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Lucas Energy, Inc. Message Board

  • rougherneck rougherneck Jun 8, 2011 12:13 PM Flag

    Lost victories

    >>>Lucas closes third part of Eagle Ford JV With Hilcorp Energy I

    EBR Staff Writer
    Published 01 September 2010
    Lucas Energy, an independent oil and gas company based in Houston, Texas, has closed the third part of its Eagle Ford joint venture with Hilcorp Energy Company affiliate Hilcorp Energy I.

    Hilcorp Energy I has acquired 85% working interests in an additional 1,814 gross acres controlled by the company in the Eagle Ford trend in Gonzales County, Texas.

    Lucas received $1.3m in this third closing.

    Lucas has additional acreage in Gonzales County that is not yet a part of the Hilcorp joint venture but may be in the future, and the company may acquire additional acreage in Gonzales County, which may be a part of the joint venture in the future.

    Lucas Energy president and CEO William Sawyer said that the purpose of the joint venture with Hilcorp is to develop the Eagle Ford properties owned by Lucas Energy in Gonzales County, Texas.

    "The first well could be spudded within the next thirty days," Sawyer said.<<<

    And according to the Texas rail road commission the initial production from the Hagens for March was less than 6000 BO or less than 200 bopd, expect 1 year decline of 90 % that is less than 20 BOPD of which LEI gets only 11% (15% minus leaseowners share) thats abour 2 bopd to LEI. The sitetrack to the Hagens -the Texas two step well was uneconomic and so is the Hagens and all further wells drilled north of the Hagens where LEI hold 15 % = worthless.
    Marathon bought due to great leases south of LEI leases mainly the Hilcorps marvelous Sugarcane EFs field.

    Do not get fooled by traders like traderjiggs and fluffybunny.

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