Lucas Energy sees first Eagle Ford well drilled in Gonzales County

By Oil & Gas Financial Journal staff

Privately-held Hilcorp Energy Co. has started drilling the Hagen EF No.1H, an Eagle Ford horizontal well in Gonzales County, Texas.

Lucas Energy Inc. (NYSE: LEI) has a 15% carried working interest in this well, which means that Lucas does not have to contribute to the drilling and completion costs. In April, Houston-based Lucas Energy signed a joint venture with Hilcorp, ranked No. 5 in the most recent OGFJ100P listing of privately held companies by production (OGFJ, October 2010, p. 43), to develop the Eagle Ford properties in Gonzales County.

William A. Sawyer, president and CEO of Lucas, said, "This is an exciting time to see our first Eagle Ford well drilling in Gonzales County, Texas. If successful, we believe that this well has the potential to generate a significant increase in the Company's production and revenues."

The company is active elsewhere in the play as well. In June, the company acquired an additional 2,000 acres in the Austin Chalk trend. 

The company holds roughly 12,500 gross acres of oil and gas leases in South Texas, primarily in the Gonzales County and Wilson County, Texas.

Shares of Lucas Energy were up +0.0210 (+1.089%) at US$1.950 at noon on Friday.

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