Scandoil  

Victory Energy terminates proposed business combination with Lucas Energy


Published May 18, 2015
Victory Energy Corporation

Victory Energy Corporation will not proceed with the proposed business combination (the "Merger") with Lucas Energy, Inc. (Lucas), which was the subject of a letter of intent (the "Letter of Intent") that was previously announced on February 6, 2015.

The Company notified Lucas on May 11, 2015 that it does not intend to proceed with the Merger and thereby terminated the Letter of Intent. The Company also notified Lucas pursuant to the Pre-Merger Loan and Funding Agreement between the Company and Lucas, dated February 26, 2015 (the "Loan Agreement") and the related promissory note, that it will not extend any further credit to Lucas under the Loan Agreement.

The Company and its affiliates are working collaboratively with Lucas toward the finalization of terms of a mutual settlement and release agreement.

Tags: Lucas Energy, Victory Energy Corporation




Advertisment:

Add a Comment to this Article

Please be civil. Job and promotion will not be added into the comment page.

(Use Markdown for formatting.)

This question helps prevent spam:

+ Larger Font | + Smaller Font
Top Stories

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us
Stats

 

sitemap xml