Lucas Energy Announces Madison County Property Sale

Lucas Energy, Inc. (NYSE MKT:

) ("Lucas" or the "Company"), an independent oil and gas company with its operations in Texas, today announced that it has completed the sale of its 100% working interest in oil and gas leases and wells/wellbores in Madison County, Texas for $700,000. The cash transaction includes approximately 450 net mineral acres primarily in the Buda and Glen Rose formations. Management determined this acreage to be non-core and has utilized the proceeds to purchase leaseholds in Gonzales County, Texas in addition to debt service and for general corporate purposes. Anthony C. Schnur, Lucas' Chief Executive Officer, commented, "We continue to narrow our strategic focus on core Eagle Ford shale activities, and we plan to seek opportunities such as the Madison County property sale to streamline our asset base. "In keeping with this strategy, we are realigning our board of directors to be more consistent with our intended direction. We are thankful for the service of Ken Daraie, Ryan Morris and Andrew Krusen who have stepped down following their diligent efforts through this transitional period. "We are hopeful that our efforts on the strategic front will be finalized in the coming months in preparation to capitalize on our Eagle Ford drilling opportunity. As we previously announced, we have attracted an operating partner with a long and successful history of drilling wells in the area. Also, we will submit an update to the NYSE MKT exchange prior to the October 31, 2014 deadline outlining the significant progress and transactional direction the Company is pursuing with the ultimate goal of returning Lucas to good standing," Mr. Schnur concluded.