The acquisitions from several parties includes nine wells, some of which are producing. A workover rig has already been employed to improve production on some wells, and to put some wells back on production.
William Sawyer, president and CEO of Lucas Energy, said: “The acquisitions continue our business plan model to acquire and re-enter old wells and put them back on production.
“Instrumental in the plan is the acquisition of wells, and leases, which have upside potential in the Eagle Ford and Buda formations.”
Houston, Texas-based Lucas Energy acquires leasehold property interests, primarily in the Austin Chalk formation of the middle Gulf Coast of Texas.
