Lucas Energy closes acquisition of Texas, Oklahoma acreage

HOUSTON -- Lucas Energy, an independent oil and gas company, has closed on the acquisition of working interests in producing properties and undeveloped acreage in Texas and Oklahoma, including varied interests in two contiguous acreage blocks in the liquids-rich Mid-Continent region of the U.S., from Segundo Resources and other sellers.

The assets are currently producing over one thousand net barrels of oil equivalent per day, of which 53% are liquids and which are being produced primarily from the Hunton formation. Additional offset development drilling opportunities have been identified and specific development activities are being planned.

"We are very pleased to have closed the acquisition of properties in Texas and Oklahoma," said Anthony C. Schnur, CEO of Lucas. "We now have a foundation of producing and undeveloped assets on which to grow the company. Not only are we diversifying our production profile to include natural gas liquids, but the conventional nature of the long-lived Hunton reserves are lower-risk and lower-cost to develop than our Eagle Ford assets.”