One-Page Deal Sheet
Lucas Energy Enters into Letter of Intent for Partial Acquisition of Up to $20.5M
Lucas Energy, Inc. Not Disclosed
Announced Date
January 27,2011
Effective Date
January 20,2011
Close Date
January 20,2011
Transaction Type
Working Interest
Enterprise Value (EV)($MM)
21
Asset/Basin:
{"San Juan Basin"}
TargetZones:
{"Hospah oil formati
Transaction Details: Subscribe to see
Lucas Energy, Inc., an independent oil and gas company, has entered into a letter of intent which provides it rights to buy up to a 77.5% interest in and operatorship of the Hospah field from a private company for an aggregate of $20.5 million. Lucas funded the purchase of an undivided 7.56% interest in the property for $2 million, and plans to purchase the balance of the interests, subject to funding.
"Strategically, this acquisition fits our business model of reworking old fields and plays to our core strengths," commented William A. Sawyer, president and CEO of Lucas Energy. "It also…
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