Lucas Energy Continues Joint Venture for Development of Oil and Gas Properties in Texas

Thursday, Feb 04, 2010

Lucas Energy, Inc. (NYSEAmex:LEI) an independent oil and gas company (the "Company") based in Houston, Texas, today announced that it is continuing its joint venture with a previous partner to develop four additional oil and gas properties in Texas. The Company did a $2.7 million joint venture in September 2009 with the same joint venture partner.

The new joint venture was agreed upon in principal in November 2009 but was recently funded with approximately $3.9 million that is earmarked for development of four wells in the new joint venture and further development of two wells in the earlier program. Three of the new program wells are in Wilson County, Texas. The other well is in Gonzales County, Texas.

William A. Sawyer, President and CEO of Lucas Energy, said, "We are pleased that the previous joint venture partner has decided to continue investing with Lucas." For more information on this and other activities of the Company, see the Lucas Energy web site www.lucasenergy.com.

Source: Globe Newswire