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.