Lucas Energy's Eagle Ford assets may have greater reserves than previously expected.
An internal review of Lucas Energy Inc.?s (NYSE Amex: LEI) Eagle Ford properties shows there may be up to 14.5 million barrels of oil per day ? a significant increase from the previous estimate of 3.7 million barrels of oil per day.
The new estimate would take Lucas Energy?s value for the Eagle Ford property to more than $275 million.
The company may use these numbers to evaluate offers by potential buyers, determine potential asset value in the future, or to assist in the decision as to whether to develop properties or sell them at the market.
William Sawyer, Lucas president and CEO, said in a statement the company is moving forward with its Eagle Ford sale.
?It is still our belief that the cash value of the properties is more beneficial to the company and to overall shareholder value, than the undeveloped potential of the properties, whether proven or not," he said in the statement.
Lucas is a Houston-based independent oil and gas company, which acquires underdeveloped oil and gas properties, then works to restore production.
Deon Daugherty covers energy and law for the Houston Business Journal.
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