HOUSTON, Dec. 14, 2010 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI), an independent oil and gas company, (the "Company" or "Lucas"), today announced that its joint venture operating partner, Hilcorp Energy Company ("Hilcorp"), has completed drilling the Hagen EF No.2H, the second Eagle Ford horizontal well on the Hagen Lease in Gonzales County, Texas. Completion and stimulation of both wells is expected to take place in late December 2010 or early January 2011. Lucas has a 15% carried working interest in both wells, which means that Lucas does not have to contribute to the drilling and completion costs.
William A. Sawyer, President and Chief Executive Officer of the Company said, "Production is anticipated to commence in January 2011 with revenues commencing in February 2011. This is a milestone in our Eagle Ford horizontal program." For more information on this and other activities of the Company, visit the Lucas Energy web site at www.lucasenergy.com.
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Forward-Looking Statement
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Act") and Section 21E of the Securities Act of 1934, as amended (the "Exchange Act"). In particular, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements and are subject to the safe harbor created by these Acts. Any statements made in this news release about an action, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding future drilling and production are subject to all of the risks and uncertainties normally incident to the exploration and development of oil and gas. These risks include, but are not limited to, completion risk, dry hole risk, price volatility, reserve estimation risk, regulatory risk, potential inability to secure oilfield service risk as well as general economic risks and uncertainties, as disclosed in the Company's SEC filings. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements or those prepared by third parties that are not paid by the Company. The Company's complete SEC filings are available at http://www.sec.gov.