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PROFILE
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.
| WHY INVEST |
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- Lucas Energy, Inc. (LEI) is building a diversified portfolio of valuable oil and gas assets in the U.S.
- LEI is focused on identifying under performing and shut-in oil and gas assets, primarily in Gonzales County, Texas, which are revitalized through a carefully controlled process of evaluation, application of production enhancement technology, and stringent management controls. This process allows the company to increase its reserve base, production and cash flow while significantly reducing the risk of traditional exploration projects. Lucas Energy's financial structure allows it to minimize the high overhead of conventional E&P companies.
- 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.
- LEI currently operate 26 producing wells that produce approximately 125 – 135 barrels of oil per day (“BOPD”), gross. LEI controls another 16 shut-in or plugged wellbores.
LEI have been able to steadily increase oil and gas production from our operated wells and during our fiscal year 2009 their oil production climbed to 52,585 gross barrels of oil produced, and 41,209 net barrels of oil to their fractional royalty interest in the production.
- LEI owns 100% working interests in all but one of their operated wells. LEI also holds non-operating interests in 3 wells in Gonzales, Texas.
- LEI's primary focus is to grow their portfolio of oil and gas properties as well as their inventory of oil and gas opportunities and further enhance shareholder value.
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