Monday, October 4, 2010

Lucas Oil (AMEX:LEI) Skyrockets on Permitting

Shares of Lucas Oil & Gas are soaring on the news the Hagen EF No.1H well in Gonzales County, Texas has been permitted by Hilcorp Energy Company.

Hilcorp is the joint venture partner with Lucas in the well, which Lucas has a 15 percent carried (no capital cost) working interest in.

William A. Sawyer, President and Chief Executive Officer of Lucas said, "The day has arrived that we are moving toward Eagle Ford production which should make a significant increase in the Company's production."

Lucas surged Friday, closing at $1.97, gaining $0.31, or 18.67 percent. Volume was at 642,912 for the day, over three times the 3-month average of 174,772.

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