Lucas has approved a record level $6 million capital expenditure budget for 2011.
"We are excited about the approval and content of our 2011 capital program, which was funded through a recent equity offering," commented William A. Sawyer, president and CEO of Lucas Energy. "It gives Lucas an excellent opportunity to meaningfully grow its production this year."
The budget is comprised of $3.3 million set aside to drill horizontal wells in the Eagle Ford formation under the Hilcorp joint venture, $2.2 million reserved for workovers and recompletions in the Buda and Austin Chalk formations, and $0.5 million dedicated to leasehold and small property acquisitions. Management believes that the programs underlying the $6 million of new investment will allow Lucas to greatly increase its existing oil production rates.
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