Past year: ▼ 47%(2.00c – 5.00c USD)
Each one in plain English, with the numbers worked through for a shareholder.
2 Apr 2013asset acquisition disposition▲ GoodMajor
Lucas Energy settled the Nordic Oil default crisis: instead of the $22 million note plus interest, it will pay just $1.125 million in installments through September 2013, hand the disputed Gonzales/Karnes/Wilson leases back to Nordic, and have the lawsuit dropped once paid - a major liability sharply reduced.
21 Dec 2012asset acquisition disposition▲ Good
Lucas Energy completed the sale of its 0.77% net royalty interest in the Baker Deforest Unit to Sundown Energy for $4 million, the highest of five bids. It also confirmed Anthony Schnur as CEO, adopted restated bylaws and named Ryan Morris chairman.
17 Dec 2012debt default or forbearance▼ BadMajor
A management shake-up (CEO William Sawyer out, Anthony Schnur in) uncovered a crisis: Lucas Energy had defaulted on the $22 million Nordic Oil note from the 2011 lease purchase, and Nordic sued in Harris County, Texas seeking the full $22 million plus interest and foreclosure. The company also disclosed a Seidler Oil & Gas suit alleging fraud and securities-law violations over its Hagen Ranch wells (naming the former CEO and CFO personally) and a fee dispute suit from Knight Capital.
12 Sept 2012material agreement● Neutral
The offering announced the day before closed, bringing in the full $1.32 million gross.
11 Sept 2012material agreement● Neutral
Lucas Energy launched a smaller follow-on offering, up to $1.32 million, again to fund drilling, lease operations and working capital.
19 Apr 2012material agreement● Neutral
The offering announced two days earlier closed as planned, bringing in $5.9 million gross ($5.5 million net) for drilling and working capital, with a minor correction to the warrant count first reported.
16 Apr 2012material agreement● Neutral
Lucas Energy launched another stock-and-warrant offering, targeting about $5.9 million gross to fund drilling and workovers, with its December 2010 investors exercising a right to buy in again.
3 Feb 2012asset acquisition disposition● Neutral
Lucas Energy filed a technical amendment confirming that its 2011 purchase of Nordic Oil USA I's Eagle Ford/Austin Chalk leases in Gonzales, Karnes and Wilson Counties should have been reported as a material asset acquisition - a paperwork correction, not new news. This is the same Nordic Oil relationship whose financing later defaulted in 2012.
4 Jan 2012asset acquisition disposition● NeutralMajor
Lucas Energy bought roughly 5,500 net acres in Wilson, Leon and Madison Counties from its Eagle Ford joint-venture partner Hall Phoenix Energy, paying entirely in convertible preferred stock valued at $6.35 million.
23 Nov 2011material agreement● NeutralMajor
Lucas Energy announced that its purchase of Nordic Oil USA I's Gonzales, Karnes and Wilson County leases officially closed on November 18, 2011, after Nordic 1's shareholders ratified the deal. The purchase was effective July 1, 2011.
2 Nov 2011auditor change● Neutral
Lucas Energy dismissed GBH CPAs (no disagreements, clean reports) and hired Hein & Associates as its new auditor, pending shareholder ratification.
19 Oct 2011capital raising announcement▼ BadMajor
Lucas Energy signed a purchase agreement with Nordic Oil USA I for its Gonzales, Karnes and Wilson County leases for $22 million, payable by a 12-month, 6% senior secured note. It also agreed to buy an individual's related interests for 2,000 Series A convertible preferred shares, with closing subject to Nordic 1 shareholder approval.
19 Oct 2011asset acquisition disposition▲ Good
Lucas Energy completed the sale of its New Mexico leasehold interest to Nordic Oil USA 2 for $4 million, exiting that acreage less than a year after buying in.
1 Sept 2011material agreement● NeutralMajor
Lucas Energy signed non-binding letters of intent to buy Nordic Oil USA I's Gonzales, Karnes and Wilson County assets for $22 million via a 12-month, 6% convertible senior secured note, and to sell its McKinley County, New Mexico leasehold to Nordic Oil USA 2 for $4 million cash.
19 July 2011material agreement● Neutral
Lucas Energy cut the exercise price of its December 2010 Series C warrants from $2.62 to $2.48 and brought forward their exercise date, requiring investors to exercise at least 25% immediately. It expected about $1.93 million gross (less $115,711 of commissions) from exercises, for Austin Chalk and Eagle Ford drilling, acquisitions and working capital.
25 Jan 2011asset acquisition disposition● Neutral
Lucas Energy paid $2 million for a 7.56% interest in New Mexico oil and gas leases from Nacogdoches Oil and Gas, the first slice of an option to eventually buy up to 77.5% for $20.5 million.
12 Jan 2011material agreement▲ Good
Lucas Energy raised about $6 million selling stock and warrants to a group of institutional investors, with the warrants capable of bringing in up to $14.7 million more if later exercised.
27 Dec 2010material agreement▲ GoodMajor
Lucas Energy raised just under $6 million (potentially $20 million more if warrants are exercised) selling stock-and-warrant units to institutional investors, including Hall Phoenix Energy - its Eagle Ford joint-venture partner - as a buyer.
29 Sept 2010material agreement termination● Neutral
Lucas Energy gave WR Hambrecht + Co. notice on September 28, 2010 terminating the March 2010 agreement for an at-the-market offering of up to 4,000,000 shares. It did not expect further sales under the related prospectus supplement.
2 Sept 2010asset acquisition disposition▲ Good
A third closing of the Hilcorp sale of 85% of the Gonzales County deep rights was held on August 31, 2010, with a $1.3 million remittance. Total remittances to date reached $10.2 million.
1 July 2010asset acquisition disposition▲ Good
A second closing of the Hilcorp deep-rights sale brought in another $1.38 million (total $8.9 million so far), with a further closing expected within weeks.
27 May 2010capital raising announcement● Neutral
Issued 637,887 shares ($490,000) to El Tex Petroleum for Wilson County oil and gas lease acreage, plus a smaller stock award to consulting/IR providers -- a routine asset-for-stock purchase.
11 May 2010asset acquisition disposition▲ GoodMajor
Lucas Energy sold an 85% working interest in the deep mineral rights (including Eagle Ford Shale) under its Gonzales County acreage to Hilcorp Energy for $7.52 million upfront, keeping 15% and using the cash to clear its Amegy bank debt.
6 May 2010material agreement termination▲ Good
Lucas Energy paid off and terminated its Amegy Bank credit line (about $2.2 million outstanding) with no penalty, funded by the Eagle Ford asset sale closing the same week.
9 Apr 2010material agreement● Neutral
Lucas Energy (Camber's predecessor name) agreed to sell an 85% working interest in the deeper Eagle Ford Shale rights under its Gonzales County, Texas acreage to a private buyer, keeping a 15% interest and its shallower-zone production.
26 Mar 2010material agreement● Neutral
Lucas Energy set up an at-the-market equity program with WR Hambrecht + Co, letting it sell up to 4 million shares gradually into the market rather than in one priced block.
27 Nov 2009debt financing● Neutral
Lucas Energy took a small $740,000 one-year loan from private investor Nordic Oil USA I, secured by its Wilson County leases - the first appearance of a lender that becomes a much bigger, and later contentious, counterparty.
14 Oct 2008material agreement▲ GoodMajor
Lucas Energy lined up a reserve-based revolving credit facility with Amegy Bank that could grow to $100 million as it proves up more reserves, giving it real firepower to fund drilling and lease buys beyond its initial $3 million draw.
14 Feb 2008listing compliance notice▲ GoodMajor
the American Stock Exchange certified CAMBER ENERGY, INC.'s securities for listing, clearing them to begin trading.
19 Oct 2007auditor change● Neutral
Lucas Energy dismissed Malone & Bailey (no disagreements, clean reports) and hired GBH CPAs, following the same audit partner who had just moved firms.
