HOUSTON, Oct. 26, 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 Ervin et al No.1 well, Gonzales County, Texas, as a flowing oil well in the Buda formation.
The Ervin No.1 well was recently plugged back as a horizontal well in the Austin Chalk formation and drill straight down to the Buda formation. The well is a flowing oil well and is expected to be tested within the next few days to determine the deliverability. This is the second well recently completed by the Company in the Buda formation. The first was the Norris No.1 well in the south end of Gonzales County, Texas. The two wells are at extreme ends of the acreage held by Lucas Energy, Inc. and both have promising log interpretations in the Eagleford Shale formation. The Company now operates three (3) wells completed in the Buda formation. One of these is the Hines No.1 well, which is a straight hole with cumulative production of more than 100,000 bbls of oil.
William A. Sawyer, President and CEO of Lucas Energy, said, "The completion of the Ervin et al No.1 well in the Buda is a milestone for the Company. We are now well into Phase II of our business plan. Further, the promising Eagleford Shale log analysis on both ends of the field give us reason to believe that our 15,000 acres under lease have real potential." For more information on this and other activities of the Company, see the Lucas Energy web site 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 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. The Company's complete filings with the Securities and Exchange Commission are available at http://www.sec.gov