Lucas Energy, Inc. (LUCE.OB), an independent oil and gas company, recently acquired its ninth property acquisition in the last seven months with the lease of 498 acres of land in Gonzales County, Texas.
The lease has previously generated 300,000 bbls of oil until it was abandoned in 1998. With the size of the property combined with today’s lateral drilling technology, the property is ripe for rework. In the past, the property has only had production from straight hole wells. This new Griffin lease is just north of the recently acquired Barnett lease in the same survey.
Lucas plans to boost production immediately by revitalizing the three current active wells. The Company believes that there are significant proved undeveloped reserves in the upper cretaceous zones on this property.
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