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 marketwatch.com