Lucas Energy Secures $15 Million Financing to Fund Growth Initiative, Texas
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Lucas Energy, Inc. has entered into a series of agreements with an institutional investor whereby it will receive $10.0 million of equity capital, subject to meeting certain conditions. Under the terms of the agreements with the investor, Lucas is to receive $10 million under current commitments while an additional $5 million is to be made available through the exercise of an additional warrant upon mutual consent.
“This placement demonstrates confidence in the future of Lucas Energy as we progress towards closing on the Segundo Resources asset purchase. Having received this commitment establishes some certainty that we can initiate growth and development activities upon closing the acquisition,” said Anthony C. Schnur, chief executive officer of Lucas Energy.
On December 31, 2015 the company signed a purchase agreement to acquire, from 21 different entities and individuals, working interests in producing properties and undeveloped acreage. The assets being acquired include varied interests in two largely contiguous acreage blocks in the liquids-rich Mid-Continent region. The properties currently produce in excess of 1,200 net barrels of oil equivalent per day (BOE/d). At the closing of the transaction, Lucas will rebrand and change its name to Camber Energy, Inc.
About Lucas Energy, Inc.
Lucas Energy is engaged in the production of crude oil and natural gas currently in the Austin Chalk and Eagle Ford formations in South Texas. Based in Houston, Lucas’s management team is committed to building a platform for growth and the development of its five million barrels of proved Eagle Ford and other oil reserves while continuing its focus on operating efficiencies and cost control.
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