Lucas Energy completes acquisition of Texas oil and gas leases

Lucas Energy has completed the acquisition of Nordic Oil USA’s interest in oil and gas leases in the Wilson, Gonzales and Karnes counties of Texas, US, for $22m.

The acquired property interests represent all of Nordic Oil’s interests in Lucas Energy’s 2009 II and III capital programmes.

Lucas Energy made the payment through a non-recourse, senior secured promissory note in connection with the acquisition.

The one year due note bears interest at 6% a year and allows early payments without penalty.

Lucas Energy president and CEO William Sawyer said that the acquisition will provide the firm with an increase in revenues, proved reserves and Eagle Ford acreage.