Lucas Energy Completes 6th Acquisition Property Within the Gonzales Texas - Austin Chalk Region
Purchase Comes On the 106th Anniversary of the Landmark Lucas Gusher
HOUSTON, Jan. 10, 2007 (PRIME NEWSWIRE) -- Lucas Energy, Inc. (OTCBB:LUCE), a U.S. based independent oil and gas company today announced the completion of its sixth acquisition property within the Gonzales-Austin Chalk region. This purchase comes auspiciously on the anniversary of the most famous oil strike ever in U.S. oil history, the Lucas Gusher -- which marked the dawn of the modern oil industry.
The acquisition is located in the Gonzales Texas Austin Chalk region. The 630-acre tract includes one open well bore including equipment, with additional capacity for three more wells or four lateral well bores.
This company benchmark follows a string of previously announced acquisitions which has significantly increased the assets in its portfolio within the general area of Gonzalez, Texas and the Austin Chalk. For additional information on previous acquisitions, go to the company's website: www.lucasenergy.com.
James J. Cerna, Chief Executive Officer of Lucas Energy, stated, "We are very pleased with this acquisition because it meets our acquisition criteria calling for us to grow assets, revenues and profits concomitantly. The timing of this purchase is I believe somewhat prescient, in that it reflects the great history that still makes Texas one of the world's richest areas with an estimated 6 billion barrels of oil reserves."
To learn more about the famous Lucas Gusher, go to www.lucasgusher.com.
Details are available on the Company's current report filed on Form 8-K, with the SEC which can be viewed at: http://www.sec.gov.
Lucas Energy, Inc. (OTCBB:LUCE) (www.lucasenergy.com) is an independent oil and gas company building a diversified portfolio of valuable oil and gas assets in the United States. The Company reported revenues improved by 406% to $548,421 for the six-month period ended September 30, 2006, as compared to revenues $108,401 for the same six-month period of 2005, record net income increased 684% to $183,471 for the six-months ended September 30, 2006 up from $23,395 for the six-months ended September 30, 2005. 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, while significantly reducing the risk of traditional exploration projects. Lucas Energy's financial structure allows it to minimize the high overhead of traditional E&P companies. For more information, visit http://www.lucasenergy.com. The Company's headquarters are located at 3000 Richmond Avenue, Suite 400, Houston, Texas 77040.
"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. This press release speaks as of the date first set forth above and 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 to deliver products when ordered, inability of potential customers to pay for ordered products, and political and economic risks inherent in international trade.
CONTACT: Lucas Energy, Inc. Corporate: James Cerna, Jr. CEO (713) 528-1881 email@example.com Anthem Communications Media: Anthony DiMaio (917) 449-1177
Released January 10, 2007