By Houston Business Journal

Lucas Energy Inc. has approved a $6 million capital expenditure for 2011, with the bulk of the expenditures set aside for drilling in the Eagle Ford natural gas shale play.

Houston-based Lucas (NYSE: LEI) will spend $3.3 million for horizontal wells in Eagle Ford through its Hilcorp joint venture and $2.2 million reserved for the Buda and Austin Chalk formations.

In a statement, the exploration and production company said the programs underlying the $6 million of new investment will allow Lucas to ⿿greatly increase its existing oil production rates.⿝

The company also reported results of 2011 proxy voting, and said that shareholders voted 98 percent in favor of authorizing the board of directors to declare a stock dividend.

Copyright 2011 American City Business Journals

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