Finance & Investing | Capital Markets

Lucas Energy Regains NYSE Compliance

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   |    Wednesday,September 09,2015

Lucas Energy, Inc. has regained 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.  In a letter dated September 8, 2015, the NYSE MKT notified the Company that Lucas Energy has successfully regained compliance with the NYSE MKT continued listing standards.

Anthony C. Schnur, Chief Executive Officer of Lucas, said: "We are pleased to regain compliance with the NYSE MKT's continued listing standards. We are now on track in our business objectives, specifically in capitalizing the Company and creating a platform that we believe will encourage high-growth activities during this downturn in the commodity cycle."

Additionally, on September 3, 2015, Lucas requested from the escrow agent the return of certain assets granted to Victory Energy Corporation as part of a settlement agreement.  Those assets included the assignment of a 3.28% Leasehold working interest in the Dingo Unit and a 1.48% Leasehold working interest in the Platypus Unit; as well as 44,000 shares of common stock of Lucas (1.1 million shares prior to the recent reverse split). Per our settlement agreements with Victory Energy, in the event Victory Energy failed to timely make the full payment of $258,000 due to our lender by August 27, 2015, as set forth in the settlement agreements, then all assets held in escrow were to be promptly returned to Lucas.  The escrow agent has agreed to the return of these assets.