HOUSTON, Oct. 6, 2016 /PRNewswire/ -- Lucas Energy,
Inc. (NYSE MKT: LEI) ("Lucas" or
the "Company"), an independent oil and gas company with its
operations in Oklahoma and
Texas, today announced that on
October 4, 2016, the NYSE MKT LLC
(the "Exchange") granted and accepted the Company's compliance plan
(the "Plan") dated August 21,
2016.
The Company now has until January 21,
2018 to regain compliance with NYSE MKT continued listing
standards as set forth in Section 1003(a)(ii) and (iii) of the NYSE
MKT Company Guide as related to its financial condition as reported
on March 31, 2016. At or before
January 21, 2018, the Company must
either be in compliance or must have made progress that is
consistent with the accepted Plan during that period.
In order to maintain its listing on the Exchange, the Exchange
has requested that the Company provide quarterly updates to the
Exchange concurrent with its interim and annual Securities and
Exchange Commission (SEC) filings. Failure to meet the
requirements to regain compliance could result in the initiation of
delisting proceedings.
"We are pleased to have received the Plan acceptance from the
Exchange and look forward to the opportunity to demonstrate our
ability to execute on our strategic initiatives," said Anthony C. Schnur, Lucas' Chief Executive Officer.
The Company also announced that Lucas' Board of Directors appointed
Paul Pinkston to Principal Financial
Officer, Treasurer and Secretary of the Company effective
September 29, 2016. Mr.
Pinkston previously served as Chief Accounting Officer since August
of 2016. Mr. Schnur, who held the positions of Chief
Financial Officer and Principal Financial Officer in interim
capacities, will remain Chief Executive Officer and a member of the
Board of Directors.
About Lucas Energy, Inc.
Lucas Energy (NYSE MKT: LEI) is engaged in the acquisition and
development of crude oil and natural gas from various known
productive geological formations, including the Hunton Formation in
Central Oklahoma and the Austin
Chalk and Eagle Ford shale in South Texas. Based in
Houston, Lucas Energy's management
team is committed to building a platform for growth and the
development of its oil and gas reserves while continuing its focus
on operating efficiencies and cost control.
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.