2010-11-16-2010-11-15-2010-11-15

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
0MM
Description

Bought various WI in acreage operated by Lucas in Wilson County with deep rights targeting the S TX Eagle Ford.

Dallas-based, privately held Hall Phoenix Energy LLC has acquired deep rights targeting the South Texas Eagle Ford shale from a third-party joint venture partner of Lucas Energy Inc., Houston, (NYSE Amex: LEI) for an undisclosed price.

The assets include various working interests (50% to 80%) in acreage operated by Lucas in Wilson County, Texas. With the acquisition, Hall Phoenix has entered the joint venture.

Hall Phoenix Energy is a shareholder in Lucas. The sale did not affect either the shallow rights (Austin Chalk formation and above) nor any of the interests owned by Lucas. The seller sought to raise cash and reduce its capital exposure for the future.

Lucas president and chief executive William A. Sawyer says, "We are pleased to have another strong, Texas based joint venture partner in the development of our Eagle Ford formation assets."