Lucas Energy, Inc. (NYSE AMEX:LEI) 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.
