HOUSTON, Aug. 30, 2011 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI), an independent oil and gas company (the "Company" or "Lucas"), today announced that the Company has commenced drilling the Milton Hines No.1H well new lateral in Gonzales County, Texas. The Milton Hines No.1H well was a plugged and abandoned straight hole well that was re-entered in June 2010 when the lateral was drilled. The lateral was drilled out only about 800 feet when the well came in. A decision was made to complete the well with an initial potential (IP) of over 300 BOPD. However, the ash beds in the upper part of the lateral curve caved in and caused the lateral to seal off. The new laterals are being drilled to both bypass the plugged off portion of the well and to extend the lateral out to 2,200 feet in length. Lucas has a 100% working interest in this lateral re-drill at this point in time.
In other news, the Company has completed the Rainey Unit No.1H well as a flowing horizontal completion in the Austin Chalk formation. Testing of the well is in progress and should be reported within the next week.
William A. Sawyer, President and Chief Executive Officer of the Company, said, "The Rainey Unit No.1H and the Milton Hines No.1H horizontal Austin Chalk well should add significantly to our production for the 2010-11 fiscal year." For more information on this and other activities of the Company, see the Lucas Energy web site www.lucasenergy.com.
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.