REASONS THIS STOCK COULD SOAR WHEN OIL PRICES SPIKE 50 - 100%

  • The company was founded by a former Exxon Mobil president responsible for 300,000 barrels of production a day (BOPD).
  • Management has invested over $1.5 MILLION in establishing the corporate structure, refining acquisition parameters and developing the current deal pipeline.
  • Current production averages 1133 barrels of oil per month (BOPM) representing 950,000 BO proved / probable reserves. This project is estimated to do 3400 BOPM after rework.
  • Proven and probable (2P) reserves associated with their Louisiana assets have a discounted present value (PV10) of $41,245,950 as of a March 1, 2011 reserve summary prepared by management, indicating attractive potential for growth.
  • Closed bridge financing for $150,000 and went public in 2011.
  • Plans to acquire over 1,500 acres with over 59 shut-in wells and 30 producing wells with 40 BOPD of current production, which will do 200 BOPD with minimal rework representing 2.1 MILLION barrels of proven reserves. A preliminary agreement has already been secured.
  • Plans to acquire and develop $200 MILLION in proven reserves.

Wednesday, August 31, 2011

Lucas Energy Announces Commencement of Drilling of Milton Hines No. 1H Well New Lateral


 Lucas Energy, Inc. (NYSE Amex:LEI), an independent oil and gas company (the "Company" or "Lucas"), today announced that the Company has commenced drilling the Milton Hines No.1H well new lateral in Gonzales County, Texas. The Milton Hines No.1H well was a plugged and abandoned straight hole well that was re-entered in June 2010 when the lateral was drilled. The lateral was drilled out only about 800 feet when the well came in. A decision was made to complete the well with an initial potential (IP) of over 300 BOPD. However, the ash beds in the upper part of the lateral curve caved in and caused the lateral to seal off. The new laterals are being drilled to both bypass the plugged off portion of the well and to extend the lateral out to 2,200 feet in length. Lucas has a 100% working interest in this lateral re-drill at this point in time.
In other news, the Company has completed the Rainey Unit No.1H well as a flowing horizontal completion in the Austin Chalk formation. Testing of the well is in progress and should be reported within the next week.
Source: Global Newswire 
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