HOUSTON, July 25, 2008 (PRIME NEWSWIRE) -- Lucas Energy, Inc. (AMEX:LEI - News), a U.S. based independent oil and gas company, today announced that its Board of Directors has approved the repurchase of up to 1 million shares of its Common stock over the next 18 months. The Company is authorized to repurchase shares in open market transactions. These purchases will be subject to availability, regulatory constraints and general economic conditions. Goldman Sachs & Co., New York, will be handling the trading and the 10b-18 administration.

The timing and amount of any repurchases will be determined by Lucas management based on its evaluation of market conditions, the relative attractiveness of other deployment activities, regulatory considerations and other factors. Any open market stock repurchase activities will be conducted in compliance with the safe harbor provisions of Rule 10b-18 of the Securities Exchange Act of 1934, as amended. Repurchases of common stock may also be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when the Company may otherwise be prohibited from doing so under insider trading laws. This program may be suspended or discontinued at any time.

Management Comments

Mr. James Cerna, CEO of Lucas Energy said, ``We have made the decision to allocate a portion of our free cash flow to opportunistic purchases of our common stock from time to time under this authorization. Given the attractive fundamentals in our industry, our solid operating and financial performance, and our outlook for sustainable growth and cash flow generation, the Board feels this is an excellent opportunity to reinvest in the company and reduce the total shares outstanding. Trading at roughly one third our last reported Net Asset Value as of March 31, 2008, of $90 million, we believe that our company's current share value remains largely unrecognized.''

About Lucas Energy

Lucas Energy, Inc. (AMEX:LEI - News) is an independent crude oil and gas company building a diversified portfolio of valuable oil and gas assets in the United States. The company is focused on identifying underperforming oil and gas assets, which are revitalized through a meticulous process of evaluation, application of modern well technology, and stringent management controls. This process allows the company to increase its reserve base and cash flow while significantly reducing the risk of traditional exploration projects. The Company's headquarters are located at 3000 Richmond Avenue, Suite 400, Houston, Texas 77098.

The Lucas Energy logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=4192

Forward-Looking Statement

This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement identified by the words ``expects,'' ``projects,'' ``plans,'' ``feels,'' ``anticipates'' and certain of the other foregoing statements may be deemed ``forward-looking statements.'' Although Lucas Energy believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this press release. These include risks inherent in the drilling of oil and natural gas wells, including risks of fire, explosion, blowout, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks inherent in oil and natural gas drilling and production activities, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; risks with respect to oil and natural gas prices, a material decline which could cause the Company to delay or suspend planned drilling operations or reduce production levels; and risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in oil and gas prices and other risk factors. The complete filing is available at http://www.sec.gov

          Lucas Energy, Inc.
          James Cerna, CEO
            713-528-1881
          Investor Relations
          Brad Holmes
            713-654-4009
            bholmes@lucasenergy.com