Gulf Oil and Gas accountACCOUNT

Lucas to Join Drilling Agreement, Eagle Ford Well

Source: www.gulfoilandgas.com 3/26/2014, Location: North America

Lucas Energy, Inc., an independent oil and gas company with its operations in Texas, announced a Letter of Intent ("LOI") for a Participation Agreement with a private independent operator to farm out approximately 400 acres on its Karnes County Eagle Ford leasehold. Under the LOI, Lucas will receive a payment of $1 million, payable in four monthly installments of $250,000, and the operator will drill an initial horizontal well in exchange for a 75% working interest. Also, Lucas will retain a 25% carried working interest, under which the operator will bear 100% of the drilling costs, estimated at $2 million. In the remaining acreage, Lucas will retain a 75% working interest and the operator will have a 25% working interest.

"This agreement demonstrates our previously-announced strategy to develop our Eagle Ford reserves in South Texas," said Anthony C. Schnur, Chief Executive Officer of Lucas Energy. "The final terms and conditions are currently being negotiated and are subject to the final signed Joint Operating Agreement. Once finalized, we hope to commence drilling by the end of the calendar 2014 second quarter. Also, in anticipation of increased drilling activity in the Eagle Ford, the Company sold out of the recently-announced 8% participation proposal in Madison County, and received $156,000 for our interests."

For more information about related Opportunities and Key Players visit Oil Shale Projects

Oil Shale News in United States >>

United States >>  8/14/2019 - TGS-NOPEC Geophysical Company ASA (TGS) has completed its acquisition of Spectrum ASA (Spectrum), creating a leading global multi-client geophysical d...
United States >>  8/8/2019 - Occidental Petroleum Corporation (OXY) announced the successful completion of its acquisition of Anadarko Petroleum Corporation ("Anadarko") (APC) in ...

Related Categories: Coalbed Methane  General  Heavy Oil  Methane Clathrate  Oil Sands  Oil Shale  Shale Gas  Tight Gas  Tight Oil 

Related Articles: Coalbed Methane  General  Heavy Oil  Methane Clathrate  Oil Sands  Oil Shale  Shale Gas  Tight Gas  Tight Oil 


United States Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 |

More News

Related Links

Gulf Oil and Gas
Copyright Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.