Before the bell, Lucas announced that it has acquired the Team Bank No.-H well in Wilson County, Texas. The horizontal well has produced 35,159 bbls of oil and is currently producing from the Austin Chalk Formation.
The land has not yet been fully developed. Lucas Energy plans to clean out the current lateral, and drill an additional lateral from the current well bore. Furthermore, they plan to explore the potential for the Wilcox and Poth formations on the lease.
Lucas Energy has been aggressively acquiring new properties and has succeeded in receiving over 5,000 acres of leased assets in the Gonzales/Wilson County region.
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