| Shares Of Lucas Energy Are Having An Insane Day: Here's Why | |
| | |
|
Shares of Lucas Energy, Inc. (NYSE: LEI) were trading higher by more than 400 percent on Thursday after the company announced a purchase agreement.
Lucas Energy is an independent oil and gas company engaged in the acquisition and development of crude oil and natural gas from various geological formations.
Lucas Energy stated in its press release that it has signed a purchase agreement to acquire working interests in producing properties and undeveloped acreage from 21 different entities. The company noted that the assets being acquired include "two largely contiguous acreage blocks in the liquids-rich Mid-Continent region."
Related Link: The Worst Stock Ideas Of December
Bright Future Ahead
Lucas Energy added that the bulk of production is from the Hunton formation holding approximately 43,000 gross acres in central Oklahoma.
Finally, Lucas Energy stated it will re-brand and change its name to Camber Energy, Inc. following the close of the transaction.
"We are extremely excited to have identified an acquisition that provides us with stable, long-lived reserves with substantial current production and ample drilling opportunities that are economic in a prolonged depressed commodity price environment," Anthony Schnur, Lucas' Chief Executive Officer said in the press release.
Image Credit: Public Domain
See more from Benzinga © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
|
|
|
Lucas Energy Inc.
|
|
|
CODE : LEI |
ISIN : US5493332010 |
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Lucas Energy is based in United states of america. Lucas Energy is listed in United States of America. Its market capitalisation is US$ 2.8 millions as of today (€ 2.4 millions). Its stock quote reached its highest recent level on November 07, 2014 at US$ 9.50, and its lowest recent point on December 21, 2018 at US$ 0.07. Lucas Energy has 3 726 436 shares outstanding. |