Lucas Energy has reversed production declines with four workovers in the Austin Chalk.
After nine months of restructuring, the company is moving forward with development of its Austin Chalk and Eagle Ford assets.
Lucas has over 12,000 net acres prospective for the Austin Chalk and ~4,000 net acres prospective for the Eagle Ford. The company estimates development potential of 25+ Austin Chalk drilling locations and 75+ Eagle Ford locations (15% WI with Marathon operating).
"So far, this workover program has not only stabilized, but reversed the recent declines in production, adding 40 barrels of oil per day (BOPD) of gross production in November alone," added Ken Daraie, Board Chairman.
Lucas Energy launched a workover program in September and completed its fourth Austin Chalk workover on November 30th.
The company also completed a horizontal re-entry in the Austin Chalk (RVS #1 Sidetrack) in Gonzales County that produced 113 boe/d while flowing back completion fluids. A second re-entry well is awaiting arrival of the drilling rig.
"Also, our development program in the Austin Chalk is progressing as planned with our continuing well cleanout program and the addition of horizontal Austin Chalk re-entries. This has allowed Lucas to access productive layers within the Austin Chalk formation, believed to be separated by impermeable layers of ash, at significantly lower costs by utilizing and reentering existing horizontal wells.
Read more at lucasenergy.com