You mean Lucas Energy?
EV $18.1M and MC of $9.4M and 105 boepd of production and 1P of 5.6Mmboe
Took a quick scan of the recent 10-Q filing - in default of the Senior Secured (by substabtially all of LEI's properties) Notes Payable - now paying 18%
Proposed business combination with another company who will own "more than a majority of Lucas' outstanding shares of common stock). Makes sense since they are stumping up the capital for the EFS drilling.
That was announced Feb 4, when LEI traded as between 8-14cps and closed at 11 cps.
Feb 17 sees a trading range of 34-45 cps and closed at 44 cps
Most recent close was 27 cps.
Momentum traders would have made a killing. I'm not smart enough to be in that category nor would I screen for a company like LEI - presuming of course that's who you meant.
To me the oddity is Ev/1P comes out to $3.23/Boe - which is ridiculously cheap - but when something is too good to be true it generally is - so there must be a story there somewhere.
Momentum comes in all forms I guess.
SSN Price at posting:
1.4¢ Sentiment: None Disclosure: Not Held
