2010-07-07-2010-07-02-2010-07-02

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
9MM
Description

Acquired 85% WI in Eagle Ford deep rights in Gonzales County.

Independent E&P Lucas Energy Inc., Houston, (NYSE Amex: LEI) has closed the second part of its Eagle Ford joint venture with Hilcorp Energy I LP, an affiliate of privately held Hilcorp Energy Co., for an undisclosed price. Hilcorp is acquiring an 85% working interest in the deep rights, which includes the Eagle Ford shale formation.

The acquired interests involve additional leases in the Eagle Ford play in Gonzales County, Texas. Lucas will retain a 15% working interest. The joint venture does not include any producing wells or current production.

Additional Eagle Ford properties will be part of a third closing that is expected to take place by July 31. To date, Lucas has received $8.9 million for an 85% working interest in approximately 10,500 acres in Gonzales County.

William A. Sawyer, Lucas president and chief executive, confirms that the joint venture is moving ahead with the development of the Eagle Ford play in its Gonzales County acreage. The first well is expected to be spudded in August.