These look like good moves, especially with LEI's need for cash to develop their core properties.
9:16AM Lucas Energy signs letter of intent to acquire Nordic Oil USA assets for $22 mln; signs letter of intent to divest Its New Mexico properties for $4 mln (LEI) 2.00 : Co announced the execution of a non-binding letter of intent to acquire oil and gas assets from Nordic Oil. According to the terms of the letter of intent, Lucas will purchase the assets for an aggregate purchase price of $22 mln payable in the form of a convertible senior secured promissory note. The note will have a term of 12 months, will bear an interest rate of 6% per annum, will be convertible into shares of Lucas's common stock. Co also announced the execution of a non-binding letter of intent to divest its oil and gas properties located in New Mexico to Nordic Oil. The Company announced that in accordance with the terms of the letter of intent, Nordic 2 will pay $4 mln in cash for all of Lucas's leasehold interests in the wells and leases located in McKinley County.