Lucas Energy, Inc. operates as an independent oil and natural gas company. The company is engaged in the acquisition and development of crude oil and natural gas from various known productive geological formations, including the Austin Chalk, Eagle Ford and Buda formations, primarily in Gonzales, Wilson, and Karnes counties south of the city of San Antonio; and the Eaglebine, Buda, and Glen Rose formations in Leon and Madison counties north of the city of Houston, Texas. As of March 31, 2014, the company had leasehold interests (working interests) in approximately 17,628 gross acres, or 13,314 net acres. The company’s total net developed and undeveloped acreage as measured from the surface to the base of the Austin Chalk formation was approximately 12,049 net acres. The company’s total estimated net proved reserves were 5.6 million barrels of oil equivalent, of which 5.0 million barrels were crude oil reserves, and 3.3 billion cubic feet were natural gas reserves. Operations and Oil and Gas Properties The company has oil and natural gas interests, and operates oil and natural gas properties only in the onshore Texas area. The oil and natural gas properties owned by the company are in five major reservoir areas of interest, such as the Eagle Ford shale, Austin Chalk, Eaglebine, Buda, and Glen Rose zones. Eagle Ford and Austin Chalk Area: The core properties of Lucas Energy are in an area of the Austin Chalk and Eagle Ford trends south, and southeast of San Antonio, Texas. The company has approximately 14,518 gross acres with approximately 3,929 net acres of Eagle Ford in this core area. Production from approximately 29 wells operated by the company is from the Austin Chalk, Buda, and Edwards formations. Non-operated production from the Eagle Ford formation includes two wells operated by an affiliate of Marathon Oil Company and one well operated by Penn Virginia Corporation. These Eagle Ford properties are located within Gonzales, Karnes, and Wilson counties, Texas. Eaglebine Area: The company owns oil and natural gas leasehold interests in the Eaglebine portion of the Eagle Ford trend. The company controls working interests in approximately 1,100 net acres in Leon and Madison counties in Texas. The company operated one well in that area, which is completed in the Dexter formation. The Eaglebine is a series of formations that include the Eagle Ford on top of the Woodbine. Other common named intervals in this series are the Dexter and the Subclarksville. Buda and Glen Rose Area: The company has approximately 1,265 net acres in Madison and Leon counties. Customers For the year ended March 31, 2014, approximately 86% of the company’s consolidated product revenues were attributable to three customers, such as Sunoco Refining and Marketing, Inc.; EDF Trading North America LLC.; and Enterprise Crude Oil LLC. The remaining 14% was sold to its customer, Shell Trading (US) Company. Strategy The company’s strategy includes repositioning; executing its business plan; and developing asset base. Environmental Regulation The company’s domestic activities are subject to various environmental laws and regulations, including the Oil Pollution Act of 1990; the Clean Water Act; the Comprehensive Environmental Response, Compensation and Liability Act; the Resource Conservation and Recovery Act; the Clean Air Act; and the Safe Drinking Water Act, as well as state regulations promulgated under comparable state statutes. Significant Events In August 2014, Lucas Energy, Inc. announced that it has signed a binding participation agreement with Oak Valley Resources, LLC to jointly develop the company's Karnes County, Texas acreage in the Eagle Ford shale formation.
lucas energy inc (58L:Frankfurt)
3555 Timmons Lane
Houston, TX 77027
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