Lucas Energy, Inc. began drilling operations on a lateral extension to the Hagen Ranch-3 well in Gonzales County, Texas.
The Hagen Ranch-3 well, originally drilled in 1994 and later shut-in due to low oil prices, was acquired by Lucas Energy in 2006 along with 8 other producing wells and 2,000 acres held by production. The well is a horizontal well with crude oil production from the Austin Chalk formation at approximately 8,000'.
The Company began the new lateral extension to the southeast, as part of its previously announced lateral program in March of 2008 after plugging an existing lateral to the northwest. Drilling was suspended when the Company encountered virgin reservoir pressure, and began acquiring additional acreage in the area.
Drilling operations began on September 23, 2008 and are expected to take approximately 15 days to reach total depth. When completed the total horizontal length of the extension will be approximately 4,000' through the Austin Chalk. In similar wells the Company has experienced IP (initial production) rates of 100 to 300 bopd (barrels of oil per day). Daily production generally declines to approximately half the IP rates after 30 days and production levels out and holds steady thereafter.
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