Past year: ▼ 47%(2.00c – 5.00c USD)
Each one in plain English, with the numbers worked through for a shareholder.
2 Apr 2013asset acquisition disposition▲ GoodMajor
Lucas Energy settled the Nordic Oil default crisis: instead of the $22 million note plus interest, it will pay just $1.125 million in installments through September 2013, hand the disputed Gonzales/Karnes/Wilson leases back to Nordic, and have the lawsuit dropped once paid - a major liability sharply reduced.
21 Dec 2012asset acquisition disposition▲ Good
Lucas Energy sold a small royalty interest in the Baker Deforest Unit wells (Gonzales/Dewitt Counties) to Sundown Energy for $4 million, the best of five bids it received, and formally installed Anthony Schnur as CEO following the prior year's Nordic Oil-related turmoil.
17 Dec 2012debt default or forbearance▼ BadMajor
A management shake-up (CEO William Sawyer out, Anthony Schnur in) uncovered a crisis: Lucas Energy had defaulted on the $22 million Nordic Oil note from the 2011 lease purchase, and Nordic sued in Harris County, Texas seeking the full $22 million plus interest and foreclosure. The company also disclosed a Seidler Oil & Gas suit alleging fraud and securities-law violations over its Hagen Ranch wells (naming the former CEO and CFO personally) and a fee dispute suit from Knight Capital.
12 Sept 2012material agreement● Neutral
The offering announced the day before closed, bringing in the full $1.32 million gross.
11 Sept 2012material agreement● Neutral
Lucas Energy launched a smaller follow-on offering, up to $1.32 million, again to fund drilling, lease operations and working capital.
19 Apr 2012material agreement● Neutral
The offering announced two days earlier closed as planned, bringing in $5.9 million gross ($5.5 million net) for drilling and working capital, with a minor correction to the warrant count first reported.
16 Apr 2012material agreement● Neutral
Lucas Energy launched another stock-and-warrant offering, targeting about $5.9 million gross to fund drilling and workovers, with its December 2010 investors exercising a right to buy in again.
3 Feb 2012asset acquisition disposition● Neutral
Lucas Energy filed a technical amendment confirming that its 2011 purchase of Nordic Oil USA I's Eagle Ford/Austin Chalk leases in Gonzales, Karnes and Wilson Counties should have been reported as a material asset acquisition - a paperwork correction, not new news. This is the same Nordic Oil relationship whose financing later defaulted in 2012.
4 Jan 2012asset acquisition disposition● NeutralMajor
Lucas Energy bought roughly 5,500 net acres in Wilson, Leon and Madison Counties from its Eagle Ford joint-venture partner Hall Phoenix Energy, paying entirely in convertible preferred stock valued at $6.35 million.
23 Nov 2011material agreement● NeutralMajor
Lucas Energy closed its $22 million purchase of Nordic Oil USA I's Gonzales/Karnes/Wilson County leases, financed by the convertible secured note flagged in August - a large bet that would go bad within a year.
2 Nov 2011auditor change● Neutral
Lucas Energy dismissed GBH CPAs (no disagreements, clean reports) and hired Hein & Associates as its new auditor, pending shareholder ratification.
19 Oct 2011capital raising announcement▼ BadMajor
Agreed to buy Nordic Oil USA I's Gonzales/Karnes/Wilson County leases for $22 million, payable via a 12-month, 6% senior secured promissory note -- the debt that would default in 2012 and eventually settle for just $1.125 million in 2013, already on record in this company's history.
19 Oct 2011asset acquisition disposition▲ Good
Lucas Energy completed the sale of its New Mexico leasehold interest to Nordic Oil USA 2 for $4 million, exiting that acreage less than a year after buying in.
1 Sept 2011material agreement● NeutralMajor
Lucas Energy signed letters of intent to (1) buy Nordic Oil USA I's Gonzales/Karnes/Wilson County leases for $22 million via a convertible secured note, and (2) flip its just-bought New Mexico leasehold to an affiliate, Nordic Oil USA 2, for $4 million cash - the $22 million note would prove to be a serious liability within a year.
19 July 2011material agreement● Neutral
Lucas Energy renegotiated the December 2010 investors' warrants down to a $2.48 exercise price and forced early exercise of a quarter of them, pulling in about $1.9 million net earmarked for Eagle Ford and Austin Chalk drilling.
25 Jan 2011asset acquisition disposition● Neutral
Lucas Energy paid $2 million for a 7.56% interest in New Mexico oil and gas leases from Nacogdoches Oil and Gas, the first slice of an option to eventually buy up to 77.5% for $20.5 million.
12 Jan 2011material agreement▲ Good
Lucas Energy raised about $6 million selling stock and warrants to a group of institutional investors, with the warrants capable of bringing in up to $14.7 million more if later exercised.
27 Dec 2010material agreement▲ GoodMajor
Lucas Energy raised just under $6 million (potentially $20 million more if warrants are exercised) selling stock-and-warrant units to institutional investors, including Hall Phoenix Energy - its Eagle Ford joint-venture partner - as a buyer.
29 Sept 2010material agreement termination● Neutral
Lucas Energy cancelled its at-the-market stock sale arrangement with WR Hambrecht + Co, having flush cash from the Hilcorp sale instead.
2 Sept 2010asset acquisition disposition▲ Good
A third and final closing of the Hilcorp deep-rights sale brought total proceeds to $10.2 million.
1 July 2010asset acquisition disposition▲ Good
A second closing of the Hilcorp deep-rights sale brought in another $1.38 million (total $8.9 million so far), with a further closing expected within weeks.
27 May 2010capital raising announcement● Neutral
Issued 637,887 shares ($490,000) to El Tex Petroleum for Wilson County oil and gas lease acreage, plus a smaller stock award to consulting/IR providers -- a routine asset-for-stock purchase.
11 May 2010asset acquisition disposition▲ GoodMajor
Lucas Energy sold an 85% working interest in the deep mineral rights (including Eagle Ford Shale) under its Gonzales County acreage to Hilcorp Energy for $7.52 million upfront, keeping 15% and using the cash to clear its Amegy bank debt.
6 May 2010material agreement termination▲ Good
Lucas Energy paid off and terminated its Amegy Bank credit line (about $2.2 million outstanding) with no penalty, funded by the Eagle Ford asset sale closing the same week.
9 Apr 2010material agreement● Neutral
Lucas Energy (Camber's predecessor name) agreed to sell an 85% working interest in the deeper Eagle Ford Shale rights under its Gonzales County, Texas acreage to a private buyer, keeping a 15% interest and its shallower-zone production.
26 Mar 2010material agreement● Neutral
Lucas Energy set up an at-the-market equity program with WR Hambrecht + Co, letting it sell up to 4 million shares gradually into the market rather than in one priced block.
27 Nov 2009debt financing● Neutral
Lucas Energy took a small $740,000 one-year loan from private investor Nordic Oil USA I, secured by its Wilson County leases - the first appearance of a lender that becomes a much bigger, and later contentious, counterparty.
14 Oct 2008material agreement▲ GoodMajor
Lucas Energy lined up a reserve-based revolving credit facility with Amegy Bank that could grow to $100 million as it proves up more reserves, giving it real firepower to fund drilling and lease buys beyond its initial $3 million draw.
14 Feb 2008listing compliance notice▲ GoodMajor
the American Stock Exchange certified CAMBER ENERGY, INC.'s securities for listing, clearing them to begin trading.
19 Oct 2007auditor change● Neutral
Lucas Energy dismissed Malone & Bailey (no disagreements, clean reports) and hired GBH CPAs, following the same audit partner who had just moved firms.
