QualityStock's Smallcap Stock Clients - Lucas Energy, Inc. (LUCE.OB)

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Lucas Energy is one of our highlighted companies this month. The company engages in the acquisition and operation of oil and gas properties in the state of Texas, the United States. The company operates eight separate oil and gas leases. It holds 100% working interest in 2 unit wells comprising 670.43 acres, located in the Pilgrim Field, in Gonzales County; and in the Green field lease in Baylor County that consists of 880.7 acres and has 2 producing wells. The company also holds interest in Wright #1, a 160 acre lease in Gonzales, Texas.

In our client’s news today,

Forrest A. Garb and Associates, Inc., an independent licensed petroleum engineering firm, reported that Lucas Energy has approximately $67,363,580, or a discounted PV-10 of $35,941,320, in undiscounted future net revenue from their reserves.

The total net reserves are 1,582,540 barrels of crude oil and 41.53 MMCF of natural gas. The CEO of Lucas Energy stated he is pleased with the report, and believes the verification will help the company accelerate its growth in the future.

The Chief Operations Officer of Lucas Energy, William A. Sawyer, said, "The reserve volumes are reflective of the successful business plan and effort to bring value to the company and shareholders through development in an underdeveloped area."

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