CEI Camber Energy Inc

Item 1.01 Entry into a Material Definitive Agreement.

Pursuant to a Letter Agreement entered into at Lucas Energy, Inc.’s (the “ Company’s ”) August 25, 2016 closing of the acquisition of certain oil and gas properties located in Texas and Oklahoma, the Company and RAD2 Minerals, Ltd. (“ RAD2 ”), one of the sellers, which is owned and controlled by Richard N. Azar II, who was appointed as our Chairman on August 26, 2016, RAD2 agreed to accept full liability for any and all deficiencies between the “ Agreed Assets Value ” set forth in the purchase agreement relating to the acquisition, as described in greater detail in the Current Report on Form 8-K filed with the Securities and Exchange Commission on August 31, 2016, of $80,697,710, and the mutually agreed upon value of the assets delivered at closing by the sellers, up to an aggregate of $1,030,941 (as applicable, the “ Deficiency ”). In connection therewith, RAD2 agreed to establish an escrow account within three business days of the closing and place into escrow 288,779 shares of common stock, within 15 business days from the date of the closing. The escrowed shares are to be held in escrow pending (a) RAD2’s transfer of assets to the Company following the closing, equal to at least the value of the Deficiency (as valued in the reasonable determination of the Company); or (b) another mutually agreeable solution to the Deficiency ((a) or (b) as applicable, the “ Make-Whole ”). The Letter Agreement provided that in the event the Make-Whole occurs on or prior to October 31, 2016 (45 business days from the date of closing)(the “ Make-Whole Deadline ”), the escrowed shares are to be released to RAD2, and in the event the Make-Whole does not occur prior to the Make-Whole Deadline, the escrowed shares (or such portion thereof that equals the Deficiency, in the reasonable determination of the Company) are to be released to the Company for cancellation as consideration for the Deficiency.

On September 29, 2016, we and RAD2 entered into another letter agreement, extending the Make-Whole Deadline to November 15, 2016. A copy of the letter agreement is filed herewith as Exhibit 10.1 .

On September 30, 2016, we entered into a second amendment dated September 29, 2016 (the “ Amendment ”) to the stock purchase agreement (the “ Stock Purchase Agreement ”) that we had entered into with an accredited institutional investor on April 6, 2016. The Amendment extends the time in which we are required under the Stock Purchase Agreement to file a resale registration statement with the Securities and Exchange Commission (the “ SEC ”) until 5 business days after our registration statement on Form S-3/A (File No. 333-211066) is declared effective by the SEC.

The foregoing summary of the terms of the Amendment is subject to, and qualified in its entirety by, such document attached hereto as Exhibit 10.2 , which is incorporated herein by reference.