HOUSTON, Nov. 12, 2007 (PRIME NEWSWIRE) -- Lucas Energy, Inc. (OTCBB:LUCE), a U.S.-based independent oil and gas company, is pleased to announce it has leased additional acreage and has commenced drilling on the Perkins Oil Unit No.1 well, located in Gonzales County, Texas.
Lucas Energy, Inc. has taken three new leases in Gonzales County, Texas, the purpose of which is to drill a new lateral to the northwest in the Perkins Oil Unit No.1 well. The three new leases have a total of 697 acres and were acquired from landowners which already have royalty in other wells operated by Lucas Energy, Inc. The current lateral to the southeast has been plugged back and drilling of the new lateral has begun.
The Perkins well is the third of a series of ten new wells to be drilled by the company. The first two wells completed were successful with the Hagen Ranch #3 at a 163 BOPD initial production rate and the RVS #3 showing 111 BOPD.
About Lucas Energy, Inc.
Lucas Energy, Inc. (OTCBB:LUCE) is an independent crude oil and gas company building a diversified portfolio of valuable oil and gas assets in the United States. The company is focused on identifying underperforming oil and gas assets, which are revitalized through a meticulous process of evaluation, application of modern well technology, and stringent management controls. This process allows the company to increase its reserve base and cash flow while significantly reducing the risk of traditional exploration projects. The Company's headquarters are located at 3000 Richmond Avenue, Suite 400, Houston, Texas 77098.
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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 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.