HOUSTON, Aug. 8, 2012 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE:LEI), an independent oil and gas company (the "Company" or "Lucas"), today announced that for the Company's 2013 first fiscal quarter, i.e., the quarter ended June 30, 2012, gross operated production was over 30,000 bbls (barrels) of oil. This is a 70% increase in the production over the 1st Quarter of fiscal 2012 which was just over 18,000 bbls of oil. These numbers do not include oil and gas production from the two Eagle Ford wells operated by an affiliate of Marathon Oil Company.
Gross production from operated wells for the 1st quarter of this fiscal year are slightly lower than anticipated due to drilling and workover activity being down. These activities are expected to increase in the 2nd and 3rd quarters of this fiscal year when joint venture funding is anticipated to be completed. Despite the anticipated decrease in drilling operations for the current quarter ending September 30, 2012, the Company anticipates gross operated production to be well ahead of last year's 2nd quarter.
In fiscal year 2012, Lucas produced approximately 93,000 bbls of oil gross from operated wells. Already in the first 4 months of fiscal year 2013, the Company has produced more than 44,000 bbls of oil gross from operated wells. Most of the Company's operated production is from horizontal wells completed in the Austin Chalk formation. For more information on this and other activities of the Company, see the Lucas Energy web site www.lucasenergy.com.
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Company Website: www.lucasenergy.com
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, 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.