal issues.
Today,
the company’s main goal is to develop its most valuable asset in the Eagle Ford
shale. The aim is to increase production and generate positive cash flow. As
part of these efforts, the company made public a purchase agreement to acquire
a working interest in producing properties in the Mid-Continent region. This
acquisition will play a key role in the growth strategy of the company.
With
this transaction, the company aims to produce more energy on a daily basis.
These changes have led Lucas Energy, Inc. to plan a name change to Camber
Energy in the near future, a name that LEI believes is better suited to the
vision of the company. Although the oil and gas industry has not been as strong
in recent times, LEI has put together a three pronged strategy. This includes
developing its current assets, capitalizing on the down cycle, and pursuing
further material acquisitions.
For
more information, visit www.LucasEnergy.com
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