Investor Relations
HOUSTON, Sept. 28, 2011 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI) ("Lucas" or the "Company"), announced today that the Company and Nordic Oil USA I, LLLP ("Nordic 1") have discussed a note to cash transaction for the final purchase and sale agreement leaving out the proposed conversion to stock.
According to the terms of the letter of intent, Lucas will purchase the assets for an aggregate purchase price of US$22 million payable in the form of a senior secured promissory note. The payment of the note will be secured by a recordable first priority security interest to the assets only without any corporate guarantee of the payment. The note will not be convertible into stock.
"We feel that the stock price at this time is well below our asset value and do not wish to dilute the shareholders at this current market price," commented Mr. William Sawyer, Chief Executive Officer of Lucas Energy, Inc.
About Lucas
Lucas is an independent oil and gas company with proved reserves in the Austin Chalk and Eagle Ford Trends to the south of the City of San Antonio, Texas. Lucas is listed on the NYSE American Stock Exchange and is traded under the symbol of "LEI."
The Lucas Energy logo is available at https://www.globenewswire.com/newsroom/prs/?pkgid=4192
Company Website: www.lucasenergy.com
Forward-Looking Statement
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Act") and Section 21E of the Securities Act of 1934, as amended (the "Exchange Act"). In particular, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements and are subject to the safe harbor created by these Acts. Any statements made in this news release about an action, projection, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding future drilling and production are subject to all of the risks and uncertainties normally incident to the exploration and development of oil and gas. These risks include, but are not limited to, completion risk, dry hole risk, price volatility, reserve estimation risk, regulatory risk, potential inability to secure oilfield service risk as well as general economic risks and uncertainties, as disclosed in the Company's SEC filings (including its Form 10-K and Form 10-Q's). Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as otherwise required by law, or those prepared by third parties that are not paid for by the Company. The Company's SEC filings are available at http://www.sec.gov.
CONTACT: Andrew Lai, CFO
alai@lucasenergy.com
(713) 528-1881
Michael Brette J.D., Advisor
mikebrette@gmail.com
(951) 236-8473
Source: Lucas Energy
HOUSTON, May 17, 2011 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI) ("Lucas"), an independent oil and gas company, announced today that the Securities and Exchange Commission has declared effective the Form S-3 resale Registration Statement that Lucas recently filed on May 2, 2011. Consequently, Lucas filed the related Final Prospectus on May 18, 2011. Lucas filed the Registration Statement in connection with its December 2010 offering to register the resale of the shares underlying the warrants which were sold in the offering.
The Registration Statement covers only the resale of shares of common stock underlying the warrants already outstanding, which were previously granted in the December 2010 offering, and no new shares, warrants or shares issuable in the future are being offered or registered through the Final Prospectus and related Form S-3 filing.
"The December 2010 offering, which raised $5.45 million in net proceeds, provided us funding for drilling and acquisitions during the quarter ended March 31, 2011, through shares sold and warrants granted, at or above market (at the time of the offering)," commented William A. Sawyer, President and CEO of Lucas Energy, who continued, "We believe that the additional potential capital represented by the warrants, if and when exercised for cash (approximately $13.7 million), will allow Lucas to expand its operations and allow for the drilling of additional wells in the Eagle Ford Trend as well as providing Lucas with sufficient capital for its 2011-12 programs."
The Lucas Energy logo is available at https://www.globenewswire.com/newsroom/prs/?pkgid=4192
Forward-Looking Statement
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Act") and Section 21E of the Securities Act of 1934, as amended (the "Exchange Act"). In particular, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements and are subject to the safe harbor created by these Acts. Any statements made in this news release about an action, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding future drilling and production are subject to all of the risks and uncertainties normally incident to the exploration and development of oil and gas. These risks include, but are not limited to, completion risk, dry hole risk, price volatility, reserve estimation risk, regulatory risk, potential inability to secure oilfield service risk as well as general economic risks and uncertainties, as disclosed in the Company's SEC filings. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements or those prepared by third parties that are not paid by the Company. The Company's SEC filings are available at http://www.sec.gov.
Company Website: www.lucasenergy.com
CONTACT: Andrew Lai, CFO
alai@lucasenergy.com
(713) 528-1881
Michael Brette J.D., Advisor
mikebrette@gmail.com
(951) 236-8473
Image: company logo
Source: Lucas Energy
HOUSTON, April 20, 2011 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI) ("Lucas"), an independent oil and gas company, reported today that production for the 4th quarter 2010-11 (January 2011 through March 2011) was up approximately 15% over the production for the 3rd quarter 2010-11 (October 2010 through December 2010). In the 4th quarter, Lucas had gross production of 19,898 bbls of oil as compared to 17,343 bbls of oil in the 3rd quarter. Improvement in production during the 4th quarter was due to workovers, improved trucking, and field operational changes. This is gross production from the wells and not net to the interest of Lucas (after royalty and joint venture partners interests). Also, these figures are for wells only operated by Lucas, and do not include the production from the Hilcorp operated Hagen Eagle Ford wells. Further, sales may differ from production, and will be reported in the Annual Report on Form 10-K for the fiscal year ended March 31, 2011.
"Lucas Energy has moved into production improvement after two years of increasing its Eagle Ford asset base," commented William A. Sawyer, President and CEO of Lucas Energy, who continued, "We anticipate continued improvement in our production, revenues, and bottom line."
The 3rd quarter saw slow movement of oil off of the Lucas operated leases due to a shortage of trucking as a result of the Eagle Ford activity. This shortage continued through February 2011. As a result, many wells had to be shut in until the oil was removed and sold. This condition appears to have eased up in March 2011.
Company Website: www.lucasenergy.com
The Lucas Energy logo is available at https://www.globenewswire.com/newsroom/prs/?pkgid=4192
Forward-Looking Statement
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Act") and Section 21E of the Securities Act of 1934, as amended (the "Exchange Act"). In particular, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements and are subject to the safe harbor created by these Acts. Any statements made in this news release about an action, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding future drilling and production are subject to all of the risks and uncertainties normally incident to the exploration and development of oil and gas. These risks include, but are not limited to, completion risk, dry hole risk, price volatility, reserve estimation risk, regulatory risk, potential inability to secure oilfield service risk as well as general economic risks and uncertainties, as disclosed in the Company's SEC filings. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements or those prepared by third parties that are not paid by the Company. The Company's SEC filings are available at http://www.sec.gov.
CONTACT: Andrew Lai, CFO
alai@lucasenergy.com
(713) 528-1881
Michael Brette J.D., Advisor
mikebrette@gmail.com
(951) 236-8473
Image: company logo
Source: Lucas Energy
HOUSTON, March 15, 2011 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI), an independent oil and gas company, reported today that the Company has acquired an interest in the ARCO Fee A-908 No.1 well from an independent operator. The well was shut in at the time of the acquisition, and Lucas Energy put the well back on production as a gas well. Production for the month of January 2011 (only a partial month of production) was 5,791 thousand cubic feet (MCF) of gas and 371 barrels (bbls) of condensate. The well is producing from the Austin Chalk formation.
"Lucas Energy is expanding its area of interest to include other leases along the same trend it is currently developing," commented William A. Sawyer, President and CEO of Lucas Energy, who continued, "This is Lucas Energy's first gas well."
Lucas Energy, Inc. has a 75% working interest before payout and 50% working interest after payout in two wells in this area, including the ARCO Fee A-908 No.1 gas well. The second well has yet to be evaluated.
The Lucas Energy logo is available at https://www.globenewswire.com/newsroom/prs/?pkgid=4192
Company Website: www.lucasenergy.com
Forward-Looking Statement
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Act") and Section 21E of the Securities Act of 1934, as amended (the "Exchange Act"). In particular, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements and are subject to the safe harbor created by these Acts. Any statements made in this news release about an action, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding future drilling and production are subject to all of the risks and uncertainties normally incident to the exploration and development of oil and gas. These risks include, but are not limited to, completion risk, dry hole risk, price volatility, reserve estimation risk, regulatory risk, potential inability to secure oilfield service risk as well as general economic risks and uncertainties, as disclosed in the Company's SEC filings. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements or those prepared by third parties that are not paid by the Company. The Company's SEC filings are available at http://www.sec.gov.
CONTACT: Andrew Lai, CFO
alai@lucasenergy.com
(713) 528-1881
Michael Brette, J.D., Advisor
mikebrette@gmail.com
(951) 236-8473
Image: company logo
Source: Lucas Energy
HOUSTON, March 2, 2011 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI), an independent oil and gas company, reported today that the Hilcorp Energy Company operated Hagen EF No.2H Eagle Ford horizontal well has been fracture stimulated, completed, and tested. The well will be put on production, flowing, to recover oil and a portion of the load water. After a few weeks, the well may be put on artificial lift. Lucas believes that the well will meet, or exceed, its expectations of a 500 BOPD IP (initial test potential) and will increase the Company's net production, cash flow from producing wells, and net proved producing reserves significantly.
"Lucas Energy now has two producing Eagle Ford horizontal wells in Gonzales County, Texas," commented William A. Sawyer, President and CEO of Lucas Energy, who continued, "Our expectations for continued improvement in our production revenues and bottom line are optimistic."
Lucas Energy, Inc. has a 15% carried working interest in the two Hilcorp operated Hagen EF wells. If the two wells perform as anticipated, then Lucas Energy's net production will increase by approximately 150 BOPD before payment of royalty.
Company Website: www.lucasenergy.com
Forward-Looking Statement
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Act") and Section 21E of the Securities Act of 1934, as amended (the "Exchange Act"). In particular, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements and are subject to the safe harbor created by these Acts. Any statements made in this news release about an action, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding future drilling and production are subject to all of the risks and uncertainties normally incident to the exploration and development of oil and gas. These risks include, but are not limited to, completion risk, dry hole risk, price volatility, reserve estimation risk, regulatory risk, potential inability to secure oilfield service risk as well as general economic risks and uncertainties, as disclosed in the Company's SEC filings. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements or those prepared by third parties that are not paid by the Company. The Company's SEC filings are available at http://www.sec.gov.
The Lucas Energy logo is available at https://www.globenewswire.com/newsroom/prs/?pkgid=4192
CONTACT: Andrew Lai
alai@lucasenergy.com
(713) 528-1881
Michael Brette J.D
mikebrette@gmail.com
(951) 236-8473
Image: company logo
Source: Lucas Energy
HOUSTON, Jan. 25, 2011 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI), an independent oil and gas company, has entered into a letter of intent which provides it rights to buy up to a 77.5% interest in and operatorship of the Hospah field from a private company for an aggregate of $20.5 million. Lucas funded the purchase of an undivided 7.56% interest in the property for $2 million, and plans to purchase the balance of the interests, subject to funding.
"Strategically, this acquisition fits our business model of reworking old fields and plays to our core strengths," commented William A. Sawyer, president and CEO of Lucas Energy. "It also diversifies our asset base out of Texas."
The acquisition covers six shallow producing units and more than 100 existing well bores drilled to the Hospah oil and Dakota gas formations in McKinley County, New Mexico. Production averaged approximately 100 barrels per day of light sweet crude during 2010. Management believes that daily production can be increased to 500 barrels of oil and 2 million cubic feet of gas in the first year at a capital cost under $9 million. The development plan includes deepening certain wells and using them to re-inject formation water into non-producing zones, putting existing wells back on production, and by removing carbon dioxide from the natural gas to bring it up to pipeline quality.
Remaining items to close the balance of the acquisition include the completion of due diligence, title opinions, additional financing, and board approvals. The acquisition and development plans are expected to be financed through joint venture partners or a structured investment at the asset level.
Company Website: www.lucasenergy.com
The Lucas Energy logo is available at https://www.globenewswire.com/newsroom/prs/?pkgid=4192
Forward-Looking Statement
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Act") and Section 21E of the Securities Act of 1934, as amended (the "Exchange Act"). In particular, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements and are subject to the safe harbor created by these Acts. Any statements made in this news release about an action, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding future drilling and production are subject to all of the risks and uncertainties normally incident to the exploration and development of oil and gas. These risks include, but are not limited to, completion risk, dry hole risk, price volatility, reserve estimation risk, regulatory risk, potential inability to secure oilfield service risk as well as general economic risks and uncertainties, as disclosed in the Company's SEC filings. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements or those prepared by third parties that are not paid by the Company. The Company's SEC filings are available at http://www.sec.gov.
CONTACT: John O'Keefe
jokeefe@lucasenergy.com
(713) 528-1881
Michael Brette J.D
mikebrette@gmail.com
(951) 236-8473
Image: company logo
Source: Lucas Energy
HOUSTON, Jan. 20, 2011 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI), an independent oil and gas company, reported today that the Hilcorp Energy Company operated Hagen EF No.1H Eagle Ford horizontal well is expected to be brought into production within the next two weeks. Fracture stimulation of the well is complete and the new horizontal well responded well to the treatment. Additional information will be available in the next few weeks.
"We are very pleased with the results of the lateral drilling and stimulation of this, our first, Eagle Ford horizontal well," commented William A. Sawyer, President and CEO of Lucas Energy, who continued: "Hilcorp did an excellent job of choosing the location, drilling the well, and performing a multistage stimulation. We anticipate that the results will meet or exceed our expectations."
Scheduling of the fracture stimulation of the second Hilcorp operated Eagle Ford well in which Lucas Energy, Inc. has an interest will be scheduled in the near future. Data gathered from the results of the first well will be used to design the fracture stimulation treatment for the second Eagle Ford lateral well. The lateral sections of the two wells both exceeded 5,000 feet of horizontal displacement.
The Lucas Energy logo is available at https://www.globenewswire.com/newsroom/prs/?pkgid=4192
Forward-Looking Statement
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Act") and Section 21E of the Securities Act of 1934, as amended (the "Exchange Act"). In particular, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements and are subject to the safe harbor created by these Acts. Any statements made in this news release about an action, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding future drilling and production are subject to all of the risks and uncertainties normally incident to the exploration and development of oil and gas. These risks include, but are not limited to, completion risk, dry hole risk, price volatility, reserve estimation risk, regulatory risk, potential inability to secure oilfield service risk as well as general economic risks and uncertainties, as disclosed in the Company's SEC filings. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements or those prepared by third parties that are not paid by the Company. The Company's SEC filings are available at http://www.sec.gov.
CONTACT: John O'Keefe
jokeefe@lucasenergy.com
(713) 528-1881
Michael Brette J.D
mikebrette@gmail.com
(951) 236-8473
Image: company logo
Source: Lucas Energy
HOUSTON, Jan. 13, 2011 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI), an independent oil and gas company, clarified today that it has no relationship with Leighton Holdings Ltd (ASX:LEI) out of Australia.
Confusion had arisen in the news media since the two companies have the same ticker symbol on two different stock exchanges.
The Lucas Energy logo is available at https://www.globenewswire.com/newsroom/prs/?pkgid=4192
Company Website: www.lucasenergy.com
Forward-Looking Statement
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Act") and Section 21E of the Securities Act of 1934, as amended (the "Exchange Act"). In particular, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements and are subject to the safe harbor created by these Acts. Any statements made in this news release about an action, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding future drilling and production are subject to all of the risks and uncertainties normally incident to the exploration and development of oil and gas. These risks include, but are not limited to, completion risk, dry hole risk, price volatility, reserve estimation risk, regulatory risk, potential inability to secure oilfield service risk as well as general economic risks and uncertainties, as disclosed in the Company's SEC filings. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements or those prepared by third parties that are not paid by the Company. The Company's SEC filings are available at http://www.sec.gov.
CONTACT: John O'Keefe
jokeefe@lucasenergy.com
(713) 528-1881
Michael Brette J.D
mikebrette@gmail.com
(951) 236-8473
Image: company logo
Source: Lucas Energy
HOUSTON, Sept. 24, 2010 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI), an independent oil and gas company (the "Company") based in Houston, Texas, today announced that all of the Warrants to purchase 3,010,549 shares of the Company's common stock, granted in connection with the Company's 2007 private placement offering of securities, expired as of September 20, 2010. The Company now has no warrants outstanding associated with the 2007 private placement. The 2007 private placement Warrants had a strike price of $8.00 per share.
William A. Sawyer, President and Chief Executive Officer of the Company said, "The expiration of the 2007 warrants provides us with a greater fully diluted per share value." For more information on this and other activities of the Company, see the Lucas Energy web site www.lucasenergy.com.
The Lucas Energy logo is available at https://www.globenewswire.com/newsroom/prs/?pkgid=4192
Forward-Looking Statement
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Act") and Section 21E of the Securities Act of 1934, as amended (the "Exchange Act"). In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and Exchange Act, and are subject to the safe harbor created by the Act and Exchange Act. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. Forward-looking statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding future drilling and production are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. These risks include, but are not limited to risks associated with the exploration and production of oil and natural gas; the volatility of oil and natural gas prices; uncertainties inherent in estimating oil and natural gas reserves; drilling risks; environmental risks; political or regulatory changes; the impact of competitive services and pricing, or general economic risks and uncertainties; and other risks disclosed in the Company's periodic filings with the U.S. Securities and Exchange Commission. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. The forward-looking statements in this press release are made as of the date of this press release, and the Company takes no obligation to update or correct forward-looking statements, and also takes no obligation to update or correct information prepared by third parties that are not paid for by the Company. The Company's complete filings with the Securities and Exchange Commission are available at http://www.sec.gov.
CONTACT: Lucas Energy, Inc.
Michael Brette,J.D.
mikebrette@gmail.com
Mike King
mike@princetonresearch.com
(713) 528-1881
Image: company logo
HOUSTON, June 10, 2010 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI) an independent oil and gas company (the "Company") based in Houston, Texas, today announced that the Company has begun testing the Gescheidle No.1 well, Gonzales County, Texas. The well is a plug back of a horizontal well in the Austin Chalk formation with straight hole drilling down to the Buda formation. On initial test after perforating and stimulation, the well produced 254 bbls of oil in 24 hours, flowing.
William A. Sawyer, President and CEO of Lucas Energy, said, "The initial test of the Gescheidle No.1 well was above our expectations. Only the lower portion of the Buda was tested. The company may test other intervals in this well bore before final completion. The Gescheidle No.1 well is in the new Eagle Ford play developing in the Gonzales County, Texas area." For more information on this and other activities of the Company, see the Lucas Energy web site www.lucasenergy.com.
The Lucas Energy logo is available at https://www.globenewswire.com/newsroom/prs/?pkgid=4192
Forward-Looking Statement
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement identified by the words "expects," "projects," "plans," "feels," "anticipates" and certain of the other foregoing statements may be deemed "forward-looking statements." Although Lucas Energy believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this press release. The Company's complete filings with the Securities and Exchange Commission are available at http://www.sec.gov.
CONTACT: Lucas Energy, Inc.
Michael Brette, J.D.
mikebrette@gmail.com
Mike King
mike@princetonresearch.com
(713) 528-1881