• First phase of operations was completed by acquiring forty-three leases totaling 10,000 acres with proven reserves.
  • Lucas employs a field-tested process to “revitalize†under performing assets and add reserves.
  • Lucas Energy’s test and production improvement process has proven effective with over twenty wells revitalized.
  • Lucas generates new lateral prospects through revitalizing vertical wells.
  • Engineering and geology work has been completed on a ten-well lateral drilling program. The program is now fully funded and has been initiated.
  • Lucas has over twenty prioritized lateral drilling locations with proven reserves.
  • Lucas has the ability to find and acquire attractive reserves that are overlooked by larger companies.
  • Lucas Energy leases sources directly through local landowners and small operators. This intimate knowledge of the area and contacts gives us the advantage.
  • Lucas employs a proven test and clean-up/production improvement process to hold leases.
  • New equipment is used in order to avoid costly downtime and maintenance.
  • Typical payback timeline per well is less than twelve months.
  • Gross margins run in the 80% range.
  • Lucas Energy has been cash flow positive since its first operating quarter.
  • Lucas has a target of $300-$350m in reserves in three years.

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The majority of Lucas Energy's properties are located along the prolific Austin Chalk trend through Gonzales, Wilson, and Karnes Counties, Texas. This area of the United States is still one of the world's richest oil plays, with an estimated 6 billion barrels of oil reserves.

• In September of 2007, Lucas Energy, Inc., acquired three new leases in Atascosa County, Texas from an independent operator, Laura Rodenberg Oil Company, Inc. All three leases have producing wells. The Paul A. Foerster No.1 well is a producing oil well completed in the Edwards formation. The well has produced over 31,000 bbls of oil since its completion in 1983. The well is on a 75 acre lease. The Hindes No.1 well is a producing oil well completed in the Edwards formation. The well has produced over 47,000 bbls of oil since its completion in 1984 and is on a 249 acre lease. The Matthews No.1 well is a producing oil well completed in the Edwards formation. The well has produced almost 22,000 bbls of oil since its completion in 1983 and is on a 40 acre lease.
Additionally, Lucas Energy acquired the Burnett No.1 lease from an independent operator. The Burnett No.1 well was completed in 1991 and has cumulative production of more than 34,000 bbls of oil. The lease(s) on which the well is located consists of approximately 260 acres. The well was completed in a horizontal leg reaching out approximately 1,600 feet into the Austin Chalk formation.
Lucas also began drilling a new horizontal leg in its Hagen Ranch No.3 well. The well had already produced more than 12,000 bbls of oil from a previous horizontal. The Hagen Ranch No.3 well was acquired in 2006 and is located in Gonzales County, Texas. The well sits on a 1330 acre lease which has room for at least two additional wells. The objective of the company's horizontal drilling program is to exploit the multiple pay zones and extend oilfield boundaries. Wells in the Austin Chalk are drilled with a horizontal leg in order to contact the fractures which contain trapped oil. Fractures are the main source of production in the Austin Chalk formation.
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• In April of 2007, Lucas Energy acquired the Team Bank No.1-H well, in Wilson County, Texas. The well was drilled in 1992 and has cumulative production of 35,159 bbls of oil. The well is a horizontal that is currently producing from the Austin Chalk formation. The Team Bank property is a 240 acre lease in an area that has not been fully developed.
Lucas also announced it had begun its work over program of the wells acquired from the Delphic Oil and Gas company in December of 2006. The Delphic assets represent 4 properties and 6 wells with a total of 1172.29 acres.
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• In March of 2007, Lucas Energy completed its ninth acquisition with the lease of 498 acres of land in Gonzales County, Texas. Lucas leased 498.27 acres of land in an oil, gas and mineral lease from the Griffin Family Trust and George G. Griffin, Jr. The acreage is in the G. W. Barnett Survey, A-110, Gonzales County, Texas. There are three active, but shut in well bores, and two plugged wells on the lease. The lease had produced more than 300,000 bbls of oil until it was abandoned in 1998. Lucas Energy, Inc. also has two wells on another lease from the same family.
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• In January of 2007, Lucas Energy completed its sixth acquisition within the Gonzales-Austin Chalk region. The acquisition is located in the Gonzales Texas Austin Chalk region of the Eastern Panhandle. The 630-acre tract includes one open well bore including equipment, with additional capacity for three more wells or four lateral well bores.
Additionally, Lucas Energy completed its seventh acquisition within the Austin Chalk region, west of Gonzales, Texas. Lucas Energy acquired the 160 acre Henry E. Christian -A- lease from an independent oil and gas operator. The Henry E. Christian lease includes an active producing well has produced over 56,000 barrels of oil. The Henry E. Christian lease acquisition followed a previously announced 630-acre tract on January 10th, 2007, which included one open well bore and equipment, with additional capacity for three more wells or four lateral well bores.
Lucas also completed its eighth acquisition with the lease of 411 acres of land in Gonzales County, Texas. The lease is for two tracts of property that have two shut-in wells, No. 3 and No. 1. The land is contiguous to the company's "RVS" property. These wells historically have produced 75,000 barrels of oil and 135,000 barrels of oil, respectively.
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• In December of 2006, Lucas Energy acquired six oil wells located in Gonzalez, Texas from privately held Delphic Oil and Gas, LLC. The Delphic assets represent 4 properties with a total of 1172.29 acres. The properties hold oil and gas producing wells in the same area as another Lucas acquisition of 2,000 net acres with nine producing wells which were acquired in August, 2006. The purchase of the Delphic assets represents a total of six wells.
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• In September of 2006, Lucas Energy acquired two oil and gas properties covering 127 acres: the Zavadil and the Canion Unit, located in Gonzales County, Texas. The leases contain two shut in wellbores that reach the Austin Chalk formation.
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• In August of 2006, Lucas Energy acquired nine oil and gas properties located in the Gonzales and Karnes counties of Texas, from Wilson Oil & Gas of Texas. The properties were comprised of over 2,000 net producing acres, with nine producing wells and several new well locations.
Lucas Energy also completed the acquisition and revitalization of the Griffen Oil Unit No.2 well. located in the Gonzales County, Texas area. The well is a straight hole completion in the Austin Chalk formation. The well was shut in during 2000 after an offset operator injected water into the formation and flooded out the well, and was shut down at the time of purchase by Lucas. Lucas Energy's revitalization team, headed by Lucas Energy Chief Operations Officer William A. Sawyer, ran a cased hole log on the well and evaluated the potential. His team added a large pumping unit, new rods and pump, and replaced all of the tanks. The well responded favorably, and has been placed online.
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• In July of 2006, Lucas Energy acquired and revitalized the Jessie Perkins No. 1 well which is now consistently producing 70 barrels of oil per day. The company had recently acquired the Jessie Perkins No.1 well from a local operator in the Gonzales County, Texas area. The well was originally drilled by Nucorp Energy, Inc. in 1981 to a depth of 9060 feet. The Jessie Perkins No.1 well is a straight hole completion in the Austin Chalk formation. The well was shut down at the time of purchase. Lucas Energy's revitalization team headed by Lucas Energy Chief Operations Officer, William A. Sawyer, ran a cased hole log on the well and evaluated the potential. His team replaced all of the equipment, added approximately sixty feet of perforations above the existing perforations and acidized the well. The well responded favorably, producing 7 barrels of oil per hour upon completion.
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• In June of 2006, Lucas Energy acquired a 100.86 acre oil and gas property: the Mahlmann Lease Prospect (Big Creek Dome Area), located in Fort Bend Country, Texas. The Big Creek Dome Field was discovered by Gulf Oil and The Texas Company (Texaco) in the late 30's and has produced over 7.9 million barrels of oil and more than 2 Bcf of gas from primarily wells at above 2,000 feet.
Lucas Energy also successfully revitalized the Kuntschik No. 2 well, which as of June 25, 2006 was producing 58 barrels of oil per day. Lucas acquired the well, along with the Kuntschik No. 1 well, in June 2005. At the time of purchase, the Kuntschik No. 2 well was producing low or minimal oil volume. Lucas Energy's revitalization team, headed by Lucas Energy Chief Operations Officer, William A. Sawyer, discovered the kick-off point (KOP) for the lateral was too high, and consequently ran into the shale above the Austin Chalk. The shale had swollen and sloughed into the lateral closing off the production flow to the main wellbore. The revitalization team cleaned out the lateral and put a liner in the upper part of the lateral to seal off the shale interval. The Kuntschik No. 2 well is completed in the Austin Chalk formation and is located in Gonzales County, Texas. It has a vertical depth of approximately 8000 feet and a 1300 foot lateral extension.
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• In March of 2006, Lucas Energy completed an acquisition and improvement program of the Wright #1, a 160 acre lease in Gonzales, Texas. Lucas Energy acquired a 60% working interest in the Wright #1 and performed all of the work to clean up the well and improve production. Rework included replacing the down hole pump, acidizing the well, and replacing the water pump on the natural gas engine.
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• In September 2005, Lucas Energy purchased a 100% working interest in the 1100+ acre Bracero field in Zavala, Texas. The Bracero field in Zavala, Texas has 3 producing wells and 3 shut in wells. The Bracero Transportation Co lease was acquired by Lucas Energy Resources, Inc., effective September, 2005. The lease is approximately 640 acres plus some acreage in an adjoining section. There are three producing wells on the lease and one salt water disposal well. Minor improvements were made to the property and the property was subsequently sold at a profit in May of 2006.
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• In August of 2005, Lucas Energy acquired a 100% working interest in the Green field lease in Baylor County, Texas, which consists of 880.7 acres and has two producing wells. Lucas Energy Resources, Inc., acquired the Green lease, Baylor County, Texas effective September 1, 2005. The lease has two producing wells. Production is from the Palo Pinto formation. The wells are approximately 3000 feet in depth and produce from shallow intervals. The Company is considering a work over of one or both wells to increase production.
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• In May of 2005, Lucas Energy acquired a 100% working interest in two unit wells (670.43 acres) located in the Pilgrim Field, in Gonzales County, Texas. We acquired a 100% working interest in two unit wells located in the Pilgrim Field, Gonzales County, Texas. The wells are in two pooled units consisting of several leases. Ultimately, the net revenue interest to be acquired should be better than 80%. The acquisition concluded in May 2005. The Gonzales County wells produce from the Austin Chalk formation. Both wells have lateral extensions penetrating the Austin Chalk formation in a horizontal manner. These wells have produced an average of 200,000 barrels of oil each since they were drilled.
 

 


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