Forrest A. Garb and Associates, Inc., an independent licensed petroleum engineering firm, reported that Lucas Energy has approximately $67,363,580, or a discounted PV-10 of $35,941,320, in undiscounted future net revenue existing in their reserves.
The total net reserves are 1,582,540 barrels of crude oil and 41.53 MMCF of natural gas. The CEO of Lucas Energy stated he is pleased with the report and believes the verification will help the company accelerate its growth in the future.
The Chief Operations Officer of Lucas Energy, William A. Sawyer, said, “The reserve volumes are reflective of the successful business plan and effort to bring value to the company and shareholders through development in an underdeveloped area.”
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