HOUSTON, March 8, 2012 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI) an independent oil and gas company (the "Company" or "Lucas"), today announced that the Company has completed the Hagen Ranch Unit No.1HST well in Gonzales County, Texas as a flowing horizontal oil well in the Austin Chalk formation. The official 24 hour test that will be reported to the regulatory agency is 351 BOPD (barrels of oil per day), and 86 BWPD (barrels of water per day) with 419 psig (pounds per square inch), pumping. Lucas has an approximately 64% working interest in this well.
Although the well is pumping (artificial lift), it continues to flow up the casing side as well as the tubing. The Company drilled a new lateral in the Austin Chalk formation from an existing well bore. There are now three wells completed as new laterals from existing well bores; however, the Hagen Ranch Unit No.1HST well is the most promising of the three, showing signs of virgin pressure from previously untapped reserves, as did the recently completed Hagen Ranch No.4 well.
William A. Sawyer, President and Chief Executive Officer of the Company said, "We believe that the results of Lucas' drilling program throughout this fiscal year, including our recently drilled wells, continue to prove our theory that the Austin Chalk is undervalued." For more information on this and other activities of the Company, visit the Lucas Energy web site at 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, projection, 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 including its Form 10-K and Form 10-Q's. 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, except as required by law, or those prepared by third parties that are not paid for by the Company. The Company's SEC filings are available at http://www.sec.gov.