Once again, aggressive investors and day traders should be watching Lucas Energy, Inc. (OTCBB: LUCE) this morning! The stock just recently began trading and yesterday after the stock markets closed, the company issued a press release announcing the successful revitalization of Kuntschik No. 2 well which as of Sunday, June 25, 2006 is now producing 58 barrels of oil per day.
News of the successful revitalization should get the attention of investors! Lucas Energy, Inc. acquired the well, along with the Kuntschik No. 1 well, in June 2005. At the time of purchase, the Kuntschik No. 2 well was producing low or minimal oil volume.
Lucas Energy's revitalization team, headed by Lucas Energy Chief Operations Officer, William A. Sawyer, discovered the kick off point (KOP) for the lateral was too high, and consequently ran into the shale above the Austin Chalk. The shale had swollen and sloughed into the lateral closing off the production flow to the main wellbore. The revitalization team cleaned out the lateral and put a liner in the upper part of the lateral to seal off the shale interval.
Continue to watch this company! Lucas Energy CEO James Cerna, Jr. previously stated, "Our expertise lies in our ability to identify and revitalize under performing properties. We expect the Kuntschik No. 2 well to match or exceed Kuntschik No. 1 within thirty days after the flush production is over."
The Kuntschik No. 2 well is completed in the Austin Chalk formation and is located in Gonzales County, Texas. It has a vertical depth of approximately 8000 feet and a 1300 foot lateral extension.
Wall Street News Alert is continuing to place Aggressive Investors on alert to monitor the progress of Lucas Energy! Last week, the company announced its acquisition of a 100.86 acres oil and gas property: the Mahlmann Lease Prospect (Big Creek Dome Area), located in Fort Bend Country, Texas. The Big Creek Dome field was discovered by Gulf Oil and The Texas Company (Texaco) in the late 30's and has produced over 7.9 million barrels of oil and more than 2 Bcf of gas from primarily wells at above 2,000 feet.
Prior to the latest press release, the stock closed yesterday at $2.30 a share.
For an in-depth profile of Lucas Energy, Inc., visit http://www.thenewssvc.com/LUCE062606.html
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In case you are not familiar with the company: Lucas Energy is an oil and gas company with a growing portfolio of high value oil and gas assets in the United States. Founded in 2004, Lucas Energy began by identifying underdeveloped oil and gas operations that represented strong potential for development. In May of 2005, the company completed its first acquisition, located in the Pilgrim Field, Gonzales County, Texas. The Company's headquarters are located at 3000 Richmond Avenue, Suite 400, Houston, Texas 77040.
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