HOUSTON, Jan. 20, 2011 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI), an independent oil and gas company, reported today that the Hilcorp Energy Company operated Hagen EF No.1H Eagle Ford horizontal well is expected to be brought into production within the next two weeks. Fracture stimulation of the well is complete and the new horizontal well responded well to the treatment. Additional information will be available in the next few weeks.
"We are very pleased with the results of the lateral drilling and stimulation of this, our first, Eagle Ford horizontal well," commented William A. Sawyer, President and CEO of Lucas Energy, who continued: "Hilcorp did an excellent job of choosing the location, drilling the well, and performing a multistage stimulation. We anticipate that the results will meet or exceed our expectations."
Scheduling of the fracture stimulation of the second Hilcorp operated Eagle Ford well in which Lucas Energy, Inc. has an interest will be scheduled in the near future. Data gathered from the results of the first well will be used to design the fracture stimulation treatment for the second Eagle Ford lateral well. The lateral sections of the two wells both exceeded 5,000 feet of horizontal displacement.
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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.