Shares Of Lucas Energy Are Soaring Higher By More Than 300%: Here Is Why

Shares of Lucas Energy, Inc. LEI were trading higher by more than 300 percent on Thursday after the company announced purchase agreement. Lucas Energy is an independent oil and gas company engaged in the acquisition and development of crude oil and natural gas from various geological formations. Lucas Energy stated in its press release it has signed a purchase agreement to acquire working interests in producing properties and undeveloped acreage from 21 different entities. The company noted that the assets being acquired include "two largely contiguous acreage blocks in the liquids-rich Mid-Continent region." Lucas Energy added that the bulk of production is from the Hunton formation holding approximately 43,000 gross acres in central Oklahoma. Finally, Lucas Energy stated it will re-brand and change its name to Camber Energy, Inc. following the close of the transaction. "We are extremely excited to have identified an acquisition that provides us with stable, long-lived reserves with substantial current production and ample drilling opportunities that are economic in a prolonged depressed commodity price environment," Anthony Schnur, Lucas' Chief Executive Officer said in the press release.