HOUSTON, Sept. 4, 2008 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (AMEX:LEI), a U.S.-based independent oil and gas company based in Houston, Texas, today announced that W.A. (Bill) Sikora has been appointed to the position of President and Chief Executive Officer and a member of the Board of Directors of Lucas Energy, Inc.
Prior to accepting this position, Mr. Sikora provided financial and business advisory service to Lucas Energy on matters ranging from acquisitions, financial reporting and overall business strategy.
Mr. Sikora has provided financial and business advisory services to executive management teams of publicly-owned and privately-held companies with an emphasis on the energy industry since 1982 except for the period between 1996 and 1999 when he served as Executive Vice President of TransMontaigne, Inc., a downstream energy company. He served as Director for Appleton Papers, Inc. and was Chairman of the Audit Committee from 2001 to 2004. In addition he has served as a board member for several independent E&P companies in recent years. Mr. Sikora was a Partner with Peat Marwick Mitchell & Co, a predecessor to KPMG, LLP, a Partner with Touche Ross & Co, a predecessor to Deloitte & Touche, LLP and a Co-founder of Hein & Sikora, a predecessor to Hein & Associates. Mr. Sikora received a degree in Accounting from the University of Colorado and is a Certified Public Accountant.
Mr. James Cerna, Co-founder of Lucas Energy who previously held the title of President and CEO, will be promoted to non-executive Chairman of the Board.
Management Comments
Mr. James Cerna, Chairman of the Board of Lucas Energy, said, "Bill brings a wealth of industry experience to Lucas Energy, particularly relating to financial, accounting and operational areas. I believe his background will blend very well with the technical and operational experience brought by William Sawyer, our Chief Operating Officer. I am excited about the exceptionally balanced management team now in charge of day to day operations for the Company. Bill Sikora's financial expertise and E&P experience will be invaluable in growing Lucas Energy and delivering increased shareholder value."
About Lucas Energy
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.
The Lucas Energy logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4192
Forward-Looking Statement
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. The complete filing is available at http://www.sec.gov