HOUSTON, Feb. 4, 2008 (PRIME NEWSWIRE) -- Lucas Energy, Inc. (OTCBB:LCAE), a U.S. based independent oil and gas company, today announced a 1-for-4 reverse split of its Common Stock that will take effect with the opening of the stock market on February 4, 2008. The split is part of the Company's efforts to pursue a listing for its common stock on the American Stock Exchange (AMEX). The Company's AMEX listing application is pending, although there can be no assurance that the application will be approved. Lucas Energy meets all of the requirements of AMEX at this time, except for price. After giving effect to the reverse split, the Company will have 10,211,156 shares of Common stock outstanding. The symbol will be changed to "LCAE."
James J. Cerna, Chief Executive Officer of Lucas Energy, stated, "Lucas Energy is extremely excited to be moving forward with the American Stock Exchange listing process. We have made excellent progress in executing our business strategy and we believe a move to the AMEX will provide the Company with increased visibility and liquidity for our Common stock. We feel it is in the best interest of our shareholders and the company, which highlights our continued commitment to enhancing shareholder value."
Shareholders who hold their shares in brokerage accounts or "street name" will not be required to take any action to effect the exchange of their shares, and individuals without a brokerage account should contact the Company's Transfer Agent, Empire Stock Transfer, at 702-818-5898.
About Lucas Energy, Inc.
Lucas Energy, Inc. (OTCBB:LCAE) is an independent crude oil and gas company building a diversified portfolio of valuable oil and gas assets in the United States. The company is focused on identifying underperforming oil and gas assets, which are revitalized through a meticulous process of evaluation, application of modern well technology, and stringent management controls. This process allows the company to increase its reserve base and cash flow while significantly reducing the risk of traditional exploration projects. The Company's headquarters are located at 3000 Richmond Avenue, Suite 400, Houston, Texas 77098.
The Lucas Energy logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=4192
Forward-Looking Statements
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement identified by the words "expects," "projects," "plans," "feels," "anticipates" and certain of the other foregoing statements may be deemed "forward-looking statements." Although Lucas Energy 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 press release. These include risks inherent in the drilling of oil and natural gas wells, including risks of fire, explosion, blowout, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks inherent in oil and natural gas drilling and production activities, 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; risks with respect to oil and natural gas prices, a material decline in which could cause the Company to delay or suspend planned drilling operations or reduce production levels; and 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 oil and gas prices and other risk factors.