HOUSTON, Aug. 23, 2016 /PRNewswire/ -- Lucas Energy,
Inc. (NYSE MKT: LEI) ("Lucas" or
the "Company"), an independent oil and gas company with its
operations in central Texas
announced that at a separate special stockholder meeting today its
shareholders voted to approve the Asset Purchase Agreement to
acquire the working interests in certain oil and gas properties
from Segundo Resources and various sellers. Also approved
were the financial transactions in connection with the acquisition.
Holders voted in favor of five proposals to issue
approximately 13 million shares of common stock in addition to
preferred stock and debt transactions in connection with the
Segundo acquisition and other related matters. Shareholders
also approved the ratification of the appointment of GBH CPAs, PC
as Lucas' independent auditors for
the fiscal year ending March 31,
2017. Additional information regarding the stockholders
meeting and the items approved are described in greater detail in
the Definitive Proxy Statement on Schedule 14A, filed by
Lucas with the Securities and
Exchange Commission on July 29, 2016,
and the Current Report on Form 8-K filed concurrently with this
press release.
"Obtaining shareholder approval for the purchase agreement and
financial transactions was a critical step toward closing the
pending acquisition of producing properties and undeveloped acreage
in Texas and Oklahoma," said Anthony C. Schnur, Chief Executive Officer of
Lucas Energy. "We view the Special Shareholder Meeting's
approval as a sign of shareholder support for our strategy of
expanding the Company's scale and strengthening its financial
flexibility."
A required majority vote of over 50% of Lucas's outstanding shares was not achieved to
approve the amendment to the Articles of Incorporation to change
the Company's name to Camber Energy, Inc. This amendment will
be re-submitted for shareholder vote, likely at the Annual
Shareholder Meeting expected to be held in March of 2017.
About Lucas Energy, Inc.
Based in Houston, Texas, Lucas
Energy (NYSE MKT: LEI) is a growth-oriented, independent oil and
gas company engaged in the development of crude oil, natural gas
and natural gas liquids in the Hunton formation in Central Oklahoma and the Austin Chalk and
Eagle Ford formations in South
Texas.
For more information, please visit the updated Lucas Energy web
site at www.lucasenergy.com.
Safe Harbor Statement and Disclaimer
This news release includes "forward looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward looking statements give our current
expectations, opinion, belief or forecasts of future events and
performance. A statement identified by the use of forward
looking words including "may," "expects," "projects,"
"anticipates," "plans," "believes," "estimate," "should," and
certain of the other foregoing statements may be deemed
forward-looking statements. Although Lucas believes that the expectations reflected
in such forward-looking statements are reasonable, these statements
involve risks and uncertainties that may cause actual future
activities and results to be materially different from those
suggested or described in this news release. These include
risks inherent in natural gas and oil drilling and production
activities, including risks of fire, explosion, blowouts, pipe
failure, casing collapse, unusual or unexpected formation
pressures, environmental hazards, and other operating and
production risks, which may temporarily or permanently reduce
production or cause initial production or test results to not be
indicative of future well performance or delay the timing of sales
or completion of drilling operations; delays in receipt of drilling
permits; risks with respect to natural gas and oil prices, a
material decline which could cause Lucas to delay or suspend planned drilling
operations or reduce production levels; risks relating to the
availability of capital to fund drilling operations that can be
adversely affected by adverse drilling results, production declines
and declines in natural gas and oil prices; risks relating to
unexpected adverse developments in the status of properties; risks
relating to the absence or delay in receipt of government approvals
or fourth party consents; and other risks described in Lucas's Annual Report on Form 10-K and other
filings with the SEC, available at the SEC's website at
www.sec.gov. 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.
Contacts:
|
Carol Coale / Ken
Dennard
|
|
Dennard - Lascar
Associates LLC
|
|
(713)
529-6600
|
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SOURCE Lucas Energy, Inc.