Lucas Energy Tacks On 5,500 Eagle Ford, Austin Chalk Acres

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
6MM
Description

Purchased 5,500 acres in Wilson, Leon and Madison counties, TX, prospective for Eagle Ford/Eaglebine/Austin chalk trends.

Lucas Energy Inc., Houston, (NYSE Amex: LEI) has closed a purchase of certain oil, gas, and mineral leases in the Texas Eagle Ford/Eaglebine/Austin chalk trend from Frisco, Texas-based Hall Phoenix Energy LLC for $6.4 million in stock..

The properties are in Wilson, Leon and Madison counties and include approximately 5,500 net acres, of which 1,330 net acres are in Wilson County, Texas. Lucas now owns approximately 8,900 net acres in the Eagle Ford/Eaglebine trend on more than 27,000 gross acres.

Lucas president and chief executive William A. Sawyer says, “Lucas has now expanded its holdings of the Eagle Ford trend into the Eaglebine area. We believe the purchase has made our Eagle Ford acreage, which we currently plan to monetize, more valuable.”