LUCE Adds 5,000 Acres for Exploration
Lucas Energy, Inc. (LUCE.OB) continues on an aggressive growth track. The U.S.-based independent oil and gas company, announced recently that it has added the Team Bank No.1-H well, Wilson County, Texas to its portfolio.
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 Energy, Inc. plans to boost production by cleaning out the current lateral and drilling an additional lateral from the current well bore. Further, Lucas Energy, Inc. plans to explore the potential for the Wilcox formation and the Poth formation on the lease.
This acquisition follows a succession of new properties which over the last seven months represents approximately 5,000-plus acres in leased assets in the Gonzales/Wilson County region.
