HOUSTON, April 17, 2012 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI) an independent oil and gas company (the "Company" or "Lucas"), today announced that for the month of March 2012 the Company had average gross production, from operated wells, of 535 BOPD (barrels of oil per day). Gross production for the month of March 2012 was the highest for the fiscal year 2012. The 4th quarter 2012 (January through March 2012) gross operated production averaged 430 BOPD. The last two quarters of 2012, gross operated production averaged 328 BOPD. These numbers do not include oil and gas production from the two Eagle Ford wells operated by an affiliate of Marathon Oil Company.
The goals set by the Company were to reach 500 BOPD of gross operated production, and to average 300 BOPD for the last two quarters of fiscal year 2012. Lucas has accomplished both. The Company anticipates continued growth in gross operated production in the 2013 fiscal year with the drilling of new Austin Chalk horizontal wells and the drilling of new Austin Chalk laterals from old well bores with the financing through joint ventures. Further details of joint venture financing will be presented in later news releases.
The increase in gross operated production has been due to new drilling in the 3rd and 4th quarters of fiscal year 2012. Lucas has drilled two new Austin Chalk horizontal wells, and three new laterals from existing Austin Chalk wells during the past 6 months. Recently, the Hagen Ranch Unit No.1HST well (a new lateral from an existing Austin Chalk well) was completed and put on pump. During the month of March 2012, the well produced 5,200 bbls of oil from the Austin Chalk formation. 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
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.
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