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New Lateral Oil Wells Increase Production For Lucas Energy
Lucas Energy, Inc. (NYSE Amex: LEI) is an emerging independent oil and gas company with development and production oil leases in the hot shales of Texas: Austin Chalk, Buda and Eagle Ford. The Eagle Ford Shale is considered the hottest oil play in America with recent sale prices ranging from $14,000 to $21,000 per acre. Lucas plans to monetize its entire 4,400 net Eagle Ford acres.
Lucas stock is undervalued at the current share price of $1.81. According to recent report by C.K. Cooper & Company (see report) LEI should be performing at $5.50/ share.
Lucas has in excess of 19,000 gross acres of oil properties in Southeast Texas, valued at about $100,000,000. They own approximately 3 million BOE proven oil reserves.
Oil & Gas Energy Stocks To Buy
News on Lucas Energy:
October 20, 2011: Lucas Energy Enters Into Agreement to Sell New Mexico Property for $4 Million – See News Release.
October 3, 2011: KUNTSCHIK # 1HST well commenced new lateral drilling in the Austin Chalk Formation. The well length is 4800 ft and is expected to be added to fiscal 2010-2011 production numbers – See News Release.
September 1, 2011: Lucas Energy signed a letter of intent to buy $22 million of oil and gas assets from Nordic Oil USA I LLP. The book value with Nordic purchase approximately $46 million. The assets are in Gonzales, Karnes and Wilson counties of Texas. For the purchase Lucas will tender a promissory note which includes a term of 12 months with 6% annual interest. The agreement is anticipated to take effect after January 2012 – See News Release.
September 22, 2011: LEI completed RAINEY unit #1H well. The horizontal well is in the Austin Chalk Formation. The well produced 107 BOPD during testing. Cumulatively, the well has produced 1755 bbl – See News Release.
MILTON HINES #1 ST new lateral pumped 80 BOPD during tests in the Austin Chalk Formation and is anticipated to add significant numbers to overall oil production – See News Release.