UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
>Washington, D.C. 20549
Date of Report (Date of Earliest Event Reported): May 13, 2008
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
LUCAS ENERGY, INC.
(Exact Name of Registrant as Specified in its Charter)
Nevada | 1311 | 98-0417780 |
(State of Incorporation) | (Primary Standard Industrial Code No.) | (IRS Employer Identification No.) |
3000 Richmond Avenue, Suite 400
Houston, TX 77040
(713) 528 - 1881
(Address and telephone number of principal executive offices)
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events
The Company obtained the services of Forrest A. Garb & Associates, Inc. (FGA), an independent team of geologists and petroleum engineers, to estimate the reserves and future net revenue, as of March 31, 2008, attributable to interests owned by the Company in certain oil and gas properties located in Gonzales, Karnes, Wilson, and Atascosa Counties, Texas.
FGA prepared its findings using the guidelines of the Securities and Exchange Commission (SEC), which specify a 10 percent discount factor and constant prices and costs. The following table summarizes the estimated reserves and revenue as of March 31, 2008.
Estimated Net Reserves1 | Estimated Future Net Revenue(M$)2 | |||
Oil and | ||||
Proved Reserve | Condensate | Gas | Discounted at |
Category | (MBb1)3 | (MMcf)4 | Undiscounted | 10% Per Year5 |
Developed | ||||
Producing | 496.02 | 96.01 | 42,482.73 | 30,028.77 |
Non-producing | 71.32 | 0.00 | 5,762.92 | 4,268.53 |
Undeveloped | 1,147.66 | 0.00 | 88,355.16 | 50,846.08 |
P & A | 82.23 | 0.00 | 6,927.06 | 4,992.15 |
Total Proved6 | 1,797.23 | 96.01 | 143,527.88 | 90,135.53 |
IThe definitions for all reserves incorporatedinthis study have been set forth in this report.
2M$ = thousands of dollars.
3MBbl = thousands of barrels.
4MMcf = millions of cubic feet.
5The discounted future net revenue is not represented to be the fair market value of these reserves.
6The reserves and revenues in the summary table were estimated using the PHDWin economics program. Due to the rounding procedures used in this program. there may be slight differences in the calculated and summed values.
Item 9.01 Financial Statements and Exhibits
(A) The required financial information is not included in this report.
(D) The following exhibits are filled herewith:
Exhibit No. Description
99.1 Engineering report of May 13, 2008 by Forrest A. Garb & Associates, Inc.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
LUCAS ENERGY, INC.
By: /s/ James Cerna, Jr.
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James Cerna, Jr.
President and Chief Executive Officer
Date: May 25, 2008