HOUSTON, Aug. 31, 2009 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI) an independent oil and gas company (the "Company") based in Houston, Texas, today announced the completion of the Norris No.1 well, Gonzales County, Texas with an initial potential of 99 BOPD flowing. The Norris No.1 well is a re-entry of a vertical Austin Chalk well originally drilled down to the Buda and Georgetown formations.
The well was spudded on August 10, 2009 and was completed in the Buda formation on August 22, 2009. After drilling out the cement plugs in the casing, the well was cleaned out to the Eagleford Shale and Buda formations. The Norris No.1 well was perforated in the Buda formation and acidized resulting in an initial potential of 99 BOPD at 850 psig flowing tubing pressure.
Lucas is moving forward with its six well workover program in Gonzales County, Texas. The Norris No.1 well, and one other well, the Mills Oil Unit No.1 well, are being tested and awaiting completion of the regulatory filings to put the wells on production.
William A. Sawyer, President and CEO of Lucas Energy, said, "The success of the Norris No.1 well continues to prove us the ability of Lucas Energy, Inc. to create value in old shut in and plugged wells. We continue to make progress in our business plan with the addition of another well completion."
About Lucas Energy
Lucas Energy, Inc. (AMEX:LEI) is a Texas based independent crude oil and gas company that indentifies, evaluates and acquires oil and gas property interests, primarily in the Austin Chalk formation of South Texas, that are underperforming or have been shut-in or plugged and abandoned. These properties are revitalized by undertaking extensive re-entry and work-over procedures, including clean-up, repairs and treatments of the existing well bores and lateral extensions, as well as extending or drilling new laterals into previously nonproducing areas of the formation. By utilizing tight field and operating management controls, together with having a comprehensive understanding of the production characteristics of the Austin Chalk, the Company believes that it can increase reserves, improve production and maximize cash flow while avoiding most of the high risks of typical exploration projects.
The Company's headquarters are located at 6800 West Loop South, Suite 415, Bellaire (a suburb of Houston), Texas 77401.
Forward-Looking Statement
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement identified by the words "expects," "projects," "plans," "feels," "anticipates" and certain of the other foregoing statements may be deemed "forward-looking statements." Although Lucas Energy believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this press release. These include risks inherent in the drilling of oil and natural gas wells, including risks of fire, explosion, blowout, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks inherent in oil and natural gas drilling and production activities, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; risks with respect to oil and natural gas prices, a material decline in which could cause the Company to delay or suspend planned drilling operations or reduce production levels; and risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in oil and gas prices and other risk factors. The Company's complete filings with the Securities and Exchange Commission are available at http://www.sec.gov