There are two wells on the lease producing from the Austin Chalk formation. Lucas Energy acquired the lease from a privately-owned oil and gas company in the area and has 100% leasehold interest with no partner, at present.
William Sawyer, president and CEO of Lucas Energy, said: “This acquisition is a continuing part of our business plan to acquire producing, shut in, or abandoned oil properties with underlying potential in the Eagle Ford or Buda formations.”
Lucas Energy acquires leasehold property interests primarily in the Austin Chalk formation of the middle Gulf Coast of Texas, that are underperforming or have been shut-in or plugged and abandoned.
