From 8-K Filing: Lucas Energy Received Notice Of Default From Lender

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n January 26, 2015, Lucas Energy, Inc. (the “Company”, “we” or “us”) received notice from a representative of Louise H. Rogers, who is the lender to us under that certain Letter Loan Agreement, as amended effective on August 29, 2014 (the “Amended Loan Agreement”, as described in greater detail in the Current Report on Form 8-K filed with the Securities and Exchange Commission on May 1, 2014) in the principal amount of approximately $7.7 million as of September 30, 2014, that we had defaulted in the payment of principal and interest due under the terms of the Amended Loan Agreement. Specifically, we failed to make a required $266,000 payment of principal due on December 13, 2014 pursuant to the terms of the Amended Loan Agreement. Consequently, since December 13, 2014, the amount owed under the Amended Loan Agreement has accrued interest at the default rate, 18% per annum. In addition to the above, we also failed to make the required January 2015 interest payment due under the terms of the Amended Loan Agreement, which failure was waived by Ms. Rogers. Notwithstanding the above, Ms. Rogers has not taken any further action under the Amended Loan Agreement in connection with the default; however, she reserves all rights and remedies available to her as a result of such default.
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