HOUSTON, Jan. 3, 2008 (PRIME NEWSWIRE) -- Lucas Energy, Inc. (OTCBB:LUCE), a U.S. based independent oil and gas company, has successfully completed the drilling of a new lateral from the Perkins Oil Unit No.1 well, Pilgrim (Austin Chalk) Field, Gonzales County, Texas. The new lateral was drilled from the plugged back depth of 8,410 feet to a new total depth (TD) of 11,340 feet and had significant oil and gas shows throughout. The vertical depth from surface at TD is 8,541 feet. The pumping unit has been rigged up on the well and testing has begun. It is expected that it will take at least two weeks to recover the load water from drilling of the new lateral and for the well to reach its full potential of oil and gas production. The company will report initial production at that time. The new lateral was drilled on new leases recently acquired from landowners in the area.
The Perkins Oil Unit No.1 well was drilled in 1991 by Tana Oil & Gas Corporation. The original lateral was drilled to the southwest and made nearly 84,000 bbls of oil before being plugged back. The new lateral is to the northwest in a new drilling unit with new leases.
This completes the third in a series of ten wells planned in the area. The fourth well will be drilled shortly after a brief rig maintenance period.
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.