One-Page Deal Sheet
Lucas, Oak Valley Join Forces for Eagle Ford JV Project
Oak Valley Resources Llc Lucas Energy, Inc.
Announced Date
August 26,2014
Transaction Type
JV
Location
Calculated Metrics( EV/Category)
Region
Gulf Coast - South Texas
Country
United States
State
Texas
County
Karnes
Play
Calculated Metrics( EV/Category)
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Lucas Energy, Inc. has signed a binding participation agreement with Oak Valley Resources, LLC (OVR), to jointly develop the Company's Karnes County, Texas acreage in the Eagle Ford shale formation.
At closing Lucas will receive $444,000 for a 50% working interest on approximately 400 acres. OVR will manage the drilling of the wells and each company will bear 50% of the drilling and completion costs. Once the wells are on production and initial oil sales begin, all revenues and operating costs will also be split between the parties on a 50%/50% basis. The first well is expected to be…
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