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LEI touched the resistance point and came back down only $.05. That's a strong indication that it will break thru. Once the shorts take notice that we've broken resistance, it's likely they will need to cover their positions. This event will lead to larger and quicker gains.
It's just a psychological barrier of the market. Once it's broken, the run could be huge!
Will do. I don't expect him to comment. It would just be nice to know if they've gotten some interest.
We need to see it break resistance of $2.71.
Lucas Energy Announces Production Update for Fiscal Year 2012
HOUSTON, Feb 16, 2012 (GlobeNewswire via COMTEX) -- Lucas Energy, Inc. /quotes/zigman/499789/quotes/nls/lei LEI +1.35% , an independent oil and gas company (the "Company" or "Lucas"), today announced that the Company had average gross production, from operated wells, of 574 BOPD (barrels of oil per day) for the first ten (10) days of February 2012. Lucas had more gross production from operated wells in the first ten days of February 2012, than for the entire month of January 2012. These numbers do not include oil and gas production from the two Eagle Ford wells operated by an affiliate of Marathon Oil Company.
For the first two quarters of fiscal year 2012, gross production from operated wells averaged approximately 195 BOPD. For the third quarter of the fiscal year 2012, production from operated wells averaged 226 BOPD, or a 16% increase. Lucas still anticipates average production from operated wells for the fourth quarter of fiscal year 2012 to be approximately 300 BOPD, or better.
As anticipated, the last half of the 2012 fiscal year has seen additional operated production increases due to the drilling of new horizontal wells in the Austin Chalk formation, or new laterals in the Austin Chalk from older well bores. For more information on this and other activities of the Company, see the Lucas Energy web site www.lucasenergy.com .
I emailed the CFO to ask if they've received any interest in the EFS property. No response so far.
Good day! I think we're "piggy-backing" off a combination of things. Greek deal gets done pushing oil higher and 50 day moving above 200 day last week.
Back on? Not sure I understand? Got in at $1.80 and another tranche at $2.20.
Once we see it break thru that resistance of $2.75 it should continue to climb nicely.
Yes. Nice volume so far today!
Q3 should be released tomorrow or Wednesday after the bell. Interested to see whether that gain on the NM sale put them in the black.
Does anyone know off-hand what % participation Lucas had with Hilcorp when they entered into a JV to drill the Gonzales County EFS? Marathon plans to drill the max amount of wells under the JV in 2012. see article:
http://www.marketwatch.com/story/lucas-energy-provides-update-on-gonzales-county-texas-joint-venture-with-marathon-oil-ef-llc-2012-02-08
If only the rest of the market is seeing what we're seeing. LEI is very well positioned in most catagories. I agree, I would like to see them improve operationally.
Do you believe we will see them post positive income in Q3 considering the $3.1 mill gain on the sale of the New Mexico assets in October? Operationally, I don't expect them to be in the black.
It appears our ducks are lining up very nicely. The charts look strong, production is continuing to increase and I'd expect an annoucement on the eagle ford sale in the near future. Positive news on the eagle ford outside of LEI should help the company "piggy-back" the non-conventional domestic oil boom in 2012. LEI is positioned perfectly within all of this. I expect them to release their Q3 earnings after the bell next Wednesday or Thursday. Hopefully we'll see something positive.
I think LEI is still un-recognized by a majority of the market. We need to see some more volume.
Yes it is! Everything looks pretty good. They released some positive news this morning on their H1 Hagen well. If it breaks above $2.75 resistance we should see it run past $3.
!!!LEI 50 day crossed above 200 day!!! We could be set up for a nice run to $3 starting tomorrow.
!!!LEI 50 day crossed above 200 day!!! We could be set up for a nice run to $3 starting tomorrow.
The 50 day crossed above the 200 day Friday. We could be set up for a nice run to $3 starting tomorrow.
I agree. If they plan on monetizing the land containing all their value (Eagle Ford) then why not just sale the company out right? I think management believes the Austin chalk is worth using sale proceeds to uncover reserves in that shale. I assume its going to require drilling several rigs in the Austin chalk to increase production.
Financial statements and proved reserves have been released on the Nordic acquisition. Based on the estimated reserves report by LEI on April 1, 2011, plus the Nordic reserves, my calculation of undiscounted future net revenue = $217 million.
Nordic reserves and financials: http://sec.gov/Archives/edgar/data/1309082/000143209312000062/ex99-1.htm
LEI reserves April 1, 2011: http://sec.gov/Archives/edgar/data/1309082/000121478211000112/ex99-1.htm
LEI 50 day crosses higher than 200 day!! Set up for a run next week!
The 50 day has moved above the 200 day. We could see a big run up next week if the market takes notice. The company needs to come out with some solid news on Monday to draw attention to the technicals. It's set up for a run, just needs to get some play.
I just listened to the moneytv.net interview with William Sawyer, Lucas's CEO. He hinted that they expect to get >$60 million for the Eagle Ford sale. He also mentioned that they just finished testing a new well and just completed dilling the H1 well last night. We might hear some news on the test results soon.
Trueheart- were you able to get in yesterday? Stock is looking nice this morning up 7%.
There's really no doubt the stock is going to bounce back. Even if it drops some more it's just a matter of when it will start to turn around. Load up right now while you can.
Does anyone have any thoughts about their Q3 earnings? Operationally, I'm certain they'll still be in the red. But the $3.1 mill gain on the sale of their New Mexico property in October may offset the loss and result in some earnings.
Thoughts??
I think I may use the tax return once I get it and go all in. Ha!
LEI 50 day gaining past 200 day today! Primed to buy!
LEI, technicals indicate strong buy! 50 day passing up 200 day on the uptrend.
LEI, 50 day crossing 200 day. Bouncing off the lower band. Perfect time to get in before it makes a run.
There are still 1.39 mill shares of short interest. The 50 day, 200 day & lower band are all equal at 2.34. If some buyers take notice of this & step in, pushing the stock north on a run, then I'd expect the shorts to see this will be a long run north and cause them to cover. Could take off over the next few weeks.
That's where the value of his position will be if he plans on shorting this stock.
Very much agreed. I'm in at 2.20 and adding. I'm very confident this company will reach >$5 at some point during the year. Solid management and they have a huge opportunity on this sale to create more value.
Hillzman- to address your last comment, their CFO hinted to this in a recent interview. I believe it's at the end of the interview he hints at a dividend. It'll all depend on the amount of the sale.
True. In general, production in the Austin chalk yeilds lower levels than the Eagle Ford. Lucas is focusing on the Austin chalk becuase it's much less expensive to open old well heads at those depths. Given the funding constraints of LEI, drilling in Austin is the feasible option. What potential buyers are looking at are reserves they can capitalize on in the Eagle Ford shale. A majority of the value is in Eagle Ford. Once/if the sale happens, I'd expect the company to annouce their FY 2012-2013 capital budget and production forecast with those proceeds. We should see higher BOE production per day. I'm long.
I've just been surprised this company isn't getting the attention it should following their annoucement to monetize their eagle ford acreage. They have 8,900 net acres in the eagle ford valued anywhere between $115 million to $205 million which monetizing would result in a cash value of $5- $8.7 per share. Just seems like an intuitive steal at this point.
Agreed. There are three events here that indicate to me we will see an uptrend. 1) Current price is bouncing on the lower band, 2)50 day about to cross the 200 day, & 3) Any positive news on the sale of their eagle ford (LOI) should help push it up. Hopefully we will hear some news on this soon.
LEI 50 day moving avg looks to cross the 200 moving day avg in the very near future. Coupled with an upcoming anticipated annoucement regarding the Eagle Ford sale, the stock has strong potentional to shoot up over the next few months.
Where is the pull-back coming from? Down 5% over the last 5 days on light volume. It appears the sale/monetization isn't getting much attention from the market. Making it an even better opportunity to buy right now.