HOUSTON, Feb. 26, 2008 (PRIME NEWSWIRE) -- Lucas Energy, Inc. (AMEX:LEI), a U.S. based independent oil and gas company, today announced that it has been named the fastest-growing company in the OGJ200 group for the third quarter, 2007, based on its 153% increase in stockholders' equity to $19 million in the third quarter 2007 from $7.5 million at March 31, 2007. Stockholders' equity is a primary factor for inclusion on the Oil and Gas Financial Journal list. Companies in the group must also be publicly traded, U.S.-based and generate positive, and increasing, net income. The Oil and Gas Journal cited Lucas Energy's acquisition of property in Gonzales County, Texas and its acquisition of a major stake in Bonanza Oil & Gas Inc., a Texas company, in the third and fourth quarters, respectively, as factors in this ranking.
James Cerna, CEO of Lucas Energy Inc., commented, "We are extremely honored with the recognition we have received by leading the OGJ200's fastest growing companies in the third quarter. We see this as a reflection of the success of our goal to identify, evaluate and revitalize underperforming oil and gas assets while continuously striving to enhance shareholder value. Our focus has always been to be profitable and maintain profitability. When we recently reported our results for the quarter ended December 31, 2007, we not only achieved record financial results, it was also our 11th consecutive quarter of profitability."
About Lucas Energy, Inc.
Lucas Energy, Inc. (AMEX:LEI) 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.
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.
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