Lucas Energy Soars 22% on Recent Sale of Texas Assets, Company Updates

Lucas Energy Inc. ( LEI ) recently completed the sale of a 0.77% net royalty interest in certain assets owned by the company within the Baker Deforest Unit, located in Gonzales and Dewitt Counties, Texas, for $4 million.

The company on Friday also announced the appointment of Ryan J. Morris as chairman of the board of directors. LEI also amended and restated its bylaws, including the reduction of the required ownership percentage of stockholders which is required to call a special meeting of stockholders to at least 10% of all shares entitled to vote at the proposed special meeting (down from 30%).

LEI has surged 21.7% to $1.40, trading in a 52-week range of $0.95 - $3.24.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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