Lucas Energy Acquires 300 Acre Oil and Gas Property
Lucas Energy, Inc. has acquired the Cone-Dubose Unit No.1 well, Christian (6800) Field, Gonzales County, Texas. The new 300 acre property offsets its 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 and is currently shut in. 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 8,983 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 anticipates cleaning out the well in February 2008 and restoring production at that time, adding additional revenue to its growing portfolio of producing assets.
Since September 2007, Lucas has acquired over 1000 acres including eight new wells, all of which are suitable for workovers and/or new laterals. The Company will continue to aggressively expand its footprint in this area of the prolific Austin Chalk formation.
- 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)