HOUSTON, Aug. 19, 2009 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI), an independent oil and gas company (the "Company") based in Houston, Texas, today announced the commencement of drilling the Norris No.1 well, Gonzales County, Texas, a re-entry of a vertical Austin Chalk well originally drilled down to the Buda and Georgetown formations.
The well was spudded on August 10, 2009 and is expected to be drilled down to total depth within the next few days. After drilling out the cement plugs in the casing, the well will be cleaned out to total depth and the lower intervals (Eagleford Shale, Buda, and Georgetown) will be tested. If the lower intervals are noncommercial, the Austin Chalk interval will be perforated and acidized. This well is a part of a joint venture program involving Lucas Energy, Inc., as operator, and two other non-operator working interest owners, one of which purchased an eighty percent BPO (before payout) working interest in the subject well.
Lucas operates twenty-two wells in Gonzales County, Texas. Of these, seven are vertical wells completed in the Austin Chalk and Buda formations. The Company's wells are in the new Eagleford Shale trend now being explored to the Northeast and Southwest of Gonzales County, Texas. Another well in the joint venture program, the Mills Oil Unit No.1, was spudded on August 4, 2009 and is expected to be completed within the next week.
William A. Sawyer, President and CEO of Lucas Energy, said, "Lucas Energy, Inc. has been leasing acreage and buying up wells in Gonzales County, Texas for several years. This joint venture program is the formula for proving up our acreage position and developing new reserves."
About Lucas Energy
Lucas Energy, Inc. (AMEX:LEI) is a Texas based independent crude oil and gas company that indentifies, evaluates and acquires oil and gas property interests, primarily in the Austin Chalk formation of South Texas ,that are underperforming or have been shut-in or plugged and abandoned. These properties are revitalized by undertaking extensive re-entry and work-over procedures, including clean-up, repairs and treatments of the existing well bores and lateral extensions, as well as extending or drilling new laterals into previously nonproducing areas of the formation. By utilizing tight field and operating management controls, together with having a comprehensive understanding of the production characteristics of the Austin Chalk, the Company believes that it can increase reserves, improve production and maximize cash flow while avoiding most of the high risks of typical exploration projects.
The Company's headquarters are located at 6800 West Loop South, Suite 415, Bellaire (a suburb of Houston), Texas 77401.
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 and Section 21E of the Securities Act of 1934. A statement identified by the words "expects," "projects," "plans," "feels," "anticipates" and certain of the other foregoing statements may be deemed "forward-looking statements." Although Lucas Energy believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this press release. These include risks inherent in the drilling of oil and natural gas wells, including risks of fire, explosion, blowout, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks inherent in oil and natural gas drilling and production activities, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; risks with respect to oil and natural gas prices, a material decline in production which could cause the Company to delay or suspend planned drilling operations or reduce production levels; and risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in oil and gas prices and other risk factors. The Company's complete filings with the Securities and Exchange Commission are available at http://www.sec.gov.