Lucas Energy, Inc., a U.S. based independent oil and gas company, announced the continued progress on its drilling program with the re-entry of the Cone-Dubose Unit No.1 well.
The Company acquired the Cone-Dubose Unit No.1 well, Christian (6800) Field, Sarah Hendricks Survey, A-261, Gonzales County, Texas in December 2007. The new 300 acre property offsets the Hagen Ranch No.3 well to the southwest and is part of the Company's plan to extensively develop the area. The Cone-Dubose Unit No.1 well was acquired from an independent operator in the area. The well was drilled in 1991 as a horizontal completion in the Austin Chalk formation. The total depth of the well is 13,673 feet although the vertical depth from the surface is only 8983 feet, the lateral being the difference. The initial production rate from the well was reported as 1123 BOPD and 547 MCFPD in 1991. The Cone-Dubose Unit No.1 well produced 60,789 bbls of oil until 1998 when the well was shut in.
Lucas Energy has moved its rig on location and has re-entered the well to restore production in anticipation of adding additional revenue to its growing portfolio of producing assets.
William Sawyer, COO of Lucas Energy Inc., commented, "This is the fourth well we are bringing on line in a series of ten wells planned in the area. We continue to acquire, revitalize and bring wells on line that have high potential for recovering additional reserves and a short term payout. In conjunction with our premium wellhead pricing, this contributes to our continued revenue generation."
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