HOUSTON, July 11, 2006 (PRIMEZONE) -- Lucas Energy, Inc. (OTCBB:LUCE) announced it has acquired and revitalized the Jessie Perkins No. 1 well which is now consistently producing 70 barrels of oil per day.
Lucas Energy, Inc. recently acquired the Jessie Perkins No. 1 well from a local operator in the Gonzales County, Texas area. The well was originally drilled by Nucorp Energy, Inc. in 1981 to a depth of 9060 feet. The Jessie Perkins No. 1 well is a straight hole completion in the Austin Chalk formation. The well was shut down at the time of purchase.
Lucas Energy's revitalization team headed by Lucas Energy Chief Operations Officer, William A. Sawyer, ran a cased hole log on the well and evaluated the potential. His team replaced all of the equipment, added approximately sixty feet of perforations above the existing perforations and acidized the well. The well responded favorably, producing 7 barrels of oil per hour upon completion.
Lucas Energy CEO James Cerna, Jr. stated, "This is another prime example of our company's strength, finding underutilized assets and using high technology to return them to productivity."
Lucas Energy, Inc. (OTCBB:LUCE) (www.lucasenergy.com), trades on the Nasdaq OTC Bulletin Board. It is an oil and gas company with a growing portfolio of high value oil and gas assets in the United States. Founded in 2004, Lucas Energy began by identifying underdeveloped oil and gas operations that represented strong potential for development. The Company's headquarters are located at 3000 Richmond Avenue, Suite 400, Houston, Texas 77040.
"Safe-Harbor" Statement Under the Private Securities Litigation Reform Act of 1995. This press release contains forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements regarding potential sales, the success of the company's business, as well as statements that include the word "believe" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Lucas Energy to differ materially from those implied or expressed by such forward looking statements. This press release speaks as of the date first set forth above and Lucas Energy assumes no responsibility to update the information included herein for events occurring after the date hereof. Actual results could differ materially from those anticipated due to factors such as the lack of capital, timely development of products, inability to deliver products when ordered, inability of potential customers to pay for ordered products, and political and economic risks inherent in international trade.