Lucas Energy Sells Stock for Cash As It Attempts to Regain Compliance with NYSE

Deal Will Yield $2 Million for Eagle Ford Development
Lucas Energy

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Houston-based Lucas Energy has entered into an agreement to sell shares of its stock for $2-million to funds managed by two of it’s existing shareholders – Ironman Energy Master Fund and John B. Helmers (Long Focus Capital Management).

The Eagle Ford focused company is facing de-listing by the New York Stock Exchange (NYSE), and has until July 31, 2014, to regain compliance. This $2-million equity offering extends the original compliance deadline of April 14, 2014, which was set by the NYSE from the company’s initial compliance plan on March 28, 2014. Lucas Energy intends to use the proceeds for continued oil and gas development in the Eagle Ford.

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