2011-04-05-2011-04-01

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

Acquired a 50% working interest in approximately 1,000 net acres below the base of the Austin chalk formation.

Lucas Energy Inc., Houston, (NYSE Amex: LEI) has entered a joint-venture agreement with Marathon Oil (East Texas) LP, a subsidiary of Marathon Oil Corp., Houston, (NYSE: MRO) for the development of the Eagle Ford and Buda formations in Wilson County, Texas.

The Marathon affiliate has acquired a 50% working interest in approximately 1,000 net acres (below the base of the Austin chalk formation). Marathon will be operator of the joint venture, but Lucas will still own and operate rights above the Eagle Ford, primarily the Austin chalk formation.

The Austin chalk formation (and above), current well bores and equipment, and the current production from the Austin chalk and above are not included in this transaction.