Lucas Energy Announces Production Update for 2nd Quarter Fiscal Year 2013
HOUSTON, Sept. 14, 2012 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (LEI) an independent oil and gas company (the "Company" or "Lucas"), today announced that for the first two months of the 2nd quarter of fiscal year 2013, the Company had average gross production from operated wells of 439 BOPD (barrels of oil per day). This was a 22% increase in gross production over the 1st Quarter of fiscal year 2013 which was 360 BOPD. These numbers do not include oil and gas production from the two Eagle Ford wells operated by an affiliate of Marathon Oil Company.
The increase in gross operated production has been due to the improvement of older wells and not new drilling. Lucas plans to workover additional wells in the 3rd quarter of fiscal year 2013. For more information on this and other activities of the Company, see the Lucas web site www.lucasenergy.com.
Company Website: www.lucasenergy.com
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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 .
CONTACT: Andrew Lai, CFO firstname.lastname@example.org (713) 528-1881 Michael Brette J.D., Advisor email@example.com (951) 236-8473
Source: Lucas Energy 2012 GlobeNewswire, Inc.