Lucas Energy, Inc. (Lucas) is an independent oil and gas company focused on building a diversified portfolio of oil and gas production assets located in the State of Texas in the United States. As of March 31, 2008, the Company has acquired 11,274 net acres. Lucas has conducted engineering on a program to drill laterals on existing well-bores or offset locations that it has already leased. The Company began a drilling program in August 2007. As of March 31, 2008 Lucas?s proved undeveloped properties consisted of 10 new laterals available to drill, nine new and two pre-existing wells to drill. It also had 12 proved non-producing shut in wells awaiting workover. The Company?s business is conducted through its wholly owned operating subsidiary, Lucas Energy Resources, Inc. Its main source of revenue comes from the sale of the crude oil that it extracts from its wells. Lucas also derives some ancillary revenue from natural gas sales related to its existing producing oil wells.(Source: 10-K)
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