Dolphin, under the terms of JV will invest about $50m in the costs related to acreage, drilling, completion, and overhead costs as well as project generation fees.
Lucas will provide its expertise and knowledge and some of its acquired acreage to the JV and the company will operate the Austin Chalk properties.
The companies are planning to start the drilling program late in October 2012.
Lucas Energy is a US-based independent oil and gas company that acquires underdeveloped properties, restores production to the properties and looks for underlying value.
