Lucas Ends Suits Over Undrilled Well, Failed $24M Asset Buy

Law360, Houston (April 9, 2013, 5:17 PM EDT) -- Lucas Energy Inc. has secured a settlement with Seidler Oil & Gas LP over a north Texas well that never was drilled, just one week after it resolved a separate suit over a failed $24 million asset buy, the company announced Tuesday.

Following the resignations of Lucas’ Chief Financial Officer Andrew Lai, who the company says stepped down “due to family medical reasons,” and CEO William A. Sawyer, who left to pursue “other endeavors,” Lucas’ new leadership made several moves to raise cash and reduce costs,...
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