HOUSTON, June 2, 2011 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI) ("Lucas"), an independent oil and gas company, which has assets in the Eagle Ford Trend near San Antonio, Texas announced that its Common Stock has recently experienced significant and unusual market activity. As of the close of the NYSE Amex market on June 1, 2011, the stock was trading up almost 13% on 2.4 million shares of volume, versus a recent average daily volume of 970,000 shares. Although Lucas cannot know the decision making process of each and every investor, Lucas believes that the most likely reason for the increase in volume and price may be due to the announcement that Marathon Oil Corporation (NYSE:MRO) is acquiring the Eagle Ford assets of Hilcorp Resources, an affiliate of Hilcorp Energy Company.
Lucas Energy, Inc. is a joint venture partner with Hilcorp in the Eagle Ford trend in Gonzales County, Texas. Lucas is, also, a joint venture partner with Marathon in the Eagle Ford trend in Wilson County, Texas. Hilcorp is expected to continue as operator for another six months. Development of the Eagle Ford acreage in which Lucas has interests is expected to move forward since the press releases indicated that Marathon will increase the number of drilling rigs from six to twenty.
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Lucas is unaware of any non-public information which has caused the recent increase in volume and stock price and its policy is not to comment on unusual market activity or rumors.
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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