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Lucas Energy, Inc.
, an
independent oil and gas company (the "Company" or "Lucas"), today announced
that over the past 45 days it has conducted a series of work overs on its
operated wells and has increased total production from an average of 260
barrels of oil per day in December 2012 to approximately 330 barrels of oil
per day as of the end of January 2013.
Additionally, in an effort to reduce expenses moving forward, Lucas has
reduced its staffing levels approximately 40%, including both office and
operational personnel. Over the course of calendar 2013, Lucas hopes to reduce
its total general and administrative expenses by approximately 40% from the
same period in 2012. A total decrease in general and administrative expenses
of approximately $1.7 million (annualized) has already been completed with
another $0.5 million anticipated to come off the books as contracts expire
during the remainder of calendar 2013. Reductions in Lease Operating Expenses
are being studied and will be implemented where warranted.
The Company will continue to seek opportunities to operate more efficiently as
it reviews alternative strategies to deliver value to its shareholders. During
the final quarter of fiscal year 2013, Lucas will focus on the following
goals: to become a cash-flow positive entity; to resolve the pending legal
proceedings; to increase efficiency through the utilization of existing
systems and infrastructure; and to evaluate and develop low-risk, low cost
opportunities to increase production, while also re-evaluating the overall
capital and development strategy required to realize the full potential of the
Company's asset base. The Company owes a debt of gratitude to the employees of
Lucas who are working tirelessly to accomplish these goals, whose efforts are
greatly appreciated.
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