The company will sell Nordic 2 all of its interests (a 7.56% working interest) in and to certain oil, gas and mineral leases in New Mexico’s McKinley County.
These properties were acquired by Lucas Energy in January 2011 in a purchase transaction for $2.5m.
Lucas Energy president and CEO William Sawyer said the company plans to use net proceeds of $3.6m from this sale to further develop its Texas properties, especially in the Austin Chalk formation.
