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Lucas Energy Provides Update on Gonzales County, Texas Joint Venture With Marathon Oil EF, LLC
Posted February 9, 2012
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HOUSTON -- Lucas Energy, Inc. (NYSE Amex:LEI) an independent oil and gas company, today announced that the company has been in discussions with Marathon Oil EF, LLC (formerly Hilcorp Resources, LLC) regarding the current status of, and the future opportunities with regard to, our Hilcorp/Lucas Gonzales County Eagle Ford participation agreement. In particular, we have discussed the drilling program, and lingering issues left over from before Marathon took over management of the program.
Currently, we are discussing these issues with Marathon. Marathon has assured us, though, that their intention is to propose the maximum number of wells to be drilled in the Eagle Ford on the Lucas property covered under the participation agreement for calendar year 2012. Lucas believes that we are better off with a well thought out plan that has the potential to maximize production and revenues rather than hastily move forward without a plan.
William A. Sawyer, President and Chief Executive Officer of the Company said, "We continue to have confidence that Marathon will do what is in the best interest of all partners in the participation agreement to maximize production and revenues from the Eagle Ford in Gonzales County, Texas." For more information on this and other activities of the Company, see the Lucas Energy web site www.lucasenergy.com.
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