Lucas Energy Acquires Seventh Gonzales Oil and Gas Propertyadmin
Lucas Energy, Inc. , a U.S. based independent oil and gas company, announced today its seventh acquisition within the Austin Chalk region, west of Gonzales, Texas.
Lucas Energy acquired the 160 acre Henry E. Christian -A- lease from an independent oil and gas operator.
The Henry E. Christian lease includes an active producing well and to date the lease has produced almost 57,000 barrels of oil.
Chief Operating Officer, William Sawyer stated, “The property represents a good fit to our growing portfolio because it will immediately contribute revenue as well as earnings to our company’s growing bottom-line. Based upon our assessment, we anticipate that with additional revitalization and reconditioning — this well could increase its present production significantly.”
James Cerna, CEO of Lucas Energy, stated, “The 160 acres of the Henry E. Christian lease is important for a number of reasons: first, because it is a revenue producer; second, because there is enough acreage to drill horizontally from the current well-bore location, further enhancing production capacity. Finally, based upon our due diligence, the average horizontal well in this area has average cumulative production of over 100,000 barrels of oil, with some wells actually producing in excess of over 200,000 barrels of oil per well. This lease acquisition holds tremendous upside potential.”
The Henry E. Christian lease acquisition follows the previously announced 630-acre tract on January 10th, 2007, which included one open well bore and equipment, with additional capacity for three more wells or four lateral well bores.
“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.
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Source: Lucas Energy