Lucas Energy, Inc., an independent oil and gas company (the "Company") based in Houston, Texas, has signed a Memorandum of Understanding (MOU) with Terra Energy & Resource Technologies, Inc., a natural resource exploration services technology company for a joint venture for development of oil and gas properties in Texas with application of Terra's technologies.
The Companies stated their intention, via the non-binding MOU, to create a framework for a joint venture, combining oil and gas properties, new age technologies, and networking capabilities for the purpose of a more effective and efficient development of some of Lucas Energy's oil and gas leases.
William A. Sawyer, President and CEO of Lucas Energy, said, "Lucas Energy's strategy is aimed at risk reduction, and we are excited that we can further reduce such risks in developing some of our properties utilizing the cutting edge technologies of Terra Energy & Resource Technologies."
"This framework embodies our vision for partnering, because we plan to use our innovative technologies' risk reduction, higher efficiency and effectiveness as investment capital, receiving back-end interests and non-promoted participation rights in exchange for our significantly discounted services," said Dmitry Vilbaum, Terra Energy & Resource Technologies' Chief Executive Officer. "We are pleased with the prospect of using our STeP analysis on two of Lucas Energy's projects in the near future and appreciate our partner's vision and appreciation for the value of innovative oil and gas technologies."
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