HOUSTON, Nov. 1, 2006 (PRIMEZONE) -- Lucas Energy, Inc. (OTCBB:LUCE), a U.S.-based independent oil and gas company, today announced record financial results for the second fiscal quarter ended September 30, 2006.
Three-Months Ended September 30, 2006
For the three-month period ended September 30, 2006, Lucas Energy reported record revenues from the sale of oil and gas and services increasing 359% to $435,063, up from revenues of $94,703 for the same three-month period in 2005. EBITDA for the quarter was $320,044.
Lucas Energy reported net income increased 466% to $120,206 for the three-months ended September 30, 2006, up from income of $21,233 for the comparable three-months ended September 30, 2005. The increase is attributed to the production of oil and gas from properties acquired subsequent to September 30, 2005 excluding $34,000 realized in consulting income during the second quarter of 2006. Lucas Energy recorded no income from consulting in 2005.
Currently, the Company operates fifteen separate oil and gas leases covering over 6600+ acres of property, all within the state of Texas.
James J. Cerna, Chief Executive Officer of Lucas Energy, stated, "We are extremely pleased to report Lucas Energy's sixth consecutive profitable quarter. Management and the board of directors worked in concert to make this the most productive and most profitable quarter to date. The Lucas business model calls for a majority of the cash flow from operations to be reinvested into additional asset acquisitions or well revitalization, instead of into high fixed overhead or exploration costs. The strong balance sheet stands as a testament to this fiscal discipline. We are carefully studying a number of potential new property acquisitions as well as seeking to improve our arsenal of technologies. We expect the Company's revenues and earnings to continue to track as the number of well revitalizations completed and our acquisition strategy continues."
Six Months Ended September 30, 2006
The Company reported revenues improved by 406% to $548,421 for the six-month period ended September 30, 2006, as compared to revenues $108,401 for the same six-month period of 2005.
Lucas Energy reported record net income increased 684% to $183,471 for the six-months ended September 30, 2006 up from $23,395 for the six-months ended September 30, 2005.
The Company realized cash from operations soared to $338,513 during the six months ended September 30, 2006 compared to cash provided of $19,471 during the six months ended September 30, 2005.
LUCAS ENERGY, INC.
Income Statements
(Unaudited)
For the Three For the Six
Months Ended Months Ended
Sept 30, Sept 30,
2006 2005 2006 2005
---------- ---------- ---------- ----------
REVENUES
Oil and gas
revenues $ 401,063 $ 94,703 $ 514,421 $ 108,401
Consulting services 34,000 -- 34,000 --
Lease operating
expenses 65,719 37,597 104,800 40,055
Depreciation and
depletion 106,360 19,941 127,818 21,699
Gross profit 262,984 37,165 315,803 46,647
EXPENSES
Professional fees 7,957 -- 14,308 785
General and
administrative 41,343 11,073 67,356 17,578
Total Expenses 49,300 11,073 81,664 18,363
INCOME FROM
OPERATIONS 213,684 26,092 234,139 28,284
OTHER EXPENSES
Sale of assets -- -- 81,534 --
Interest income 2,546 6 4,160 11
Interest expense (52,082) (1,547) (55,176) (1,547)
Total Other Expenses (49,536) (1,541) 30,518 (1,536)
NET INCOME BEFORE
INCOME TAXES 164,148 24,551 264,657 26,748
INCOME TAX EXPENSE 43,942 3,318 81,186 3,353
NET INCOME $ 120,206 $ 21,233 $ 183,471 $ 23,395
========== ========== ========== ==========
BASIC INCOME
PER SHARE $ 0.00 $ 0.00 $ 0.01 $ 0.00
========== ========== ========== ==========
FULLY DILUTED INCOME
PER SHARE $ 0.00 $ 0.00 $ 0.01 $ 0.00
FULLY DILUTED AVG
SHARES OUT 27,450,562 27,450,562 27,358,961 23,780,011
The complete financial results for the first fiscal quarter ended September 30, 2006 are available on Form 10-QSB at http://www.sec.gov.
Lucas Energy, Inc. (OTCBB:LUCE) (www.lucasenergy.com) is an independent 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 asset base and cash flow, while significantly reducing the risk of traditional exploration projects. Lucas Energy's financial structure allows it to minimize the high overhead of traditional E&P companies. For more information, visit http://www.lucasenergy.com. The Company's headquarters are located at 3000 Richmond Avenue, Suite 400, Houston, Texas 77040.
"Safe-Harbor" Statement Under the Private Securities Litigation Reform Act of 1995. This press release contains forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements regarding potential sales, the success of the company's business, as well as statements that include the word "believe" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Lucas Energy to differ materially from those implied or expressed by such forward-looking statements. Lucas Energy assumes no responsibility to update the information included herein for events occurring after the date hereof. Actual results could differ materially from those anticipated due to factors such as the lack of capital, timely development of products, and inability of potential customers to pay.