HOUSTON, May 7, 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 spudded (commenced drilling) the Louis Zavadil No.2HST well in Gonzales County, Texas. The Louis Zavadil No.2HST well is a new lateral from an old horizontal well in the Austin Chalk formation. The well is anticipated to be drilled and completed within 2-4 weeks.
In the past six months, Lucas has drilled two new Austin Chalk wells and three new Austin Chalk laterals from old well bores. Another new Austin Chalk well is anticipated to commence drilling within the next month, and another new Austin Chalk lateral from an older well bore will commence subsequent to the completion of the Louis Zavadil No.2HST well.
Initial potential production from the drilling program ranges between 100 BOPD (bbls of oil per day) and 500 BOPD. Lucas has experienced no dry holes from new drilling in the Company's history. William A. Sawyer, President and Chief Executive Officer of the Company said, "Drilling of new wells has improved our gross operated production from 200 BOPD in the first half of the last fiscal year to 500 BOPD in the last month of fiscal year 2012 (March 2012)." 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
The Lucas Energy logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4192
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.