Oil and gas firm Lucas Energy has entered into a joint venture (JV) agreement with a subsidiary of Marathon Oil Corp for the development of the Eagle Ford and Buda formations in Wilson County in the US state of Texas.

The Marathon affiliate has acquired 50% of the leasehold interest rights, representing approximately 1,000 net acres (below the base of the Austin Chalk formation) held by Lucas in a majority of Lucas’ leases in Wilson County.

The subsidiary of Marathon will be the operator of the joint venture, and Lucas will own and operate rights above the Eagle Ford, primarily the Austin Chalk formation.

Lucas said it has a variety of working interests in Wilson County, ranging from 20% up to 100%.

The Austin Chalk formation (and above), the current well bores and equipment, and the current production from the Austin Chalk and above are not included in this transaction.