Lucas Energy Announces Completion of Hagen Ranch No.4H Well

Published on Wednesday, 08 February 2012 09:24 Written by TradersHuddle Staff

HOUSTON, Feb. 8, 2012 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI), an independent oil and gas company (the "Company" or "Lucas"), today announced that the Company has completed the Hagen Ranch No.4H well in Gonzales County, Texas as a flowing horizontal oil well in the Austin Chalk formation. The official 24 hour test that will be reported to the regulatory agency is 475 BOPD (barrels of oil per day, 232 MCFPD (thousands of cubic feet) of gas, and 103 BWPD (barrels of water per day - load water or drilling water, not formation water) with 419 psig (pounds per square inch) of FTP (flowing tubing pressure) on a 20/64" choke. Lucas has approximately a 25% working interest in this well.

Further testing indicated that the well is capable of producing 846 BOPD, 422 MCFPD, and 264 BLWPD (load water) at 283 psig FTP on a 36/64" choke. This choke size is slightly greater than a ½" pipe, or approximately 60% of the full opening choke size. Indications are that the Hagen Ranch No.4H well may have a greater capacity curing the initial production period. Future production rates will be determined by technical information, safety, tank capacity, and other factors. At some time in the future, the well may be put on artificial lift. Specifically a pumping unit may be added.

William A. Sawyer, President and Chief Executive Officer of the Company, said, "The drilling and completion of the Hagen Ranch No.4H well opens a new chapter in the company history book." For more information on this and other activities of the Company, visit the Lucas Energy web site at www.lucasenergy.com.

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, projection, 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 including its Form 10-K and Form 10-Q's. 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, except as required by law, or those prepared by third parties that are not paid for by the Company. The Company's SEC filings are available at http://www.sec.gov.

The Lucas Energy logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4192
 

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