Lucas Energy Initiates Drilling Program
Lucas Energy has begun its planned FY2008 drilling program. The company has under contract three (3) rigs in Gonzales County, Texas to carry out its workover and new lateral program. One rig is employed in the plug back of old laterals in preparation for the new laterals to be drilled. One rig is reconditioning wells for further evaluation of leases. The third rig is a 24-hour rig that will be used in the drilling of the new horizontals.
Lucas Energy, Inc. has plugged back the old lateral in the Hagen Ranch No.3 well in preparation of drilling a new horizontal leg (lateral) in the opposite direction of the current lateral. The next step will be to drill a straight hole to run an open hole well log of the Austin Chalk prior to commencing the new lateral.
"This begins the second phase of growth for Lucas Energy. We have committed to swiftly deploy the capital raised in our recent $12m offering and are aggressively doing just that," said James Cerna, Jr., CEO of Lucas Energy Inc.
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 underperforming 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. The Company's headquarters are located at 3000 Richmond Avenue, Suite 400, Houston, Texas 77098.
- Lucas Energy To Farm Out Eagle Ford Acreage (Mar 26)
- Lucas Energy, Nordic Oil Terminate $22 Million Agreement (Apr 02)
- Lucas Completes HZ Tx. Well in Austin Chalk Formation (Feb 08)