Lucas Energy completes sale of Madison County property

Lucas Energy Inc.

Lucas Energy Inc. (NYSE MKT: LEI) has completed the sale of its 100% working interest in oil and gas leases and wells/wellbores in Madison County, Texas, for $700,000. 

The cash transaction includes 450 net mineral acres primarily in the Buda and Glen Rose formations. Management determined this acreage to be non-core and has utilized the proceeds to purchase leaseholds in Gonzales County, Texas, in addition to debt service and for general corporate purposes. 

Anthony C. Schnur, Lucas' CEO, commented, "We continue to narrow our strategic focus on core Eagle Ford shale activities, and we plan to seek opportunities, such as the Madison County property sale, to streamline our asset base."

 

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...