Lucas announced the closing of its previously reported purchase and sale agreement with Nordic Oil USA 1, LP ("Nordic 1"), whereby the Company purchased all of Nordic 1's right, title and interest in certain oil, gas, and mineral leases located in Wilson, Gonzales and Karnes Counties, Texas, effective July 1, 2011. The property interests acquired represent all of Nordic 1's interests in the LEI 2009 II and III Capital Programs.
The Company paid $22 million to Nordic 1 in the form of a non-recourse, senior secured promissory note in connection with the acquisition, the payment of which was secured only by the properties acquired. The note is due one year from the official closing date (November 18, 2012), bears interest at 6% per annum, and allows early repayments without penalty.
William A. Sawyer, President and Chief Executive Officer of the Company said, "We are very pleased with the acquisition of Nordic 1's interests which provides Lucas with an increase in revenues, proved reserves, and Eagle Ford acreage."
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