August 20, 2009 (FinancialWire) — Lucas Energy, Inc. (NYSE AMEX: LEI), an independent oil and gas company, announced that the board of directors of has approved a temporary adjustment to the Exercise Price for its outstanding warrants issued in connection with a private equity placement completed during the 2nd fiscal quarter ended September 2007.

Each 2007 warrant provides the holder the right to acquire one share of common stock at $8.00 per share, and for a period of 60 days the Exercise Price for a 2007 warrant has been adjusted to $1.00 per share.

The 2007 warrants were originally issued as part of a unit that consisted of one share of common stock and one common share purchase warrant. Upon a 4 to 1 reverse split effected by, the warrant Exercise Price was adjusted to $8.00 per share and the number of warrants issued was reduced to approximately 2.8 million. Lucas issued warrants to the placement agents in the offering and total 2007 warrants currently outstanding are approximately 3.0 million.

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