The Hagen Ranch No.3 well was acquired in 2006 and is located in Gonzales County, Texas. The well sits on a 1330-acre lease, which has room for at least two additional wells. Currently, a 24-hour workover rig is on the location and the downhole directional motor and bit are being run into the hole. The old horizontal hole has been plugged back in preparation to drill a new horizontal hole in the opposite direction.
"With oil hitting new highs, we are pleased to start our first horizontal of our fiscal 2008 drilling program. We will continue our efforts to increase production," stated James Cerna Jr., CEO of Lucas Energy Inc.
The objective of this horizontal drilling program is to exploit the multiple pay zones and extend oilfield boundaries. Wells in the Austin Chalk are drilled with a horizontal leg in order to contact the fractures, which contain trapped oil. Fractures are the main source of production in the Austin Chalk formation.
Lucas Energy, Inc. is an independent crude oil and gas company building a diversified portfolio of valuable oil and gas assets in the United States. The company is focused on identifying under performing oil and gas assets, which are revitalized through a meticulous process of evaluation, application of modern well technology, and stringent management controls. This process allows the company to increase its reserve base and cash flow while significantly reducing the risk of traditional exploration projects.
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