Lucas to Repurchase Up to 1MM Shares
Lucas Energy, Inc., a U.S. based independent oil and gas company, 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.
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- Lucas Energy, Nordic Oil Terminate $22 Million Agreement (Apr 02)
- Lucas Completes HZ Tx. Well in Austin Chalk Formation (Feb 08)