HOUSTON, July 2, 2010 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI), an independent oil and gas company (the "Company") based in Houston, Texas, today announced that the Company has closed the second part of its Eagle Ford joint venture with Hilcorp Energy I, L.P., an affiliate of Hilcorp Energy Company, one of the largest privately owned oil and gas companies in the United States. Hilcorp Energy I, L.P. has acquired interests in additional leases in the Company's Eagle Ford acreage in Gonzales County, Texas. Additional Eagle Ford properties will be part of a third closing that is expected to take place by the end of July. To date, Lucas has received $8.9 million for an 85% working interest in approximately 10,500 acres in Gonzales County, Texas. The purpose of the joint venture with Hilcorp is the development of the Eagle Ford Shale properties owned by Lucas Energy, Inc. in Gonzales County, Texas. Hilcorp is acquiring an 85% working interest in the deep rights, including the Eagle Ford Shale formation. Lucas will retain a 15% working interest. The joint venture does not include any producing wells or current production. William A. Sawyer, President and CEO of Lucas Energy, said, "The Company is moving ahead with its development of the Eagle Ford play in Gonzales County, Texas. We expect to have the first well spudded in August of this year." For more information on this and other activities of the Company, see the Lucas Energy web site, www.lucasenergy.com. The Lucas Energy logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4192 Forward-Looking Statement This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Act") and Section 21E of the Securities Act of 1934, as amended (the "Exchange Act"). In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and Exchange Act, and are subject to the safe harbor created by the Act and Exchange Act. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. Forward-looking statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding future drilling and production are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. These risks include, but are not limited to risks associated with the exploration and production of oil and natural gas; the volatility of oil and natural gas prices; uncertainties inherent in estimating oil and natural gas reserves; drilling risks; environmental risks; political or regulatory changes; the impact of competitive services and pricing, or general economic risks and uncertainties; and other risks disclosed in the Company's periodic filings with the U.S. Securities and Exchange Commission. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. The forward-looking statements in this press release are made as of the date of this press release, and the Company takes no obligation to update or correct forward-looking statements, and also takes no obligation to update or correct information prepared by third parties that are not paid for by the Company. The Company's complete filings with the Securities and Exchange Commission are available at http://www.sec.gov.
CONTACT: Lucas Energy, Inc. Michael Brette, J.D. firstname.lastname@example.org Mike King email@example.com (713) 528-1881