Read Larry Connors' blog – Short Term Trading Strategies
September 14, 2009 (FinancialWire) -- Lucas Energy, Inc. (NYSE AMEX: LEI | Quote | Chart | News | PowerRating) an independent oil and gas company based in Houston, Texas, announced the commencement of drilling the Ervin et al No.1 well, Gonzales County, Texas, a deepening of a horizontal Austin Chalk well plugged back last year.
The well was spudded on August 24, 2009 and is expected to be drilled down to total depth within two weeks. The lateral in the Austin Chalk was plugged back last year in anticipation of this deepening. The well will be cleaned out to the top of the plug back cement plug and drilled straight down to the lower intervals (Austin Chalk, Eagleford Shale, and Buda). This well is a part of a joint venture program involving Lucas Energy, Inc., as operator, and two other non-operator working interest owners, one of which purchased an eighty percent BPO (before payout) working interest in the subject well.
Lucas operates twenty-two wells in Gonzales County, Texas. Lucas, recently, re-entered two other wells in this area, the Norris No.1 well and the Mills Oil Unit No.1 well. The Norris No.1 well has been completed and tested 99 BOPD flowing. The Mills Oil Unit No.1 well is awaiting installation of a pumping unit to test the well.
William A. Sawyer, president and CEO of Lucas Energy, said "Lucas Energy, Inc. has moved ahead in this quarter toward the completion of Phase I of our operational business plan. With oil prices at $67 per bbl now and headed into the $70 per bbls range for the next quarter, we are looking forward to a good fiscal 2nd quarter financially."
FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.
Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).
http://www.financialwire.net
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
