Lucas reported that the Hilcorp Energy Company operated Hagen EF No.2H Eagle Ford horizontal well has been fracture stimulated, completed, and tested. The well will be put on production, flowing, to recover oil and a portion of the load water. After a few weeks, the well may be put on artificial lift. Lucas believes that the well will meet, or exceed, its expectations of a 500 BOPD IP (initial test potential) and will increase the Company's net production, cash flow from producing wells, and net proved producing reserves significantly.
"Lucas Energy now has two producing Eagle Ford horizontal wells in Gonzales County, Texas," commented William A. Sawyer, President and CEO of Lucas Energy, who continued, "Our expectations for continued improvement in our production revenues and bottom line are optimistic."
Lucas Energy, Inc. has a 15% carried working interest in the two Hilcorp operated Hagen EF wells. If the two wells perform as anticipated, then Lucas Energy's net production will increase by approximately 150 BOPD before payment of royalty.
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