HOUSTON, March 15, 2011 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI), an independent oil and gas company, reported today that the Company has acquired an interest in the ARCO Fee A-908 No.1 well from an independent operator. The well was shut in at the time of the acquisition, and Lucas Energy put the well back on production as a gas well. Production for the month of January 2011 (only a partial month of production) was 5,791 thousand cubic feet (MCF) of gas and 371 barrels (bbls) of condensate. The well is producing from the Austin Chalk formation.
"Lucas Energy is expanding its area of interest to include other leases along the same trend it is currently developing," commented William A. Sawyer, President and CEO of Lucas Energy, who continued, "This is Lucas Energy's first gas well."
Lucas Energy, Inc. has a 75% working interest before payout and 50% working interest after payout in two wells in this area, including the ARCO Fee A-908 No.1 gas well. The second well has yet to be evaluated.
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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, 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. 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 or those prepared by third parties that are not paid by the Company. The Company's SEC filings are available at .
CONTACT: Andrew Lai, CFO alai@lucasenergy.com (713) 528-1881 Michael Brette, J.D., Advisor mikebrette@gmail.com (951) 236-8473