Houston-based independent Lucas Energy has signed the purchase and sale agreement of the previously announced letter of intent for a new joint venture with a large, privately-owned, oil and gas company.
Upstream staff 06 April 2010 18:46 GMT
The purchase and sale agreement is binding but is subject to determination of the actual acreage to be conveyed and the actual closing which is anticipated to be completed prior to 30 April.
Further details will be available after closing, the company said in a statement.
The purpose of the proposed joint venture is the development of the Eagle Ford Shale properties owned by Lucas Energy in Gonzales County, Texas.
ADI Price at posting:
30.0¢ Sentiment: Buy Disclosure: Held
