Lucas Energy, Inc. (NYSEMKT:LEI) investors are having a rough after the oil and gas company disclosed that it is increasing its prior S-3 offering of common stock on behalf of selling shareholders to 6 million shares from 5 million.
Shares of Lucas Energy are currently falling nearly 20% to $1.50. LEI has a 1-year high of $10.65 and a 1-year low of $0.84. The stock’s 50-day moving average is $2.42 and its 200-day moving average is $3.53.
Lucas Energy, Inc. is an independent oil and natural gas company based in Houston. The company engages in the acquisition and development of crude oil and natural gas from various known productive geological formations. Lucas Energy was founded by William A. Sawyer and James J. Cerna on December 16, 2003 and is headquartered in Houston, TX.