HOUSTON, April 21, 2009 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI), a U.S. based independent oil and gas company based in Houston, Texas, today announces that the Board of Directors has elected Don L. Sytsma, CPA to Treasurer and Chief Financial Officer (CFO) of the corporation effective April 14, 2009.
Prior to Mr. Sytsma's appointment as CFO, he provided accounting and financial reporting support services to Lucas Energy over the past few months. Mr. Sytsma has over twenty-five years of experience in the domestic and international energy industries, and has held positions in publicly-owned and privately-held companies in financial, accounting and auditing roles. Since 1995, Mr. Sytsma has been providing business advisory, consulting and audit services to domestic and international energy industry clients. Mr. Sytsma graduated with highest distinction from Indiana University with a degree in Accounting and is a Certified Public Accountant.
Mr. William A. Sawyer, President and CEO of Lucas Energy, said, "Don is a welcome addition to the corporate structure and his services have been critical to the corporation over these past months. He provides Lucas Energy and its Board of Directors the opportunity to kick off our new fiscal year with improved financial reporting capabilities and allows us to continue to strengthen the company's internal controls".
Mr. Sytsma replaces Mr. Malek Bohsali as CFO of Lucas Energy. Mr. Bohsali was appointed Corporate Secretary of Lucas Energy in January 2009, and he will continue to serve in that capacity. Mr. Sawyer praised Mr. Bohsali's services to the corporation and said, "Malek has served Lucas Energy exceptionally well and was instrumental to the company's ramp up for compliance with Sarbanes Oxley requirements and in streamlining the administrative functions of the company".
In other news, during the April 14, 2009 Board of Directors meeting, the Board accepted the resignation of Mr. Rick Schmid as a director of the corporation. Mr. Schmid is a well known geophysicist in Houston, Texas, and as a director of the corporation has contributed his experience in the industry and his respected opinions to the Board during his tenure with the corporation since it became public. Mr. Sawyer commented, "The Board will miss Rick and his ideas for the corporation in the future. Rick leads a busy schedule as a consulting geophysicist in the exploration area of the industry".
About Lucas Energy
Lucas Energy, Inc. (NYSE Amex:LEI) is a Houston, Texas based independent crude oil and gas company that identifies, evaluates and acquires leasehold property interests, primarily in the Austin Chalk formation of South Texas, Southeast of San Antonio, that are underperforming or have been shut-in or plugged and abandoned. These properties are then revitalized by undertaking extensive re-entry and work-over procedures, including clean-up, repairs and treatments of the existing well bores and lateral extensions, as well as extending or drilling new laterals into previously nonproducing areas of the formation. By utilizing tight field and operating management controls, together with having a comprehensive understanding of the production characteristics of the Austin Chalk, the Company believes that it can increase reserves, improve production and maximize cash flow while avoiding most of the high risks of typical exploration projects.
The Company's headquarters are located at 6800 West Loop South, Suite 415, Bellaire (a suburb of Houston), Texas 77401.
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 Company's complete filings with the Securities and Exchange Commission are available at http://www.sec.gov