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.
