Further, the daily average production from operated wells for the first half of February 2010 has increased 52% over the December 2009 daily average.
The average daily gross production for the first sixteen days of February 2010 has been 140bopd with a high of 220bopd. The average daily gross production for January 2010 was 109bopd; and the average for December 2009 was only 92bopd.
The increase is due re-entry of older shut in or plugged and abandoned wells, mostly with funds from the Fall 2009 joint venture. Lucas anticipates additional workovers to improve the production rate further.
William Sawyer, president and CEO of Lucas Energy, said: “Funds from our Fall 2009 joint venture have continued to improve production. We anticipate that the new joint venture funds will improve production even more.”
