Lucas buys acreage from Hall Phoenix Energy

EBR Staff Writer
Published 05 January 2012

Lucas Energy has closed a transaction to buy all of Hall Phoenix Energy's right, title and interest in certain oil, gas and mineral leases in the US.

The acquired properties in the Eagle Ford/Eaglebine/Austin Chalk Trend are located in Wilson, Leon and Madison Counties in the US state of Texas.

Lucas paid about $6.4m to Hall Phoenix in the form of 2,824 shares of its newly designated Series B convertible preferred stock to buy the assets.

The acquisition increases Lucas' Eagle Ford/Eaglebine acreage by approximately 5,500 net acres.

Lucas president and CEO William Sawyer said the company has now expanded its holdings of the Eagle Ford trend into the Eaglebine area.

Source: http://explorationanddevelopment.energy-business-review.com/news/lucas-buys-acreage-from-hall-phoenix-energy-050112

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