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Lucas Energy Inc.Lucas Energy, Inc. (AMEX:LEI - News) is a Houston, Texas based independent oil and gas company that identifies, evaluates and acquires leasehold property interests, primarily in the Austin Chalk formation of the middle Gulf Coast of Texas, that are underperforming or have been shut-in or plugged and abandoned. These properties are then revitalized by undertaking extensive re-entry and work-over procedures, including clean-up, repairs and treatments of the existing well bores and lateral extensions, as well as drilling new laterals into previously non-producing areas of the formation. By utilizing tight field and operating management controls, together with having a comprehensive understanding of the production characteristics of the Austin Chalk, the Company believes that it can increase reserves, improve production and maximize cash flow while avoiding most of the high risks of typical exploration projects. |
Since 2004, Lucas Energy has acquired 61 properties encompassing over 15,000 acres in Texas. The company now holds more than 1.5 million barrels of proven oil reserves associated with 26 producing wells and 21 PUD reserve locations which are proposed new laterals out of existing well bores. By applying strict fiscal controls, the management team has achieved and maintained profitability since inception. |
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Lucas Business Plan
Phase I - Re-entry of seven (7) shut in and P&A'd wells.
Phase II - Clean out nineteen (19) old laterals and drill straight holes to test Buda and Eagleford formations.
Phase III - Drill twenty-one (21) new laterals in Austin Chalk formation. |
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