Source: Lucas Energy
Independent oil producer Lucas Energy, Inc. (NYSE:LEI) entered into a joint venture agreement with Seidler Oil & Gas in the unconventional Austin Chalk formation of central Texas.
Lucas will be the operator under the joint venture relationship, and expects to drill approximately eight new Austin Chalk wells, or new laterals in existing wells, during the 2011 calendar year. This new joint venture will be along standard industry terms, and will relate to both acreage currently held by Lucas, and newly acquired acreage.
"Lucas is pleased to have Seidler as a joint venture partner for its LEI 2011 Drilling Program in the Gonzales County, Texas area," commented William A. Sawyer, President and CEO of Lucas Energy, who continued, "We anticipate a long relationship with Seidler Oil & Gas, LP."
Seidler Oil & Gas, LP assembles and manages working interest in select oil and gas projects. By growing relationships with successful operators, Seidler gains privileged visibility into many oil and gas opportunities. Joint ventures with companies like Lucas Energy enable Seidler to hand select oil and gas projects and create a diversified, flexible and high growth investment portfolio.