Lucas Energy acquires more Eagle Ford Shale acreage

By Phaedra Friend Troy

Houston-based Lucas Energy (NYSE:LEI) has purchased another 2,000 acres in the Eagle Ford Shale/Austin Chalk Trend in South Texas.

In acquisitions from several parties, Lucas Energy has added another nine producing wells to its portfolio. A workover rig has already been tapped to ramp up production from some of the wells and put others back into production.

In fact, the company just recently hired five rigs to work on its Eagle Ford properties.

“The acquisitions continue our business plan model to acquire and re-enter old wells and put them back on production,” said William A. Sawyer, president and CEO of Lucas Energy.

Lucas Energy’s strategy is to purchase underperforming wells in the Austin Chalk and Eagle Ford Shale regions, rework them and bring them back into production at higher rates. Currently, the company holds more than 1.5 million barrels of proven oil reserves in the South Texas region.

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