Lucas Energy Inc. (NYSE: LEI) detailed a $2 million equity offering April 16. Pursuant to an agreement with Ironman Energy Master Fund and John B. Helmers of Long Focus Capital Management, Lucas Energy will sell 3,333,332 common units priced at 60 cents each, the company said.
The units are comprised of one common share plus share purchase warrants, Lucas Energy said. The warrants allow 1,666,666 common shares to be purchased at $1 each at a five-year term, the company added.
Net proceeds will support oil and natural gas development, as well as general corporate purposes, Lucas Energy said.
The offer is scheduled to close April 21, the company noted.
"We are encouraged to have two of our existing significant shareholders, Ironman and Mr. Helmers, demonstrate a vote of confidence by taking an increased stake in our company," said Anthony C. Schnur, CEO of Lucas.
Additionally, Lucas Energy’s deadline to regain compliance with NYSE was extended until July 31, the company said, noting that the exchange accepted its compliance plan March 28.
Houston-based Lucas Energy Inc. operates in the Austin Chalk, Eaglebine and Eagle Ford areas.
Recommended Reading
Aethon Cuts Rigs but Wants More Western Haynesville Acreage
2024-03-28 - Private gas E&P Aethon Energy has drilled some screamers in its far western Haynesville Shale play—and the company wants to do more in the area.
Energy Transition in Motion (Week of March 28, 2024)
2024-03-28 - Here is a look at some of this week’s renewable energy news, including proposals submitted to develop about 6.8 gigawatts of wind projects offshore Connecticut, Massachusetts and Rhode Island.
SLB to Acquire Majority Stake in Aker Carbon Capture
2024-03-28 - SLB and Aker Carbon Capture plan to combine their technology portfolios, expertise and operations platforms to bring carbon capture technologies to market faster and more economically, SLB said in a news release.
CERAWeek: Tecpetrol CEO Touts Argentina Conventional, Unconventional Potential
2024-03-28 - Tecpetrol CEO Ricardo Markous touted Argentina’s conventional and unconventional potential saying the country’s oil production would nearly double by 2030 while LNG exports would likely evolve over three phases.
DUG GAS+: Chesapeake in Drill-but-don’t-turn-on Mode
2024-03-28 - COO Josh Viets said Chesapeake is cutting costs and ready to take advantage once gas prices rebound.