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| LEI > SEC Filings for LEI > Form 8-K on 30-Jan-2013 | All Recent SEC Filings |
30-Jan-2013
Regulation FD Disclosure, Other Events, Financial Statements and Exhibits
On January 30, 2013, Lucas Energy, Inc. (the "Company" or "Lucas"), issued a press release announcing the settlement of its prior litigation with Seidler (as defined and described below), disclosing the results of its recent efforts to decrease general and administrative expenses and providing updates on recent results of production. A copy of the press release is attached hereto as Exhibit 99.1.
The information contained in this Item 7.01 and Exhibit 99.1 of this report (i) is not to be considered "filed" under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and (ii) shall not be incorporated by reference into any previous or future filings made by or to be made by the Company with the Commission under the Securities Act.
On January 28, 2013, the Company entered into a Settlement Agreement with Seidler Oil & Gas, L.P. ("Seidler"). Seidler had previously filed a lawsuit against the Company on August 13, 2012, in the District Court for the 25th Judicial District of Texas, located in Gonzales County, Texas (Cause No. 25,052). Pursuant to the settlement and in an effort to avoid protracted and costly litigation, Lucas agreed to, among other things, release certain suspended revenues to Seidler; enter into a joint operating agreement with Seidler; together with Seidler, to return to Seidler and certain private investors approximately $1.38 million in connection with the Hagen Unit 5-H well (the "5-H well") which well was never drilled; and defend, together with Seidler, any claims associated with certain entities bringing claims against Seidler or Lucas in connection with the 5-H well.
Additionally, in the event that Lucas receives executed releases from certain private investors in the 5-H well prior to March 31, 2013, Lucas agreed to reimburse Seidler an additional $85,000 and release Seidler from any and all claims associated with the suit. Seidler in turn agreed to release Lucas from claims associated with the 5-H well, repay investors in the 5-H well all sums paid by such investors upon the receipt of a release from such investors and dismiss the lawsuit that Seidler previously filed against Lucas with prejudice.
Exhibit No. Description
99.1* Press Release
* Furnished herewith.
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