ORIONS Money Stocks

[AugustaFriends]

LEI News - On Tuesday July 19, 2011, 9:18 am

Lucas Energy announced that the company received a high crude oil price of $113.00 per barrel and $106.00 per Bbl for its May and June 2011 crude oil sales, respectively, from its properties in East Texas. Lucas operates two wells in East Texas and is seeking to expand its holdings there in the Austin Chalk formation. ...In other news, the company has been meeting with investment banking groups to discuss various possible future plans concerning its 4,400 net Eagle Ford acres. With a correlative value of $95 million, based on the Marathon Oil acquisition of the Hilcorp Eagle Ford acreage in June 2011, (about $4.20 per share fully diluted), Lucas is considering the different alternatives, including but not limited to converting the position to cash and focusing on the development of the Austin Chalk reserves.