Lucas Energy Inc. - 2016-04-15

With Silver Star Oil Co. and Target Alliance London Ltd. (TALL), Lucas’ line of credit and its notes agreement were amended. Under the new agreement, Silver Star assigned an existing $200,000 convertible promissory note and its rights under the non-revolving line of credit, effective August 28, 2015, to TALL. Line of credit was amended to include a conversion price of any future notes increased to $3.25 from $1.50 per share, a monthly advance limit increased to $250,000 from $200,000, and a remaining amount available to Lucas at $800,000. TALL was given warrants to purchase 51,562 common shares at $3.25 each for each $250,000 loaned. Conversion and registration rights were also amended.