Scandoil  

Lucas provides update on 4Q10 production


Published Apr 22, 2011
[an error occurred while processing this directive]

Edit page New page Hide edit links

Lucas Energy

Lucas reported that production for the 4th quarter 2010-11 (January 2011 through March 2011) was up approximately 15% over the production for the 3rd quarter 2010-11 (October 2010 through December 2010). In the 4th quarter, Lucas had gross production of 19,898 bbls of oil as compared to 17,343 bbls of oil in the 3rd 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 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," commented William A. Sawyer, President and CEO of Lucas Energy, who continued, "We anticipate continued improvement in our production, revenues, and bottom line."

The 3rd 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.

Tags: Lucas Energy




Advertisment:

Add a Comment to this Article

Please be civil. Job and promotion will not be added into the comment page.

(Use Markdown for formatting.)

This question helps prevent spam:

+ Larger Font | + Smaller Font
Top Stories

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us

 

sitemap xml