Hilcorp has acquired interests in additional leases in Lucas’ Eagle Ford acreage in Gonzales County, Texas. Additional Eagle Ford properties will be part of a third closing that is expected to take place by the end of July. To date, Lucas has received $8.9m for an 85% working interest in approximately 10,500 acres in Gonzales County, Texas.
The purpose of the JV with Hilcorp is the development of the Eagle Ford Shale properties owned by Lucas in Gonzales County, Texas. Hilcorp is acquiring an 85% working interest in the deep rights, including the Eagle Ford Shale formation. Lucas will retain a 15% working interest. The JV does not include any producing wells or current production.
William Sawyer, president and CEO of Lucas, said: “The company is moving ahead with its development of the Eagle Ford play in Gonzales County, Texas. We expect to have the first well spudded in August of this year.”
