HOUSTON, Feb. 19, 2010 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI) an independent oil and gas company (the "Company") based in Houston, Texas, today announced that daily average production for the first half of February 2010 has increased approximately 28% over the daily average for January 2010. Further, the daily average production from operated wells for the first half of February 2010 has increased 52% over the December 2009 daily average.
The average daily gross production for the first sixteen days of February 2010 has been 140 BOPD with a high of 220 BOPD. The average daily gross production for January 2010 was 109 BOPD; and the average for December 2009 was only 92 BOPD. The increase is due re-entry of older shut in or plugged and abandoned wells, mostly with funds from the Fall 2009 joint venture. Lucas anticipates additional workovers to improve the production rate further.
William A. Sawyer, President and CEO of Lucas Energy, said, "Funds from our Fall 2009 joint venture have continued to improve production. We anticipate that the new joint venture funds will improve production even more." 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