Lucas Energy getting interesting

dan_s · Post by **dan_s** » Mon Mar 05, 2012 5:45 pm

HOUSTON, March 5, 2012 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI) an independent oil and gas company (the "Company" or "Lucas"), today announced that the Company had average gross production, from operated wells, of 468 BOPD (barrels of oil per day) for February 2012. Gross production for the month of February 2012 was the highest for the fiscal year 2012. The previous 10 months averaged 205 BOPD for gross operated production. These numbers do not include oil and gas production from the two Eagle Ford wells operated by an affiliate of Marathon Oil Company.

Gross operated production for the first 11 months of fiscal year 2012 was 76, 243 bbls of oil. For the entire fiscal year 2011, gross operated production was 56,613 bbls of oil. Lucas anticipates ending the fiscal 2012 year with gross operated production of approximately 90,000 bbls of oil. This would be a 59% increase over the previous fiscal year.

The increase in gross operated production has been due to new drilling in the 3rd and 4th quarters of fiscal year 2012. Lucas has drilled two new Austin Chalk horizontal wells, and three new laterals from existing Austin Chalk wells during the past 6 months. Recently, the Hagen Ranch Unit No.1HST well (a new lateral in an existing Austin Chalk well) was completed and put on pump. The results of the production test will be available soon. For more information on this and other activities of the Company, see the Lucas Energy web site www.lucasenergy.com.