HOUSTON, Jan. 26, 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 spudded (commenced drilling) the Hagen Ranch Unit No.1HST well in Gonzales County, Texas. The Hagen Ranch No.1HST well is a new lateral from an old horizontal well in the Austin Chalk formation. The well is on the same lease as the two Hilcorp Oil Company drilled, but now Marathon Oil Company operated, Hagen EF No.1H and No.2H wells producing from the Eagle Ford formation. The Hagen Ranch No.1HST well is being drilled with joint venture partners.
In other news, the Rainey Unit No.1H horizontal Austin Chalk well has produced over 6,500 barrels (bbls) of oil to date. Recently, the well was acidized and production increased above 100 barrels of oil per day (BOPD).
The newly drilled lateral in the Kuntschik No.1HST well is recovering load water but is making approximately 40 BOPD already. Production is anticipated to increase after recovery of the load water.
Lucas is completing the Hagen Ranch No.4H newly drilled Austin Chalk horizontal well this week. Production and testing should commence within the next ten days. This well is also located on the same lease as the two Marathon operated Eagle Ford wells.
William A. Sawyer, President and Chief Executive Officer of the Company said, "Lucas continues to drill new Austin Chalk horizontal wells and new laterals from older wells. This is a continuation of our business plan to develop the underlying potential of our leases." For more information on this and other activities of the Company, see the Lucas Energy web site www.lucasenergy.com.
Company Website: www.lucasenergy.com
The Lucas Energy logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4192
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.