HOUSTON, April 21, 2011 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI) ("Lucas"), an independent oil and gas company, reported today that the price received for crude from its major purchaser climbed to $96.10 per bbl for the month of March 2011 for the Gonzales County, Texas area. The price received for crude for same month for the East Texas properties was $112.28 per bbl.
"Oil prices for March 2011 from our major purchaser are up 12% from December 2010 and 23% from March 2010," commented William A. Sawyer, President and CEO of Lucas Energy, who continued, "We anticipate continued improvement in our revenues due to higher oil prices in the current quarter."
Crude oil for properties west of Houston, Texas is priced based on WTI postings while crude oil for properties east of Houston, Texas is priced based on Brent Crude postings. Lucas continues to investigate increasing its oil and gas properties in East Texas due to the oil price differential. However, the core area of activity for Lucas is still the Eagle Ford trend near Gonzales, Texas.
Company Website: www.lucasenergy.com
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Forward-Looking Statement
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Act") and Section 21E of the Securities Act of 1934, as amended (the "Exchange Act"). In particular, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements and are subject to the safe harbor created by these Acts. Any statements made in this news release about an action, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding future drilling and production are subject to all of the risks and uncertainties normally incident to the exploration and development of oil and gas. These risks include, but are not limited to, completion risk, dry hole risk, price volatility, reserve estimation risk, regulatory risk, potential inability to secure oilfield service risk as well as general economic risks and uncertainties, as disclosed in the Company's SEC filings. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements or those prepared by third parties that are not paid by the Company. The Company's SEC filings are available at http://www.sec.gov.