Lucas Energy, Inc. (LUCE.OB), an independent oil and gas company, reported the results of an independent study of the Company’s oil and gas reserves performed by Forrest A. Garb and Associates, Inc., an independent licensed petroleum engineering firm based in Dallas.
The report estimates the undiscounted future net revenue (FNR) from these reserves at $67,363,580 or a discounted PV-10 of $35,941,320 which is commonly known as the SEC PV-10 figure.
The reserve report which is based on interests owned by Lucas Energy, Inc. in certain oil and gas properties located in Gonzales, Baylor, Karnes, and Wilson counties, Texas.
The total net reserves are 1,582,540 barrels of crude oil and 41.53 MMCF of natural gas.
James J. Cerna, Chief Executive Officer of Lucas Energy, stated, “We are very pleased with the results of this report. The independent verification of our efforts to date will help the company accelerate its growth in the future.”
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