The NYSE MKT has notified Lucas Energy Inc. (NYSE MKT: LEI) that the company has regained compliance with the NYSE MKT continued listing standards.
On Feb. 28, 2014, Lucas received notice that the company was below certain of the NYSE MKT continued listing standards, as set forth in Section 1003(a)(iii) of the NYSE MKT Company Guide, due to its financial condition. In a Sept. 8 letter, the NYSE MKT notified Lucas that it has regained compliance with the NYSE MKT continued listing standards.
Additionally, on Sept. 3, Lucas requested from the escrow agent the return of certain assets granted to Victory Energy Corp. as part of a settlement agreement. Those assets included the assignment of a 3.28% leasehold working interest (WI) in the Dingo Unit and a 1.48% leasehold WI in the Platypus Unit; as well as 44,000 shares of common stock of Lucas (1.1 million shares prior to the recent reverse split). Per Lucas’ settlement agreements with Victory Energy, in the event Victory Energy failed to timely make the full payment of $258,000 due to Lucas’ lender by Aug. 27, as set forth in the settlement agreements, then all assets held in escrow were to be promptly returned to Lucas. The escrow agent has agreed to the return of these assets.