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 millionĀ convertibleĀ 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. [Read more…]