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Lucas Energy, Inc. (LEI) Eagle Ford Shale JV - Marathon Oil (MRO)
Lucas Energy, Inc. (LEI) has signed a joint venture with a subsidiary of Marathon Oil (MRO). LEI stock is spiking above $4.50 on this news.
Lucas Energy, Inc. (LEI), an independent oil and gas company, reported today that Lucas has entered into a Joint Venture agreement with Marathon Oil (East Texas) LP, a subsidiary of Marathon Oil Corporation (NYSE:MRO - News), for the development of the Eagle Ford and Buda formations in Wilson County, 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, Texas. Marathon Oil Corporation's subsidiary will be the operator of the joint venture, but Lucas will still own and operate rights above the Eagle Ford, primarily the Austin Chalk formation.
http://finance.yahoo.com/news/Lucas-Energy-Inc-Announces-pz-2318865...
http://oilshalegas.com/eaglefordshale.html
Tags: eagle, energy, ford, lei, lucas, marathon, mro, oil, shale
Views: 82
Replies to This Discussion
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Permalink Reply by Stocks To Buy on -
HDY will be making more profits if they drill alone other than their partnership with Dana Petroleum
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Permalink Reply by Vincent A on -
Were'nt they looking for a partnership and know one would join. Thats what scares me with them maybe they know something we dont.
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Permalink Reply by Stocks To Buy on
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No, they had a non binding contract to discuss a deal with a major company but decided to go at it themselves, hence terminating talks.
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