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Texas-Focused Lucas Energy Taps New Chairman

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   |    Friday,November 15,2013

Lucas Energy Inc. has reported the appointment of Ken Daraie as Chairman of the Board.

The Company also today announced that Ken Daraie has been appointed as Chairman of the Board of Directors, effective November 11, 2013.  Mr. Daraie, who joined the Board in December 2012, most recently served as a Director.  He replaces Ryan Morris, who will continue to serve on the Board.

Morris commented: "I am proud to pass the baton to Ken Daraie to be the Company's new Chairman.  Having successfully completed our operational and financial 'fire-fighting', we now turn towards developing our excellent asset base.  Ken's extensive experience founding and building profitable oil companies will make him an excellent active Chairman to guide us to production growth."

Mr. Daraie added, "I am grateful for Mr. Morris and Mr. Schnur's leadership in getting the Company organized, I am prepared to implement its business plan, and I look forward to helping the organization with its singular focus on increasing revenue and shareholder value."  

Mr. Daraie has served as the Vice President of Wold Oil Properties, Inc. (WOPI) since April 2011. Previously, he served a four-year appointment as the Executive Director of the Wyoming School Facilities Commission where he oversaw creation of systems and processes necessary for deployment of over $1 billion in capital construction funds in the state.  From 2001 to 2005, Mr. Daraie founded and served as President of Continental Industries, LC, a vertically integrated oil and gas company based in Wyoming.

He also has served on the Boards of Double Eagle Petroleum Company Inc. (DBLE) and Energy West Federal Credit Union.  Mr. Daraie is a registered professional engineer and has been a member of the Society of Petroleum Engineers since 1980. Mr. Daraie received a Bachelor of Arts degree in Physics from Baylor University and a Bachelor of Science degree in Petroleum Engineering from the University of Texas at Austin.