2010-09-15-2010-07-07-2010-09-01

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
1MM
Description

Closed third part of Eagle Ford JV, acquiring 85% WI in an additional 1,814 gross acres controlled by Lucas.

Independent E&P Lucas Energy Inc., Houston, (NYSE Amex: LEI) has closed the third part of its Eagle Ford joint venture with Hilcorp Energy I LP, an affiliate of privately held Hilcorp Energy Co. for $1.3 million.

Hilcorp has acquired 85% working interests in an additional 1,814 gross acres controlled by Lucas in the Eagle Ford trend in Gonzales County, Texas.

In July, Hilcorp acquired an 85% working interest the South Texas Eagle Ford deep rights. In the initial acquisition, Hilcorp purchased a part of the deep rights for $7.52 million.

Lucas anticipates acquiring additional acreage in Gonzales County. The company has additional acreage in Gonzales County that is not yet a part of the Hilcorp joint venture but may be in the future.

Lucas chief executive William A. Sawyer says, "The purpose of the joint venture with Hilcorp is the development of the Eagle Ford properties owned by Lucas Energy in Gonzales County, Texas. The first well could be spudded within the next thirty days."