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.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs