Camber Energy Inc (CEI)

[Timothy Smith]

I think the recent investors @ $2 a share would tend to agree with your $3-4 buy out statement. Ouch!

HOUSTON, April 18, 2012 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI) an independent oil and gas company (the "Company" or "Lucas"), today disclosed that on April 18, 2012, it closed its previously announced registered direct offering of $5.9 million (approximately $5.5 million net, after deducting commissions and other expenses) of securities to certain institutional investors. In total, the Company sold 2.95 million units at a price of $2 per unit. Each unit consists of one share of the Company's common stock and 0.35 of a warrant to purchase one share of the Company's common stock. Each warrant can be exercised to purchase one share of the Company's common stock at an exercise price of $2.30 per share and will become exercisable after six months from the closing date of the offering and for a period of five years thereafter. A total of 2,950,000 shares and 1,032,500 warrants were sold in connection with the offering.

The Company plans to use the net proceeds received from the offering to pay down expenses related to drilling, lease operating, and workover activities and for general corporate purposes, including general and administrative expenses.

"While we welcome the new institutional investors in this raise, we are also delighted to see that some of our current institutional shareholders are also participating. The proceeds raised will allow us to continue the momentum in our drilling program and expand our work-over activity during 2012," commented William A. Sawyer, President and Chief Executive Officer of the Company. "We are also excited at the potential for receiving additional cash infusions if the warrants sold in the offering are exercised."