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Posts Tagged ‘Mike King’

Lucas Energy (NYSE:LEI) Reports New On-Shore Drilling In Texas.

Tuesday, August 17th, 2010

 

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Lucas Energy can Help Fulfill the Demand for U.S. On-Shore Oil

August 15, 2010

Volume 2 Issue 4

www.LucasEnergy.com

Lucas Energy, Inc. (NYSE Amex: LEI) is an emerging Independent oil and gas company based out of Houston, Texas. The Company has been dramatically increasing production of oil in 4 counties in Southern Texas. LEI has 100% working interest in the ma-jority of their 17,000 acres of oil and gas leases.

Lucas operates 47 wells with a gross average daily production of 300+ BOE/day. The Company also controls an additional 28 shut-in or plugged well bores in the Austin Chalk formation.

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Lucas’s acreage is located in the middle of the new Eagle Ford trend and it is currently testing both the Eagle Ford (EF) and Buda formations as part of the LEI Business Plan. EF is rich in American oil and is positioned directly beneath the Austin Chalk Formation. EFS spans across 11 counties in South Texas and produces oil and gas from 4,000 to 12,000 feet. Acreage in Gonzalez County just sold for $ 4,500/acre. Lucas paid just $ 3,400 /acre.

Oil production has catapulted year to year and quarter to quarter. Production sales increased 1,813 bbls in the April/ June up from Jan– March quarter a 31% increase. June sales are 100% above January with oil prices about the same. ( $ 71-73 ) One of the largest privately owned U.S. oil companies, Hillcorp Energy Co., acquired 85% interest in 10,500 acres of Lucas’s EF leases in Gonzales County, Texas. In June 2010, LEI acquired an additional 9 wells in the EF/Austin Chalk that are being worked over to restore production. In July 2010, the Company acquired 2 additional producing wells along the EF and has 100% working interest in them.

GROWTH STRATEGIES

For Lucas Energy, growth of oil production is expected to come from acquiring abandoned or shut-in wells. Revitalizing existing wells with work-over rigs has brought a significant source of oil and gas recovery. Also, drilling new laterals has produced oil on leases that have been previously underdeveloped. The recently acquired wells along the EF have produced beyond the Company’s expectations.

The Company has a mission to protect the environment from man-made disasters. Horizontal drilling is a technology that allows oil extraction with less surface exposure. LEI has been utilizing laterals to improve economics, having the ability to produce oil faster, safer and more efficiently. About 25% of domestic independent oil companies use horizontal drilling. Lucas builds relationships with land owners to ensure fairness and protection of their property. LEI has no debt.

Lucas improved their cash position having $ 4 mill in cash in addition to having repaid $ 2.2 million in debt and having spent $ 4.6 million in capital expenditures including the acquisition of 2,800 new acres, increasing the Company’s leverage and strengthening their position in Gonzales County.

The first fiscal quarter, April-June 2010 showed a 60% improvement in the adjusted EBITDA over the Last quarter 2009-2010 ( January-March.) Oil production is expected to be unabated in Q3 2010 and Q4 in 2011. As of March 31, 2010 the undiscounted value of proved reserves was $81.7 million. The PV10 value was $47.5 million.

Lucas also has leverage over other companies because it has lower operating expenses on its leases. By the numbers, LEI has a very good financial growth potential. The Company has low equipment, exploratory and lifting costs. An increase in production, reserves and cash flow gives the company a strong financial position and a significant financial advantage in the oil & gas market sector.

PROPERTIES & PRODUCTION

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Properties: 17,000 acres/4 counties (Gonzales, Wilson, Atascosa, Karnes)

  • Total: 75
  • Producing: 47
  • Shut-In/P&A’d: 28

Reserves: Proven: 1.97 million BOE Oil Production(Avg):

Yearly: (Fiscal)

  • 2008: 48,000 BOE
  • 2009: 52,000 BOE
  • 2010: 56,000 BOE

Daily: 300+ BOPD

Inception-to-date well production:

  • Perkins Oil Unit #1: 13,500 BBL (2006)
  • Hagen Ranch # 3: 13,500 BBL (2006)
  • Griffen Oil Unit #2: 31,800 BBL (2006)
  • Cone-Dubose Unit #1: 4300 BBL (2007)
  • Gescheidle #1: 254 BBL/day (6/2010)
  • Wall Unit #1: 91 BBL/day (6/2010)

Future of American Oil

Over the next year, the demand for American crude oil is expected to grow with drilling offshore becoming such high risk. Penn Virginia Corp acquired 6,800 acres with access to the Eagle Ford Shale paying $ 31.1 million. That comes to a huge $ 4,300 per acre. Lucas has averaged no more than $ 400-600 cost per acre as they were grandfathered into some properties years ago. The business of independ-ent oil and gas companies is increasing incrementally as technologies improve and value of production remains at reasonable levels. More reliance on energy will be on shore and should help reduce dependence on imported oil. It is inevitable that we must find new sources of oil production in the United States to meet Americas need for fuel in their vehicles, homes or factories, which is 2/3 of our energy usage. We need to focus on increasing our domestic oil supply to keep consumer prices lowered, reduce reliance on foreign oil suppliers and to prevent an extremely high trade deficit. Currently there are about 5000 independent oil & gas producers in the U.S. In America, the independent companies drill out of 90% of the wells that produce 68% of our oil & 82% of our natural gas. A major benefit financially, is that domestic producers reinvest profits into new energy projects and technology right here at home.

Prepared by Princeton Research Inc. www.Princetonresearch.com. Rule 17B: requires disclosure of monies paid for investor relations. Princeton Research is paid $2500 for this report. This newsletter may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, statements as to future operating results and plans that involve risks and uncertainties. We use words such as “expects”, “anticipates”, “believes”, “estimates”, the negative of these terms and similar expressions to identify forward looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materi-ally from any future results, performance or achievements expressed or implied by those projected in the forward-looking statements for any reason.

Mike King is the President and chief econo-mist of Princeton Research, Inc. of Nevada. He has over 45 years of cumulative experience beginning as a broker/trader to consulting corporations on financial matters. Mike later evolved into investment banking and corporate finance for private and public companies. His propensity over the years has been specializing in economic analysis of public companies, equities, derivatives, and physicals or cash market trends throughout the world. Mike’s experience, reputation and expertise behind all of us here at Princeton Research, it is our policy and our promise to you to do our best to provide services of excellence and dedication so that your business will succeed and prosper.

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THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY!

Disclaimer: Never invest in any stock featured on our site or emails unless you can afford to lose your entire investment. crwenewswire.com publisher and its affiliates and contractors are not registered investment advisers or broker/dealers.Our disclaimer (read more) is to be read and fully understood before using our site, reading our newsletter or joining our email list. Release of Liability: Through use of this website viewing or using, you agree to hold crwenewswire.com report and Crown Equity Holdings Inc. CRWE, its operators, shareholders, employees and/or contractors harmless and to completely release them from any and all liability due to any and all loss (monetary or otherwise), damages (monetary or otherwise) that you may occur. Rule 17B requires disclosure of payment for investor relations. Crown Equity Holdings Inc. (CRWE.OB) is a newswire as well as an IR and PR firm. Crown Equity Holdings Inc. (CRWE.OB), in some cases, provides media advertising and public awareness for both public and private companies, as well as disseminating news. As such, in some cases, when Crown Equity Holdings Inc. (CRWE.OB) advertises for a particular client, Crown Equity Holdings Inc. (CRWE.OB) charges an advertising fee which it must disclose under 17B. The fee may be in cash, in free trading stock or in restricted stock. Crown Equity Holdings Inc. (CRWE.OB), if paid in stock, can and may sell those securities during the advertising period.

Crown Equity Holdings Inc. (CRWE.OB) has received three thousand five hundred dollars from Princeton Research for distribution of this article.

 
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Leo Motors LEOM A CRWE Newswire Stock Highlight

Thursday, August 12th, 2010

 

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Volume 3, Issue 3

August 11, 2010

Princeton Research

INCORPORATED

“…For all your Investor Relations Needs”

Leo Motors Zinc Air Fuel Cell May Soon Make Internal Combustion Engines Defunct

 

Leo Motors Inc, LEOM.PK designs, manufactures and markets electric vehicles (EV), power trains and components using their own proprietary technology. The company is based in Hanam, Korea, and it was incorporated by seasoned executives that have managed both multi-national and automobile companies. The Company has a solid reputation for possessing high quality technology and it has a forward-looking product line that is marketed worldwide. LEOM shares are an immediate buy and we have recommended it recently in our weekly market letter.

Electric vehicles (EV’s) have been around for a long time, however, they have faced numerous challenges. Due to problems, such as; limited range, power control, and lack of economic viability, many EV technologies fail. Leo Motors is changing that trend by using innovations to make this technology work unlike any company known before.

The Company has an innovative vision and has succeeded in what no other known company has been able to do. They use zinc to overcome the range limit of EVs, changing the way zinc is typically used as fuel cells. The ZAFC was developed to have better energy efficiency, longer range and to be more environmentally friendly than competing fuel cells or range extenders. Also, Leo Motors has created a ZAFC generator for EV’s that overcame previous challenges. The new e-bikes that the company has designed have the potential to rewrite the history of the transportation sector. For example, the debut of their ELEVEN motorcycle, will demonstrate an e-bike that has the power equivalent of a 1400cc ICE (internal combustion engine) and it is expected to run over 2,000 miles on one liter of zinc balls.

Over the past 2 months, Leo Motors has surpassed their own expectations. They have commenced manufacturing in their very own facility in Hanam City, Korea. Every month over 1,000 units of the HILLESS 1/3/5 scooters can be produced. Due to the elimination of a manufacturing middle-man, costs will be reduced and there will be room to increase profits. Also, their intellectual property will be protected and quality will be controlled at the highest margin. 120 kW power trains were launched in July 2010 and they will be targeted to fleet operators and auto manufacturers.

 

Investor Summary

Stock Symbol: LEOM.PK

Stock Price: $1.18

Market Cap: $46.22 million

Volume: 9,400

Share Outstanding: 50,783,115

Industry: Auto Manufacturers

Sector: Consumer Goods

Zinc Air Fuel Cells (ZAFC)

What is a Zinc Air Fuel Cell (ZAFC): Metallic zinc is used as an alternative fuel. Just like a human needs air to breathe, so does the ZAFC. Power is created by zinc oxidizing from the oxygen in the air. Leo Motor’s patented technology feeds zinc balls automatically into the generation system, collecting “sludge” in a filter. The process stops the generation of electricity as soon as the battery is completely charged or when the driver decides not to charge the battery further.

What benefits does ZAFC have over conventional EV batteries:

  • Higher Power Density and Longer range capabilities
  • Uses less energy and costs less than gas (a compact car can run about 78 miles on 1 kg of zinc balls)
  • Zinc is more plentiful than Lithium
  • Safer, cleaner and 0 (zero) emissions
  • Higher availability than conventional engine dynamo
  • Comes in various sizes (hearing aids to heavy-duty vehicles)
  • Longer shelf life

What are the challenges of conventional EV batteries:

  • Lower power density
  • Limited range
  • Size-too big and bulky
  • Longer re-charge time
  • Higher costs
  • Unreliability
  • Pollution (lead-acid batteries)
  • Humidity/Temperature Management
  • Economic Viability
  • Underdeveloped technology

How is Leo Motors different than the competition:

  • Patented technology
  • Now has 20% more energy than previously achieved

Leo Motors patented ZAFC Technology Leo Motors

Leo Motors developed a ZAFC generation system that is operated from the inside of a zinc-hybridized EV. Since many EV’s cannot drive long distances, the light-weight zinc balls in the ZAFC allow the EV to be lighter, faster and more energy efficient. The amount of zinc balls needed is scaled by the size of the EV. 1 kg of zinc balls=12.5 kW of energy in Leo Motor’s ZAFC generator. The 12.5 kW can run about 78 miles. There are 7.2 kg of zinc balls in one liter, therefore, a 3 liter zinc tank should run over 1,600 miles. There is a tremendous savings comparing the cost to gasoline. It would cost about $70 to run 1,600 miles with the ZAFC. The “sludge” (zinc oxide) collected from the ZAFC generator is valuable because it can be recycled and marketed to companies who make paints, tires, ointments and sunscreens.

More about Leo Motors:

Leo Motors Inc, LEOM.PK and its subsidiary Leozone Co. Ltd. designs, manufactures and markets its revolutionary electric vehicles and EV components. The company is headquartered in Seoul, Korea and was created by executives that have designed racing and customized vehicles for major automobile companies. The Company has a solid reputation for possessing high quality technology and has a product line that is marketed worldwide. LEOM is the only profitable EV company thus far.

Leom has developed their own innovative EV battery technology, the Air Fuel Cell Battery that is applied to cars, trucks, motorcycles, buses, scooters and humvee’s. Their market focus is on EV conversion manufacturers and fleet companies. EV Conversion kits electrify existing buses and other vehicles, such as Hyundai and Nissan models. The standard ICE is replaced with a 60 kW power train. The conversion EV’s can exceed 60 MPH, has powerful acceleration and can perform on long, hilly roadways. The Fleet market focus is on scooters and EV’s that are routinely used for Government agencies, theme parks (MGM Korea), major corporations, transportation services and delivery services.

M & M Corp., a distributer of GM vehicles in Korea, has added Leo’s E-Scooters (Hilless) to their product line-up. In April 2010, Leo formed an agreement with M & M that has brought in orders of over 1300 units and has generated sales equivalent to $3.73 million USD.

In March, Leo Motors made history. The Company participated in the “EV Eco-Challenge 2010” against other EV’s traveling 130 miles on snowy, hilly roadways in South Korea. Leo’s small EV conversion “Matiz II” completed the challenge, while another EV struggled to finish. Leo’s performance exemplifies how their proprietary battery has revolutionized the way EV’s power trains perform on challenging road conditions, making them more efficient.
In Asian countries like South Korea, EV conversions are in demand due to population overgrowth and the need for alternative fuel vehicles that meet the requirements of government mandated sustainable vehicle technology. Leo Motors has an advantage because the Company’s one specific purpose in the marketplace is to develop EV’s.
LEOM has a market edge for growth and prosperity. The company’s stock is a strong buy and is significantly undervalued at $0.90. Over the past 2 years, there have been substantial increases in sales and profits, especially in Q2 2010. By the year 2012, total overall EV sales are anticipated to soar to $25 billion dollars.

Recent news:

Leo’s technology fuses cell phone battery technology and ultra-future IT. The Company’s E.V. technology manages driving mode and electric power usage with the use of “super computers”. Leo utilizes 12th generation Lithium Polymer cells which do not have the typical problems associated with common batteries-such as flammability and explosiveness. Components are applied to high-end EV’s and supercars that dramatically improve power and efficiency, while reducing costs. Leo’s MMS is a patented application with incredible potential to set the bar for highway driven EV’s, as well as Heavy-Duty trucks and buses. In February 2010, LEO acquired 50% interest in Leo B&T, a Korean electric truck and bus company. LEO will apply their own technology and designs to convert existing ICE trucks and buses into EV’s . Leo has recently developed a full-speed E-bus that seats 24 and can exceed 60 MPH, using a 120 kW power train.

The Future of Leo Motors

LEOM is a forward-thinking company that incorporates futuristic technology and strives to be a leader in the worldwide EV market. The Company is seeking to expand into the automobile markets of The U.S., Europe and Japan. Leo’s visionaries aim to deliver the highest performance EV’s, which are affordable, sustainable and alleviate dependence on oil. Soon more and more major automakers will demand EV components to build their own EV models and concept cars, like the Chevy VOLT and the Nissan LEAF which are debuting fall 2010.

Leom’s continued success depends on the capital required to continue building the Company. Financing is needed for growth of operations, marketing, inventory, product developing and testing. The next phase of Leom’s business plan is to finish development of their 120 kW and 240 kW power trains that are applied to heavy-duty trucks and buses.

 

Mike King is the President and Chief economist of Princeton Research, Inc. of Nevada. He has over 45 years of cumulative experience beginning as a broker/trader to consulting corporations on financial matters. Mike later evolved into investment banking and corporate finance for private and public companies. His propensity over the years has been specializing in economic analysis of public companies, equities, derivatives, and physicals or cash market trends throughout the world. Mike’s experience, reputation and expertise is behind all of us here at Princeton Research. It is our policy and our promise to you to do our best to provide services of excellence and dedication so that your business will succeed and prosper.
Prepared by Princeton Research Inc. www.Princetonresearch.com. Rule 17B: requires disclosure of monies paid for investor relations. Princeton Research has entered into a contract to be paid 150,000 restricted shares for investor relations which includes this report. This newsletter may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, statements as to future operating results and plans that involve risks and uncertainties. We use words such as “expects”, “anticipates”, “believes”, “estimates”, the negative of these terms and similar expressions to identify forward looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by those projected in the forward– looking statements for any reason.

THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY!

Our disclaimer is to be read and fully understood before using our site, reading our newsletter or joining our email list. Never invest in any stock featured on our site or emails unless you can afford to lose your entire investment. (read more) . SEC Rule 17B of the Securities Act of 1933 requires disclosure of payment for investor relations. Crown Equity Holdings Inc. (CRWE.OB) is a newswire as well as an IR and PR firm. Crown Equity Holdings Inc. (CRWE.OB), in some cases, provides media advertising and public awareness for both public and private companies, as well as disseminating news. As such, in some cases, when Crown Equity Holdings Inc. (CRWE.OB) advertises for a particular client, Crown Equity Holdings Inc. (CRWE.OB) charges an advertising fee which it must disclose under 17B. The fee may be in cash, in free trading stock or in restricted stock. Crown Equity Holdings Inc. (CRWE.OB), if paid in stock, can and may sell those securities during the advertising period. Crown Equity Holdings Inc. (CRWE.OB) has received three thousand five hundred dollars from Princeton Research for distribution of this article.

 

 

The Views and Opinions Expressed by the author are his or her opinions only and do not necessarily reflect those of this Web-Site or its agents, affiliates, officers, directors, staff, or contractors. The author at the time of this article did not own any shares or receive any consideration financial or otherwise from any company or person mentioned or referred to in the article.

 
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Leo Motors Invents EV Range Extender Using Zinc

Thursday, August 5th, 2010

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LAS VEGAS–(CRWENEWSWIRE)–Leo Motors, Inc. (Pink Sheets: LEOM) announced today that it has received official government test results on its Zinc Air Fuel Cell Generator (ZAFCG). Leo has developed a way to extract more electricity from zinc, and was able to get up to 20% more electricity than had previously been achieved.

Leo has also developed the ZAFC generation system to be operated from inside of a zinc-hybridized electric vehicle (EV). Leo has patented technologies to feed zinc balls into the system automatically, to collect sludge in the filter, and to stop the generation of electricity as soon as the battery is fully charged, or as soon as the driver does not want to charge the battery any further from the ZAFCG. Dr. Kang, CEO of Leo Motors, stated, “Many professionals have tried to develop a system to use ZAFCG from inside the car, but nobody else has succeeded that we know.”

In the test, Leo found that 1 kg of zinc balls can generate 12.5 kW electric energy in its ZAFCG. At 12.5 kW, Leo’s electric compact car can run 126 km (78 miles). The retail price of 1 kg of zinc balls is around $3.40 US. So, Leo’s compact EV costs only $4.40 to run 100 miles by using Leo’s ZAFC generator, which is less than a third of the cost to run a gasoline engine in Korea, when comparing the mileage and cost of the petroleum-based fuels.

The specific gravity of zinc is 7.2, meaning a one-liter container can carry 7.2 kg of zinc balls. Accordingly, it is expected that a compact EV can run 1,600 miles with a three-liter zinc tank in the car. Thus, a ZAFC hybrid EV can use far less space in the car than an engine generator plug-in hybrid electric vehicle (PHEV).

Dr. Kang added, “In Korea, we believe the energy cost efficiency of zinc used in ZAFCG can compete against crude oil, not only in EVs but in many circumstances. For example, a thermoelectric power plant can replace oil with zinc without cost burden, and in doing so can make itself into a zero emission thermoelectric power plant.”

In addition, the “sludge” collected in the filter of the ZAFCG, which is zinc oxide, has economic value as it can be recycled or can be used as valuable raw material for rubber in tires, ointments to prevent bacteria and fungi from reproducing, a sunscreen and in paints, and in other applications.

About Leo Motors

Leo Motors is a Korean company incorporated in Delaware and engaged in the development, manufacture and sale of electric vehicles (“EVs”) and EV components. Leo has designed many original EVs and has converted many models of existing internal combustion engine (“ICE”) vehicles into EVs, including scooters, motorcycles, full speed sedans, highway buses and trucks. Leo Motors has also developed several original EV components, and is actively marketing them as a bundled conversion kit for ICE vehicles.

Forward-Looking Statement

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms “believes,” “belief,” “expects,” “intends,” “anticipates,” “will,” or “plans” to be uncertain and forward looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the company’s reports and registration statements filed with the Securities and Exchange Commission.

Contact:

Princeton Research, Inc.
Mike King, 702-650-3000

 

 

 

 

Disclaimer:
The Views and Opinions Expressed by the author are his or her opinions only and do not necessarily reflect those of Crown Equity Holdings or its agents, affiliates, officers, directors, staff, or contractors. The author at the time of this article did not own any shares or receive any consideration financial or otherwise from any company mentioned or referred to in the article.

 
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Metabolic Research, Inc. Reschedules Stockholder Meeting

Wednesday, August 4th, 2010

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TAMPA, Fla.–(CRWENewswire)–Metabolic Research, Inc. (Pink Sheets: MTBR), makers of Stemulite Performance Supplements, has postponed the scheduled August 23rd stockholder meeting. The stockholder meeting has been re-scheduled to February 2011.

MTBR’s limited staff has been focused on the closing and relocation of the Las Vegas office to Tampa as well as the introduction of Stemulite’s newest performance supplement, Tsunami Strike. Robert Bakker, President of MTBR, stated, “It is prudent to remain focused on building upon the successful introduction of Tsunami Strike as well as Stemulite’s upcoming product introduction named Hard Core Protein, and delay the shareholders meeting until February, when we can devote more resources and attention to the meeting, and report new product sales results.”

MTBR is scheduling a shareholder conference call to be held in late August to better inform shareholders as to the company’s progress and answer questions.

MTBR also announced two effective cost-cutting measures recently initiated in an effort to help build shareholder value. MTBR has agreed to take over the fulfillment contract from Stemfit. This will save MTBR in excess of $100,000 over the next 12 months. Stemfit will no longer be involved in the order process, warehousing, or shipping of Stemulite. The new office and warehouse location for MTBR will accommodate all logistics and shipping requirements.

In addition, MTBR has eliminated the position of V.P. of Marketing, previously located in Las Vegas. The duties will now be carried out by remaining staff in Tampa. This will save an additional $100,000 in salary and expenses.

Forward-Looking Statement

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms “believes,” “belief,” “expects,” “intends,” “anticipates,” “will,” or “plans” to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the company’s reports and registration statements filed with the Securities and Exchange Commission.

Company’s website: www.metabolicresearchinc.com

Contact:

Princeton Research, Inc
Mike King, 702-650-3000

 

 

Disclaimer:
The Views and Opinions Expressed by the author are his or her opinions only and do not necessarily reflect those of Crown Equity Holdings or its agents, affiliates, officers, directors, staff, or contractors. The author at the time of this article did not own any shares or receive any consideration financial or otherwise from any company mentioned or referred to in the article.

 
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Lucas Energy Announces Testing of Wall No.1 Well

Tuesday, June 22nd, 2010

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HOUSTON, June 22, 2010 (CRWENEWSWIRE) — Lucas Energy, Inc. (NYSE Amex:LEI), an independent oil and gas company (the “Company”) based in Houston, Texas, today announced that the Company has begun testing the Wall No.1 well, Wilson County, Texas. The well is a re-entry of a plugged and abandoned straight hole well in the Buda formation. On initial test, the well produced 91 bbls of oil in 24 hours, flowing. The Wall No.1 well has Eagle Ford potential behind pipe above the Buda formation.

William A. Sawyer, President and Chief Executive Officer of Lucas Energy, said, “The initial test of the Wall No.1 well was above our expectations. The company may test other intervals in this well bore at a later date. The Wall No.1 well is in the new Eagle Ford play developing in the Wilson County, Texas area.” For more information on this and other activities of the Company, see the Lucas Energy web site www.lucasenergy.com.

Forward-Looking Statement

This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Act”) and Section 21E of the Securities Act of 1934, as amended (the “Exchange Act”). In particular, when used in the preceding discussion, the words “believes,” “expects,” “intends,” “plans,” “anticipates,” or “may,” and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and Exchange Act, and are subject to the safe harbor created by the Act and Exchange Act. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. Forward-looking statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding future drilling and production are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. These risks include, but are not limited to risks associated with the exploration and production of oil and natural gas; the volatility of oil and natural gas prices; uncertainties inherent in estimating oil and natural gas reserves; drilling risks; environmental risks; political or regulatory changes; the impact of competitive services and pricing, or general economic risks and uncertainties; and other risks disclosed in the Company’s periodic filings with the U.S. Securities and Exchange Commission. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. The forward-looking statements in this press release are made as of the date of this press release, and the Company takes no obligation to update or correct forward-looking statements, and also takes no obligation to update or correct information prepared by third parties that are not paid for by the Company. The Company’s complete filings with the Securities and Exchange Commission are available at http://www.sec.gov.

The Lucas Energy logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4192

Contact:

Lucas Energy, Inc.
Michael Brette,J.D.
mikebrette@gmail.com
Mike King
mike@princetonresearch.com
(713) 528-1881

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Disclaimer: Our disclaimer is to be read and fully understood before using our site, reading our newsletter or joining our email list. Never invest in any stock featured on our site or emails unless you can afford to lose your entire investment. (read more) Rule 17B requires disclosure of payment for investor relations.

 
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Financial Select Sector SPDR ETF - XLF

QUALLCOMM Inc - QCOM

Urban Outfitters Inc - URBN

 
 
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