Lucas Energy Plans Acquisition of Nordic Oil Assets

Lucas Energy has signed a letter of intent to acquire Nordic Oil assets in the Eagle Ford Shale for a 12 month $22 million convertible note with a 6% interest rate. The properties are located in Gonzales, Karnes, and Wilson counties, which means the acreage is prospective in the liquids-rich window of the play.

Based on the Marathon deal, this could be as little as 1,000 acres, but it is not likely Lucas Energy would have paid a similar premium for a much smaller position.

Lucas Energy, Inc. (LEI) announced today the execution of a non-binding letter of intent to acquire oil and gas assets from Nordic Oil USA I, LLP in Gonzales, Karnes and Wilson Counties, Texas, which represent all of Nordic 1’s interests in the LEI 2009 II and III Capital Programs.

Read the full press release at

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Kenneth E. DuBose

Kenneth E. DuBose

Kenneth DuBose is the past President of Cheyenne Minerals Inc., an independent oil and gas operator. He began his energy industry career with ARCO Oil & Gas. Mr. DuBose then directed development of natural gas storage projects with Tejas Power Corp. He was a founding member of U.S. Minerals, (acquired by Torch Energy in 1999) a provider of internet based education for America’s mineral owners. Mr. DuBose holds a BS in Petroleum Engineering from Mississippi State University. He has served on various industry steering committees, non-profit boards, and is an active member of the Society of Petroleum Engineers, the National Association of Royalty Owners, the American Association of Professional Landmen, as well as being a Registered Investment Advisor. He writes on topics of oil and gas investing, wealth management and personal finance, having appeared in the Wall Street Journal, Kiplinger’s, Kiplinger’s Personal Finance, Houston Business Journal, Financial Advisor and various radio and TV outlets.

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