Lucas Energy, Inc. (LUCE.OB), one of the country’s leading independent oil and gas corporation, announced that the company’s initial production rate for the Hagen Ranch No. 3 well has exceeded prior expectations.
The Hagen Ranch No. 3 Well, located in Texas on a 1330 acre land lease, was first drilled on August 30, 2007. Because the company previously announced an aggressive twelve month drilling program to increase revenue, the Hagen Ranch was the best property to meet such goal. Consequently, Lucas’ total daily production revenue for this ranch exceeded 163 BOPD with no water deposits present, considerably increasing Lucas’ total daily production with minimal fiscal overhead.
James Cerna Jr., CEO of Lucas Energy Inc. stated, “We are very pleased with the initial production from this well. The success of our first new lateral of the 2008 drilling program is an important step in building out our production from current assets of Lucas Energy.”
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