HOUSTON, Feb. 8, 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 been in discussions with Marathon Oil EF, LLC (formerly Hilcorp Resources, LLC) regarding the current status of, and the future opportunities with regard to, our Hilcorp/Lucas Gonzales County Eagle Ford participation agreement. In particular, we have discussed the drilling program, and lingering issues left over from before Marathon took over management of the program.
Currently, we are discussing these issues with Marathon. Marathon has assured us, though, that their intention is to propose the maximum number of wells to be drilled in the Eagle Ford on the Lucas property covered under the participation agreement for calendar year 2012. Lucas believes that we are better off with a well thought out plan that has the potential to maximize production and revenues rather than hastily move forward without a plan.
William A. Sawyer, President and Chief Executive Officer of the Company said, "We continue to have confidence that Marathon will do what is in the best interest of all partners in the participation agreement to maximize production and revenues from the Eagle Ford in Gonzales County, Texas." For more information on this and other activities of the Company, see the Lucas Energy web site www.lucasenergy.com.
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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.