Lucas Energy Acquires Eagle Ford Trend Acreage From Hall Phoenix Energy for $6.4 Million; Shares Up 6.5%

By Staff,

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Lucas Energy ( LEI ) today announced that it has acquired all of Hall Phoenix Energy's right, title and interest in certain oil, gas, and mineral leases in the Eagle Ford/Eaglebine/Austin Chalk Trend, for $6.4 million. The purchase price was paid in the form of 2,824 shares of LEI's Series B Convertible Preferred Stock. Each of these is convertible into 1,000 shares of LEI common stock.

The transaction increases the amount of Eagle Ford/Eaglebine acreage that the company holds by 5,500 net acres, of which 1,330 net acres are in Wilson County, Texas. LEI now owns about 8,900 net acres in the Eagle Ford/Eaglebine Trend over 27,000 gross acres.

Shares are up 6.5% to $2.60, with a 52-week range of $1.04-$5.23.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: LEI

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