Investor Relations
HOUSTON, Jan. 2, 2008 (PRIME NEWSWIRE) -- Lucas Energy, Inc. (OTCBB:LUCE), a U.S.-based independent oil and gas company, is pleased to announce the acquisition of the Cone-Dubose Unit No.1 well, Christian (6800) Field, Gonzales County, Texas. The new 300 acre property offsets its Hagen Ranch No.3 well to the southwest and is part of the Company's plan to extensively develop the area.
The Cone-Dubose Unit No.1 well was acquired from an independent operator in the area and is currently shut in. The well was drilled in 1991 as a horizontal completion in the Austin Chalk formation. The total depth of the well is 13,673 feet although the vertical depth from the surface is only 8,983 feet, the lateral being the difference. The initial production rate from the well was reported as 1123 BOPD and 547 MCFPD in 1991. The Cone-Dubose Unit No.1 well produced 60,789 bbls of oil until 1998, when the well was shut in. Lucas Energy anticipates cleaning out the well in February 2008 and restoring production at that time, adding additional revenue to its growing portfolio of producing assets.
Since September 2007, Lucas has acquired over 1000 acres including eight new wells, all of which are suitable for workovers and/or new laterals. The Company will continue to aggressively expand its footprint in this area of the prolific Austin Chalk formation.
About Lucas Energy, Inc.
Lucas Energy, Inc. (OTCBB:LUCE) is an independent crude oil and gas company building a diversified portfolio of valuable oil and gas assets in the United States. The company is focused on identifying underperforming oil and gas assets, which are revitalized through a meticulous process of evaluation, application of modern well technology, and stringent management controls. This process allows the company to increase its reserve base and cash flow while significantly reducing the risk of traditional exploration projects. The Company's headquarters are located at 3000 Richmond Avenue, Suite 400, Houston, Texas 77098.
The Lucas Energy logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=4192
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.
CONTACT: Lucas Energy, Inc.
Investor Relations:
Richard Angle
(866) 513-5823 (LUCE)
angle@lucasenergy.com
www.lucasenergy.com