Lucas Energy Inc., Houston, has reported that production for the fourth quarter 2010-11 (January 2011 through March 2011) was up approximately 15% over the production for the third quarter 2010-11 (October 2010 through December 2010).

In the fourth quarter, Lucas had gross production of 19,898 Bbls of oil as compared to 17,343 Bbls of oil in the third quarter. Improvement in production during the 4th quarter was due to workovers, improved trucking, and field operational changes. This is gross production from the wells and not net to the interest of Lucas (after royalty and joint venture partners interests). Also, these figures are for wells only operated by Lucas, and do not include the production from the Hilcorp Energy Co.-operated Hagen Eagle Ford wells. Further, sales may differ from production, and will be reported in the Annual Report on Form 10-K for the fiscal year ended March 31, 2011.

"Lucas Energy has moved into production improvement after two years of increasing its Eagle Ford asset base," said William A. Sawyer, president and chief executive officer of Lucas Energy. "We anticipate continued improvement in our production, revenues, and bottom line."

The third quarter saw slow movement of oil off of the Lucas operated leases due to a shortage of trucking as a result of the Eagle Ford activity. This shortage continued through February 2011. As a result, many wells had to be shut in until the oil was removed and sold. This condition appears to have eased up in March 2011.

Comments