Lucas has closed the second part of its Eagle Ford joint venture with Hilcorp Energy I, L.P., an affiliate of Hilcorp Energy. Hilcorp Energy I has acquired interests in additional leases in the Company's Eagle Ford acreage in Gonzales County, Texas. Additional Eagle Ford properties will be part of a third closing that is expected to take place by the end of July. To date, Lucas has received $8.9 million for an 85% working interest in approximately 10,500 acres in Gonzales County, Texas.
The purpose of the joint venture with Hilcorp is the development of the Eagle Ford Shale properties owned by Lucas Energy, Inc. in Gonzales County, Texas. Hilcorp is acquiring an 85% working interest in the deep rights, including the Eagle Ford Shale formation. Lucas will retain a 15% working interest. The joint venture does not include any producing wells or current production.
William A. Sawyer, President and CEO of Lucas Energy, said, "The Company is moving ahead with its development of the Eagle Ford play in Gonzales County, Texas. We expect to have the first well spudded in August of this year."
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