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Lucas Energy Granted Compliance Extension by NYSE

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   |    Monday,April 06,2015

Lucas Energy, Inc. announced that the NYSE MKT has notified the Company that it has been granted an extension with a targeted completion date of August 28, 2015 to regain compliance with the NYSE MKT continued listing standards.

On February 28, 2014, Lucas received notice that the Company was below certain of the NYSE MKT continued listing standards, as set forth in Section 1003(a)(iii) of the NYSE MKT Company Guide, due to its financial condition.  Based on information provided by the Company through March 31, 2015, the Exchange has determined that Lucas Energy has made a reasonable demonstration of its ability to regain compliance by the end of the revised period which has been extended to August 28, 2015.

By the conclusion of this extension, the Company must be in compliance with the Exchange's continued listing standards.  August 28, 2015 represents the maximum allowable eighteen-month period within which to regain compliance as outlined in Section 1009(b) of the Company Guide.  Failure to demonstrate adequate progress within that timeframe will result in the Exchange Staff initiating delisting proceedings pursuant to Section 1009 of the Company Guide.

Anthony C. Schnur, Chief Executive Officer of Lucas Energy, commented: "We are pleased that the Exchange has granted this extension and providing the time required to continue to execute on our proposed business combination with Victory Energy. The recently signed agreements with Victory are currently funding drilling activities and certain working capital needs.  We anticipate the initial production from the participation in the seven non-operated Eagle Ford wells to fully commence in mid-summer of this year."