HOUSTON, May 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's oil prices received for operated production in its core area around Gonzales County, Texas for the month of March 2012, ranged from $101 per bbl (barrel) to $107 per bbl. These prices were greater than the refinery posted prices for West Texas Intermediate (WTI) for the month of March 2012, and more in line with the closing New York Mercantile Exchange (NYMEX) price for the month of March 2012. The price received by Lucas for oil produced from outside operated Eagle Ford wells was up to $115 per bbl.
Lucas anticipates a continued strong price above $100 per bbl for the months of April and May 2012; however, at present, it is too early to make an accurate prediction of wellhead oil prices for the month of June 2012. Additionally, the Company expects that the greater affect on the Company's bottom line moving forward will come from increased production and not the price of oil.
In other news, Lucas has moved forward with re-working wells in the Eaglebine trend north of Houston, Texas in the counties of Leon and Madison. More news will be available within the next few days regarding the outcome of the first workover. Additionally, the sale of the Company's interests in its Eagle Ford leases continues to move forward. An update will be available soon. For more information on this and other activities of the Company, see the Lucas Energy web site www.lucasenergy.com.
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Forward-Looking Statements
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.