HOUSTON, April 20, 2011 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI) ("Lucas"), an independent oil and gas company, reported today that production for the 4th quarter 2010-11 (January 2011 through March 2011) was up approximately 15% over the production for the 3rd quarter 2010-11 (October 2010 through December 2010). In the 4th quarter, Lucas had gross production of 19,898 bbls of oil as compared to 17,343 bbls of oil in the 3rd quarter. Improvement in production during the 4th quarter was due to workovers, improved trucking, and field operational changes. This is gross production from the wells and not net to the interest of Lucas (after royalty and joint venture partners interests). Also, these figures are for wells only operated by Lucas, and do not include the production from the Hilcorp operated Hagen Eagle Ford wells. Further, sales may differ from production, and will be reported in the Annual Report on Form 10-K for the fiscal year ended March 31, 2011.
"Lucas Energy has moved into production improvement after two years of increasing its Eagle Ford asset base," commented William A. Sawyer, President and CEO of Lucas Energy, who continued, "We anticipate continued improvement in our production, revenues, and bottom line."
The 3rd quarter saw slow movement of oil off of the Lucas operated leases due to a shortage of trucking as a result of the Eagle Ford activity. This shortage continued through February 2011. As a result, many wells had to be shut in until the oil was removed and sold. This condition appears to have eased up in March 2011.
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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.