HOUSTON, Feb. 8, 2011 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE:Amex), an independent oil and gas company, today reported that the Hilcorp Energy Corp-operated Hagen EF No.1H well is performing as expected during the clean up period after the fracture stimulation treatment recently performed on the well. The Company anticipates that the well will meet, or exceed, its performance expectations. Since the well is a "tight hole," actual production results will not be announced until made public through the Texas Railroad Commission. A "tight hole" well is one for which the drilling and completion information is kept secret for strategic reasons to protect the interests of the operator (Hilcorp) and the non-operated working interest owners (Lucas), which may be acquiring additional acreage, or interests, in the area. It is the decision of the operator to classify the well as a "tight hole" in the interests of all working interest owners. In no way should the classification of a well as a "tight hole" be considered negative. In fact, the Hagen EF No.1H well is already producing oil in commercial quantities.
In other news, the Hilcorp operated Hagen EF No.2H well is anticipated to be fracture stimulated within the next few days. As a result, we expect to see an increase in revenues 30 days earlier than predicted.
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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.