HOUSTON, Nov. 16, 2009 (GLOBE NEWSWIRE) — Lucas Energy, Inc. (NYSE Amex:LEI), an independent oil and gas company (the “Company”) based in Houston, Texas reports the financial results from operations for second quarter of fiscal year 2009-2010.

For the second quarter fiscal year 2009-2010, the Company reports:

Revenues for the quarter ended September 30, 2009 were $414,218 as compared to $441,464 in the first fiscal quarter of year 2009-2010. Lower oil revenues in the current quarter were due primarily to lower oil sales (-20%) partially offset with higher prices realized from oil sales (+19%) in the second fiscal quarter. The reduction in oil sales was due to wells that were offline for workovers and chemical treatments in preparation for production increases as crude oil prices remain high EBITDA from oil and gas operations was $6,359 for the three months ended September 30, 2009, as compared to negative EBITDA totaling $(248,605) ...

Quicksilver Resources Inc. (KWK) posted third quarter 2009 earnings of 25 cents per share, slightly above the Zacks Consensus Estimate of 21 cents. However, results dropped versus last year’s earnings of 40 cents.  Total revenues in the quarter declined 13% year over year to $206.7 million, with net natural gas, natural gas liquids (NGL) and oil sales of $198.3 million (down 9%). Revenues were impacted by decline in the average realized prices for all commodities, offset by increase in production volumes. Total realized prices during the quarter declined 19% to $6.93 per thousand cubic feet of natural gas equivalent (Mcfe). The average realized oil, NGL and natural gas prices in the quarter were $60.55 per barrel, $28.15 per barrel, and $7.69 per thousand cubic feet (Mcf), respectively, down 29%, 48%, and 6% from a year ago.   Total production surged 12% averaging 28.6 billion cubic feet of ...

Murphy Oil Corporation (MUR) posted earnings from continuing operations of 98 cents per share in the third quarter, almost in line with the Zacks Consensus Estimate of 97 cents. However, results were significantly below earnings of $3.04 reported last year, largely driven by lower commodity prices in the Exploration & Production (E&P) segment accompanied by lower earnings from the Refining & Marketing (R&M) operations.  Earnings from Murphy’s E&P business declined 65% from a year ago, primarily based on lower oil and gas prices, higher production costs and depreciation. Exploration expenses improved 55% to $37.9 million in the quarter versus $83.4 million last year, primarily attributable to lower dry hole costs in the Gulf of Mexico and offshore Malaysia, and lower undeveloped lease amortization expense for the Tupper properties. R&M earnings also fell by 57% from last year due to weaker U.S. retail marketing margins and U.K. refining ...

Yesterday I saw this note on FT Lex which essentially argued for the Italian energy company Eni to be split up into two separate companies in order to maximize value.  Today they are running another piece about the activist investor group Knight Vinke, who are eager to see the same thing happen - they even cite the energy security issue as one reason for Eni to be broken in half.  In the past, the lurching energy dinosaurs of Europe have fought off any attempts at unbundling from the European Commission by pointing to the conveniently threatening spectre of Gazprom, arguing that they've got to stay big in order to negotiate with such a monster.  The rub is that a split ...

Today the defense team for Mikhail Khodorkovsky is running a letter, bearing the signature of Robert Amsterdam, in the global edition of the Financial Times.  The story has been covered by Dow Jones and some other news outlets.  Below is the full text of the letter.An open letter to the boards of directors, management, auditors, and shareholders of Rosneft, Gazprom, Eni, Enel, and other purchasers of Yukos assets.

RE: Russia's obligation to seize your assets?

Beginning in December 2004 with the sham tax auction of Yukos's main production subsidiary Yuganskneftegaz, management and lawyers and shareholder representatives for major oil companies as well as private investors have had to evaluate the risk of purchasing Yukos assets and, subsequently, the oil produced by one of the prior production subsidiaries. This dilemma continued during the illegitimate Yukos bankruptcy where the receiver

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Yen continues to kick!  Jim Rogers disses sterling…  China’s 4th QTR GDP…  Singapore announces stimulus… And Now… Today’s Pfennig!

A nasty day in the currencies yesterday, except Japan of course. The Dow jumped 290 points yesterday, maybe an Obama bounce? You all know that I subscribe to an Obama bounce for stocks and the dollar in the first part of this year… But given what I know about, and what you now know about, after I drew it all out yesterday, the additions to the deficit that Obama will make, the focus on the fundamentals should return by late spring, early summer… That’s my story and I’m stickin’ to it!

Well… As I

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Man, this has been such a wild week, Friday couldn't come soon enough. Let's look at some charts, starting with one we've been following all week -- the US dollar.The US dollar has definitely broken above that weekly downtrend. A pullback and test of that support wouldn't surprise me. This breakout opens the door for a rally in the dollar to the 80+ level.

And naturally, the rally in the greenback is kicking gold lower ... Gold could make a stand here. But the bullishness in the dollar tends to tell me that gold will go down to test that weekly uptrend I've marked as (2).

Now, let's look at the CRB Index, a broad commodity index (though it is weighted heavily toward energy) ... It is testing support as well. So, maybe this will bring a rally early next week. I

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New Century Energy Corporation (OTCBB: NCEY) announced that they have come upon a new oil discovery stemming from their current drilling program in McMullen County, Texas. The recent report indicates positive results and continued success regarding their newest oil completion in the San Miguel Creek Field. The Rabke-Maspero unit #4 well was recently completed at a depth of 5,500 feet and has been consistently flowing over the past week at rates in excess of 85 barrels of oil per day.

New Century’s CEO, Edward DeStefano commented on additional pipe reserves that are in production, “We own 100% of the working interest in this well through our subsidiary Gulf Coast Oil Corporation. In addition to this completion in the Wright Sand, we have also identified probable behind pipe reserves in this well that will be production tested after the current completion depletes. The production facility is built and

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“Net oil exporters are awash in the cash from their oil exports. As they grow up and continue to industrialize, they consume more of their own production, which cuts into their exports.

There is also the factor of subsidies. With such extraordinary income from their oil sales, net oil exporters don’t need the income from domestic consumption. They’d rather invest it in building infrastructure and stimulating their economies, so they subsidize the cost of fuel. Fast-growing economies like China would screech to a halt if consumers had to pay the market rate for fuel, so instead the Chinese pay about $2.80/gal for gasoline, and in the countries of the Middle East, gasoline generally goes for under $1.50/gal.

It should be obvious that as time goes on, the export problem becomes a vicious circle. As export supply falls, the price of exported oil goes up, which sends even more money to the …