Lucas Energy, Inc., a U.S. based independent oil and gas company, today announced that the G.G. Griffin No. 5 well, which is located south of Wrightsboro, Texas, in Gonzales County, commenced production on February 11, 2008 as a result of rework activities.
The well initially tested at 20 BOPD and 33 BWPD and has not yet been stimulated. Generally, Lucas Energy, Inc. waits to assess a newly renovated well's production for several months prior to stimulation.
The well was originally drilled in 1981 and completed as a straight hole in the Austin Chalk formation. It is part of a lease in which Lucas Energy acquired almost 500 acres of land in oil, gas and mineral rights from the Griffin Family Trust and George G. Griffin, Jr. in the G. W. Barnett Survey, A-110, Gonzales County, Texas, in March of 2007. The new Griffin acreage is situated just north of the recently acquired Barnett lease in the same survey. There were five wells on the lease that cumulatively produced over 275,000 bbls of oil but two of the wells have been plugged and abandoned. Lucas acquired a new lease from the landowner and cleaned out the well last month. Management believes additionally that there are significant proved undeveloped reserves in the upper cretaceous zones on this property.
William Sawyer, COO of Lucas Energy Inc., commented, "This is the second of two Griffin wells that we have brought on line in less than a year. These rework activities are ongoing but separate from our drilling program to bring 10 wells on line this year. We have made excellent progress in our drilling and rework programs to date, and, production from this well should contribute nicely to our revenue and cash flow streams starting in the current quarter."
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