On Thursday, Lucas Energy, Inc. (NYSEMKT:LEI)ā€™s shares inclined 335.76% to $7.19.
Lucas Energy, Inc. (NYSE MKT:LEI) declared that is has signed a purchase agreement to acquire, from 21 different entities and individuals, working interests in producing properties and undeveloped acreage. The assets being acquired include varied interests in two largely contiguous acreage blocks in the liquids-rich Mid-Continent region. The properties currently produce in excess of 1,200 net barrels of oil equivalent per day (BOE/d), of which 53% are liquids from 114 producing wells. The bulk of the production is from the Hunton formation holding approximately 43,000 gross acres (9,900 net acres) in central Oklahoma. Further, offset development drilling opportunities for at least 40 additional wells have already been identified. According to a recent third-party reserve report (as of December 1, 2015), total proved developed reserves (PDP) are 5.4 million barrels of oil equivalent (MMBOE) comprised of 6% oil, 47% natural gas liquids (NGL) and 47% natural gas.
In exchange for the assets being acquired, Lucas will assume $31,350,000 in commercial bank debt, issue 552,000 shares of a newly designated form of convertible preferred stock, issue 13,009,664 shares of common stock, and pay $4,975,000 in cash. At the closing of the transaction, Lucas will rebrand and change its name to Camber Energy, Inc. There are no significant management changes planned at this time as Anthony C. Schnur will maintain his role as President and Chief Executive Officer of the Company. However, the sellers will have the right to appoint three members to the Board of Directors at closing, including Richard N. Azar II. Mr. Azar, the principal seller and manager of the properties, will be appointed as Executive Chairman following the closing. Mr. Azar is a founding partner of Segundo Resources, representative of the sellers, and for over 20 years has been instrumental in developing the Hunton resource play in Central Oklahoma through his direction of Segundo, ownership in Altex Resources, Inc., and various other successful oil and gas ventures.
Lucas Energy, Inc. operates as an independent oil and gas company in the United States. It engages in the acquisition and development of crude oil and natural gas from various formations, counting the Austin Chalk and Eagle Ford formations, primarily in Gonzales and Wilson Counties, South Texas; and the Eaglebine, Buda, and Glen Rose formations in Leon County north of the city of Houston, Texas.
Visa Inc (NYSE:V)ā€™s shares dropped -0.98% to $77.58. The last trading range of Visa Inc (NYSE:V) ranges between $77.55 and $78.80. The EPS of the company stands at $2.58. The 52-week range shows that the stock reached higher at $81.01 while its lower range is $60.00 in the last 52-weeks. The average volume of the company is at 8.17 million with the Outstanding Shares of 1.95 billion. The market capitalization of the company is $188.41 billion. The Beta of the company stands at 0.70 with the RSI (Relative Strength Index) of 48.30.
Visa Inc., a payments technology company, operates an open-loop payments network worldwide. The company facilitates commerce through the transfer of value and information among financial institutions, merchants, consumers, businesses, and government entities.
Bank Of The Ozarks Inc (NASDAQ:OZRK)‘s shares dipped -1.42% to $49.46. Bank Of The Ozarks Inc (NASDAQ:OZRK) is now worth about $4.48 billion. The share price has made a 0.32% gain in the past 5 days and has gained 31.89% since 2015 kicked off. Analysts are forecasting EPS growth of 1.94% for next fiscal year and 8.00% growth in the next 5 years. The stock trades with a beta of 1.25. The stock price is above by 10.26% as contrast to the average price over the last 200 days.
Bank of the Ozarks, Inc. operates as the bank holding company for Bank of the Ozarks that provides a range of retail and commercial banking services. The company accepts various deposits products, such as checking, savings, money market, time deposit, and individual retirement accounts.
