Lucas Energy re-energizes their activity in the Eagle Ford.
This morning, executives of Lucas Energy announced they recently completed two wells in Karnes County in addition to re-activating their Griffin 1H Austin Chalk well. The first tests on the Griffin 1H is showing production of 55 boe/d after having produced 5 Boe/d prior to shut-in.
In August, Lucas Energy announced that its wholly-owned subsidiary, CATI Operating, LLC will borrow $1 million to fund drilling, completion and maintenance projects in the Eagle Ford Shale. The company will enter into a joint operating agreement with Lonestar Resources that will cover over 1,450 gross acres. Lucas will have a 8% -14% working interest in the units.
Second quarter highlights for Lucas’ Eagle Ford assets include:
- Placed two new Eagle Ford shale wells on stream during May of the quarter
- Crude oil production rose 17% sequentially in the second quarter as Lonestar’s 2016 completions have all been in the crude oil window.
- Net loss of $12.8 million for 2Q16 versus a net loss of $8.4 million in 2Q15
- Adjusted EBITDAX was $16.0 million compared to $22.0 million for 2Q15