Lucas Energy

[dan_s]

Celtic;

The Lucas Energy Balance Sheet looks fine now but Lucas will continue to report quarterly losses. I do not see much near term upside unless the Eagle Ford wells are very impressive. Keep in mind that Lucas only retained a small working interest in the Hilcorp JV wells. Other than the Eagle Ford there other stuff is crap that will not cover the overhead.

Lucas is still on our Watch List so we will get back to take a hard look at it but not anytime soon.