Lucas Energy Provides Operational Update on Drilling Activity in Austin Chalk

Lucas Energy

, today provided an operational update on the status of its drilling activity in the Austin Chalk and other certain matters.   Operational Update "After nine months of organizational restructuring and improvements under the leadership of Chief Executive Officer, Anthony "Tony" Schnur and former board chair, Ryan Morris, the Company is singularly focused on its engineering and operational functions for the development of its five million barrels of proved reserves in central Texas," said Lucas' new Chairman of the Board, Ken Daraie.  During the first three quarters of calendar 2013, ending on September 30, the Company generated positive working capital of $1.1 million, reduced total debt by approximately $20 million, lowered lease operating expense (LOE) by 47% and decreased general & administrative expense by 31%(1).    In September, Lucas launched its work-over program in the Austin Chalk, completing its fourth workover on November 30th, and is currently in the process of putting the well back on production.  "So far, this workover program as not only stabilized, but reversed the recent declines in production, adding 40 barrels of