Friday, October 15, 2010

Gonzales County, Texas: Eagle Ford Shale Update

By Andrea:

Lucas Energy Inc. (LEI) recently announced that they will be drilling a new well in the Eagle Ford Shale, located in Gozales County, Texas:

On September 27, 2010 the Railroad Commission Of Texas (the oil and gas regulatory agency for the State of Texas) issued permit number 702717 for a new horizontal well to be named the Hagen EF No.1H and operated by Hilcorp Energy Company, one of the largest privately owned oil and gas firms in the United States. The well is permitted in the Eagle Ford formation with an estimated lateral length of 4,500 feet in the Eagle Ford formation.

The Hagen EF No.1H well will be located on Lucas’ Hagen Ranch lease in Gonzales County, Texas. The water source well has been drilled and completed, and the roads and location pad for the is being built. According to the joint venture agreement between Lucas Energy, Inc. and an affiliate of Hilcorp Energy Corporation, the well is to be spudded by November 1, 2010. A second well is second well is scheduled to be spudded by December 31, 2010.

Lucas Energy, Inc. entered into a joint venture with Hilcorp Energy I, LP, an affiliate of Hilcorp Energy Company, earlier this year. More information on the joint venture are detailed in the Joint Venture section under the Current Activities tab of this web site. Lucas will have a 15% carried working interest (no capital cost to Lucas) in the Hagen EF No.1H well, and one addition well. The Company still retains all rights to the Austin Chalk formation and above. Lucas owns and operates two Austin Chalk horizontal wells on the Hagen Ranch lease.

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Tim W
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