Lucas Energy Inc. (NYSE MKT: LEI) detailed its financial results for fiscal year (FY) 2014, whose fourth quarter ended March 31, the company said June 27. Results for the whole FY and for its final quarter were both provided, the company said.

FY 2014 saw a net loss of $4.7 million, which was less than the FY 2013’s $6.8 million net loss, the company said. Net operating revenues decreased 37% to $5.2 million, mostly from the sale of the Baker DeForest properties, Lucas added. The FY results did not reflect the roughly $1.7 million from “front-end production” early in FY 2013, the company noted.

General and administrative (G&A) expenses were 35% lower than they were in FY 2013--$4 million—due to corporate changes including “reduced staff” and lowered fees, the company said. Fourth-quarter 2014’s G&A expenses were 50% of the previous year’s period, the company added.

Lease operating expenses (LOE) declined by 41% to $2.2 million in FY 2014, compared with FY 2013’s $3.8 million, Lucas said. This was partly due to lower expenses related to earlier sales, the company said.

Fourth-quarter 2014’s net operating revenues were $1.2 million—all from crude oil sales, Lucas said. Fourth-quarter 2013’s net operating revenues had been higher at $1.9 million, the company noted.

Crude oil and natural gas reserves, as of March 31, were about 5.6 million barrels of oil equivalent (boe), Lucas said. Per month, crude oil averaged $96.17/bbl and natural gas averaged $3.47 per thousand cubic feet, the company said. Of the total PV-10 value of about $112 million, proved undeveloped reserves comprised $104 million, Lucas said. The PV-10 value decreased—from last year—by about 16%, or about $20.6 million, because of lower prices per month for commodities, the company added.

Additionally, Lucas Energy provided its outlook, noting that it is “reviewing opportunities” for development in the Eagle Ford and other areas.

Houston-based Lucas Energy Inc. acquires and develops domestic oil and natural gas.