Lucas Energy Granted NYSE MKT Compliance Plan Extension

Lucas Energy, Inc. (NYSE MKT:

) ("Lucas" or the "Company"), an independent oil and gas company with its operations in Texas, today announced that the NYSE MKT (the "Exchange") notified the Company that it has been granted an extension until January 31, 2015 to regain compliance with the NYSE MKT continued listing standards. The Company had previously presented its plan (the "Plan") of compliance on March 28, 2014 in a letter to the Exchange, in response to a notice that the Company was below certain of the NYSE MKT continued listing standards, as set forth in Section 1003(a)(iii) of the NYSE MKT Company Guide, due to its financial condition. By virtue of the conditions described in the March letter and subsequent letters in July and November 2014, the Company was granted until December 4, 2014 to regain compliance with the NYSE MKT continued listing standards, provided that certain conditions are met by the Company (as described by the Company in its Plan, as amended). Based on information provided by the Company through December 4, 2014, the Exchange has determined that Lucas Energy has made a reasonable demonstration of its ability to regain compliance by the end of the revised period which has been extended to January 31, 2015. At the end of the revised Plan period, the Company must be in compliance with the Exchange's continued listing standards. Failure to demonstrate adequate progress within that timeframe will result in the Exchange Staff initiating delisting proceedings pursuant to Section 1009 of the Company Guide. "We were scheduled to close on a corporate financing transaction on or before December 3, 2014, but the severe decline in crude oil prices has delayed that process and, therefore, has delayed drilling of our Karnes County Eagle Ford shale acreage," said Anthony C. Schnur, Chief Executive Officer of Lucas Energy, who continued, "We have been advised by the operator that, at present, they still plan to drill the acreage pending our ability to participate and fund our share, and accordingly, we will continue to pursue alternatives to secure funding through corporate or project financing arrangements or other actions, but the timing will likely depend on the direction and stability of oil prices."