|
| ||||||||||||||
Lucas Energy Provides Operations Update HOUSTON, Sept. 15, 2008 (GLOBE NEWSWIRE) -- Lucas Energy,
Inc. (AMEX:LEI - News), a U.S. based independent oil and gas company
is pleased to inform our shareholders that the Company's
producing assets in South Texas were unaffected by Hurricane
Ike. Hurricane Ike, which came onshore at Freeport, Texas on Saturday, September 12 in the early morning hours and passed just to the east of our primary producing wells did no sustained damage to production facilities in the area. Production of both oil and natural gas has not been interrupted. In addition, the Company will maintain, or perhaps increase, its capital spending program for FY 2009. In the first half of the fiscal year, the company focused on securing additional acreage and shut-in wells in South Texas. The Company has since resumed its program of doing workovers on shut-in wells and re-establishing production. In addition, the Company will resume its previously announced lateral drilling program. This entails entering existing vertical well bores and drilling a lateral extension to increase daily production as well as extend the productive life of the well. Depending on the availability of equipment and crews the Company may consider increasing this activity. Management Comments Mr. William Sikora, President and CEO of Lucas Energy said; ``Our hearts reach out to everyone who experienced a loss as a result of Hurricane Ike. We are pleased with the fact that our staff, our offices and our producing properties were unaffected by the hurricane.'' About Lucas Energy Lucas Energy, Inc. (AMEX:LEI - News) is an independent crude oil and gas company building a diversified portfolio of valuable oil and gas assets in the United States. The company is focused on identifying underperforming oil and gas assets, which are revitalized through a meticulous process of evaluation, application of modern well technology, and stringent management controls. This process allows the company to increase its reserve base and cash flow while significantly reducing the risk of traditional exploration projects. The Company's headquarters are located at 3000 Richmond Avenue, Suite 400, Houston, Texas 77098. The Lucas Energy logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4192 Forward-Looking Statement This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement identified by the words ``expects,'' ``projects,'' ``plans,'' ``feels,'' ``anticipates'' and certain of the other foregoing statements may be deemed ``forward-looking statements.'' Although Lucas Energy believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this press release. These include risks inherent in the drilling of oil and natural gas wells, including risks of fire, explosion, blowout, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks inherent in oil and natural gas drilling and production activities, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; risks with respect to oil and natural gas prices, a material decline in which could cause the Company to delay or suspend planned drilling operations or reduce production levels; and risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in oil and gas prices and other risk factors. The complete filing is available at http://www.sec.gov Contact: Lucas Energy, Inc.
Brad Holmes, Investor Relations
713-654-4006
bholmes@lucasenergy.com
W.A. Sikora, CEO
713-528-1881
Source: Lucas Energy
| ||||||||||||||