HOUSTON, Jan. 11, 2011 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE:LEI), an independent oil and gas company, released the results of proxy voting by shareholders completed yesterday.
"We are pleased to have our directors and independent accountants reappointed by a significant margin, as well as receiving excellent support for the ability to designate new preferred stock and the potential stock dividend," commented William A. Sawyer, president and CEO of Lucas Energy.
The proposals voted upon in this year's proxy are paraphrased below and the voting results, based on percentage of shares voted, are listed for each:
- Reappointment of the current directors (98-99% in favor);
- Ratification of the stock and option compensation to the board (95% in favor);
- Amendment of the articles of incorporation to provide for the directors to designate a series of up to 10 million shares of preferred stock (89% in favor);
- Authorization for the directors to declare a stock dividend (98% in favor); and
- Reappointment of GBH CPA's as the company's independent accountants for fiscal year 2011 and acceptance of fiscal 2010 financial reports (100% in favor).
The detailed share results are included in a Form 8-K filed today.
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Forward-Looking Statement
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, 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. 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 or those prepared by third parties that are not paid by the Company. The Company's SEC filings are available at .
CONTACT: John O'Keefe jokeefe@lucasenergy.com (713) 528-1881 Michael Brette J.D mikebrette@gmail.com (951) 236-8473