Lucas Energy, Inc. announced that the company has acquired additional oil and gas producing acreage in the Eagle Ford Shale in South Texas. The company said that it would focus on the Buda and Austin Chalk formations on this acreage.
Lucas Energy, Inc. bought the properties from several different sellers and acquired nine producing wells in the transaction. The company has already deployed a workover rig to help boost production from these wells.
William A. Sawyer, the CEO of Lucas Energy, Inc., said, “The acquisitions continue our business plan model to acquire and re-enter old wells and put them back on production. Instrumental in the plan is the acquisition of wells, and leases, which have upside potential in the Eagle Ford and Buda formations.”
Lucas Energy, Inc. had five workover rigs operating on its acreage here prior to the most recent acquisition. These rigs are used to renter older mature or abandoned wells in an attempt to re stimulate production. Lucas Energy, Inc. said that it would also drill a new well into the Austin Chalk formation, and test out the Eagle Ford Shale formation as well.
Lucas Energy, Inc. is an oil and gas company with more than 15,000 acres under lease spread across 61 different properties in Texas.
For more information on the company, go to at www.lucasenergy.com