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."

 

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