Lucas Energy, Inc and Bonanza Oil and Gas; mining and explorationadmin
A U.S. based independent oil and gas company, Lucas Energy, Inc, Told the press about an update on Bonanza Oil and Gas, Inc.’s Apclark Project, in which Lucas is a minority shareholder, located in Borden County. Bonanza Oil and Gas, Inc., an independent oil and gas company, reported that its Everett #7 well, the second in a series of 14 horizontal and 53 vertical wells planned for the Apclark project, reached final horizontal TD, and is currently being rigged up for completion. The work-over rig was moved from the Jackson #1 well on July 3rd, and is preparing for the fracture stimulus in the Jo Mill Spraberry Zone on July 17 and 18.
CEO of Lucas Energy,Mr. James Cerna, commented that Lucas owns over 3.6 million shares of Bonanza Oil and Gas and we are pleased with the progress we have seen in the company’s strategy and particularly in development of the Apclark acreage. Our partnership with Bonanza diversifies Lucas’ return profile, from both geographic and strategic viewpoints. We continue to evaluate relationships with quality operators and exploration companies that have potential to add to future cash flows generated for Lucas shareholders.
Lucas Energy, Inc. 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.
Based in Houston, TX, Bonanza Oil and Gas, Inc. holds assets ranging from current producing properties, wholly owned prospects, to developing working interests in Proven Undeveloped (PUDS) properties.