Lucas Notes No Stock Dilution in Nordic Acquisition

Lucas and Nordic Oil USA I have discussed a note to cash transaction for the final purchase and sale agreement leaving out the proposed conversion to stock.

According to the terms of the letter of intent, Lucas will purchase the assets for an aggregate purchase price of US $22 million payable in the form of a senior secured promissory note. The payment of the note will be secured by a recordable first priority security interest to the assets only without any corporate guarantee of the payment. The note will not be convertible into stock.

"We feel that the stock price at this time is well below our asset value and do not wish to dilute the shareholders at this current market price," commented Mr. William Sawyer, Chief Executive Officer of Lucas Energy, Inc.


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