Lucas Energy Begins Workover Program
HOUSTON, April 24 /PRNewswire-FirstCall/ -- Lucas Energy, Inc. (OTC Bulletin Board: LUCE), a U.S.-based independent oil and gas company, announced it has begun its workover program of the wells acquired from the Delphic Oil and Gas company in December of 2006. The Delphic assets represent 4 properties and 6 wells with a total of 1172.29 acres.
Testing on two of the wells has shown "virgin pressure" at depth. This is a good indication that production can be increased with further drilling and stimulation techniques. The company is also encouraged by recent engineering indicating future development locations.
The company plans to include these proved undeveloped locations in its fiscal 2008 drilling program which began April 1, 2007.
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. (OTC Bulletin Board: LUCE) (http://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.
SOURCE Lucas Energy, Inc.
Released April 24, 2007