Top Penny Stock Performer Lucas Energy Inc. (LEI), Stock Soars after Company Closes Agreement to Acquire Properties in Texas
(November 25, 2011) Shares of Lucas Energy Inc. (AMEX: LEI), a Houston, Texas-based company, soared in trading today. At last check, the Lucas Energy stock was trading 18.92% higher at $2.20 on above average volume of 867,759.
Lucas Energy shares soared in trading today after the company announced that it closed an agreement to acquire properties in Wilson, Gonzales and Karnes Counties in Texas. The purchase and sale agreement was signed by Lucas Energy with Nordic Oil USA 1 LO in July this year. The company has acquired all of Nordic 1’s interest in the LEI 2009 II and III Capital Programs.
Under the terms of the purchase and sale agreement, Lucas Energy paid $22 million to Nordic 1 in the form of non-recourse, senior secured promissory note in connection with the acquisition. The note is due in one year from the official closing date of the acquisition, which is November 18, 2011. The note bears interest at 6% per annum and allows early repayments without penalty.
William A. Sawyer, President and CEO of Lucas Energy, said that the company is very pleased with the acquisition of Nordic 1’s interests which provide it with an increase in revenues, proved reserves and Eagle Ford acreage.
About Lucas Energy Inc.: Lucas Energy Inc. is an independent oil and gas company engaged in the exploration and production of oil and natural gas.
- The Lucas Energy stock has a 52-week range of $1.04-$5.23.
- The stock trades on a daily average volume of 264,546.
- The stock is currently trading above its 50-day moving average, which is a bullish signal.
- The stock’s MACD has crossed the signal line on the upside and is also above the zero-line, which are strong bullish signals.
Lucas Energy announced the completion of acquisition of properties in Wilson, Gonzalez and Karnes Counties in Texas. The company’s shares soared following the announcement.