CybeRelease: (OTC: LUCE) Earnings Up 466% - Revenue Climbs 310%
(CybeRelease, February 13, 2007) - Lake Harmony, PA - Lucas Energy, Inc. (OTC BB: LUCE), a U.S. based independent oil and gas company, announced record financial results for the third fiscal quarter ended December 31, 2006.
Three months Ended December 31, 2006
For the three-month period ended December 31, 2006, Lucas Energy reported record revenues from the sale of oil and gas. Revenues increased 310% to $396,367, up from $96,725 for the same three-month period in 2005. EBITDA for the third fiscal quarter was $207,640, up over 300% from $50,649 for the same three-month period in 2005. The Company’s growth was the result of purchases of additional producing oil and gas properties and the completion of work to bring existing wells back into production.
Lucas Energy reported net income increased 234% to $166,467 for the three months ended December 31, 2006, up from income of $49,905 for the comparable three months ended December 31, 2005. The increase is attributed to the production of oil and gas from properties acquired subsequent to December 31, 2005.
Nine months Ended December 31, 2006
For the nine month period ended December 31, 2006, Lucas Energy reported record revenues from the sale of oil and gas an increase of 344% to $910,788, up from revenues of $205,126 for the same nine-month period in 2005. The Company reported net income from operations increased 377% to $349,938 for the nine months ended December 31, 2006, up from income of $73,300 for the comparable three months ended December 31, 2005.
Stockholders’ equity grew dramatically, by 1186% to $7,060,692, as of December 31, 2006 up from $548,896 for the same period in 2005. The Company saw cash from operations grow to $726,201 during the nine months ended December 31, 2006 compared to cash of $100,300 for the same period in 2005. The Company’s cash balance as of December 31, 2006 was $1,010,969, which it expects to satisfy cash requirements for the twelve-month period of 2007 without having to raise additional fund or seek bank loans.
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