HOUSTON, April 27, 2011 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI) ("Lucas"), an independent oil and gas company, announced today that it has entered into a joint venture agreement with Seidler Oil & Gas, LP. Lucas will be the operator under the joint venture relationship, and expects to drill approximately eight (8) new Austin Chalk wells, or new laterals in existing wells, during the 2011 calendar year. This new joint venture will be along standard industry terms, and will relate to both acreage currently held by Lucas, and newly acquired acreage.
"Lucas is pleased to have Seidler as a joint venture partner for its LEI 2011 Drilling Program in the Gonzales County, Texas area," commented William A. Sawyer, President and CEO of Lucas Energy, who continued, "We anticipate a long relationship with Seidler Oil & Gas, LP."
Seidler Oil & Gas, LP assembles and manages working interest in select oil and gas projects. By growing relationships with successful operators, Seidler gains privileged visibility into many oil and gas opportunities. Joint ventures with companies like Lucas Energy enable Seidler to hand select oil and gas projects and create a diversified, flexible and high growth investment portfolio.
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Company Website: www.lucasenergy.com
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 SEC filings are available at http://www.sec.gov.