Lucas Energy Announces Acquisition of Team Bank Lease
HOUSTON, April 18, 2007 (PRIME NEWSWIRE) -- Lucas Energy, Inc. (OTCBB:LUCE), a U.S.-based independent oil and gas company, announced it has acquired the Team Bank No.1-H well, Wilson County, Texas. The well was drilled in 1992 and has cumulative production of 35,159 bbls of oil. The well is a horizontal that is currently producing from the Austin Chalk formation.
The Team Bank property is a 240 acre lease in an area that has not been fully developed. Lucas Energy, Inc. plans to boost production by cleaning out the current lateral and drilling an additional lateral from the current well bore. Further, Lucas Energy, Inc. plans to explore the potential for the Wilcox formation and the Poth formation on the lease.
This acquisition follows a succession of new properties which over the last seven months represents approximately 5,000-plus acres in leased assets in the Gonzales/Wilson County region.
The complete financial results for the first fiscal quarter ended December 31, 2006 are available on Form 10-QSB at http://www.sec.gov.
Lucas Energy, Inc. (OTCBB:LUCE) (www.lucasenergy.com) 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 asset base and cash flow through its investment portfolio, while significantly reducing the risk of traditional exploration projects. The Company's headquarters are located at 3000 Richmond Avenue, Suite 400, Houston, Texas 77098.
"Safe-Harbor" Statement Under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements regarding potential sales, the success of the company's business, as well as statements that include the word "believe" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Lucas Energy to differ materially from those implied or expressed by such forward-looking statements. Lucas Energy assumes no responsibility to update the information included herein for events occurring after the date hereof. Actual results could differ materially from those anticipated due to factors such as the lack of capital, timely development of products, inability of potential customers to pay, and political and economic risks inherent in international trade.
CONTACT: Lucas Energy, Inc. Corporate: James Cerna, Jr. CEO (713) 528-1881 Media: Anthony DiMaio (917) 449-1177
Released April 18, 2007