HOUSTON, May 17, 2011 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI) ("Lucas"), an independent oil and gas company, announced today that the Securities and Exchange Commission has declared effective the Form S-3 resale Registration Statement that Lucas recently filed on May 2, 2011. Consequently, Lucas filed the related Final Prospectus on May 18, 2011. Lucas filed the Registration Statement in connection with its December 2010 offering to register the resale of the shares underlying the warrants which were sold in the offering.
The Registration Statement covers only the resale of shares of common stock underlying the warrants already outstanding, which were previously granted in the December 2010 offering, and no new shares, warrants or shares issuable in the future are being offered or registered through the Final Prospectus and related Form S-3 filing.
"The December 2010 offering, which raised $5.45 million in net proceeds, provided us funding for drilling and acquisitions during the quarter ended March 31, 2011, through shares sold and warrants granted, at or above market (at the time of the offering)," commented William A. Sawyer, President and CEO of Lucas Energy, who continued, "We believe that the additional potential capital represented by the warrants, if and when exercised for cash (approximately $13.7 million), will allow Lucas to expand its operations and allow for the drilling of additional wells in the Eagle Ford Trend as well as providing Lucas with sufficient capital for its 2011-12 programs."
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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 .
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