Lucas Energy, Inc. (AMEX:LEI) saw shares rise this morning up over $.50 at one point. This morning’s share increase of over 15% comes on the news that LEI has acquired an interest in the ARCO Fee A-908 No.1 well. The well is back in production after being shutdown during LEI’s acquisition of it.
In a partial month of production in January the well produced 5,791 thousand cubic feet of natural gas and 371 barrels of condensate. This marks a new venture for the Houston based independent oil and gas company. William A. Sawyer, President and CEO of Lucas Energy, Inc, stated “Lucas energy is expanding its area of interest to include other leases along the same trend it is currently developing, this is Lucas Energy’s first gas well.”
Lucas Energy, Inc has another well located in the same area of the Austin Chalk Formation. This second well has yet to be evaluated however Lucas Energy Inc does have a 50% working interest after payout in the two wells.
About Lucas Energy, Inc.
The company acquires low producing or abandoned oil wells with underlying potential. Lucas Energy currently has acreage in the fast growing Eagle Ford Trend in Central Texas. Lucas Energy’s business plan is to acquire wells at low cost, improve the production in the wells, and develop upside potential with joint venture partners.
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