Lucas Energy Up on JV With Marathon Oil Unit in Texas

Lucas Energy Up on JV With Marathon Oil Unit in Texas



Lucas Energy (LEI) is up after it says it entered into a Joint Venture agreement with Marathon Oil (East Texas) LP, a subsidiary of Marathon Oil Corporation (MRO) to develop 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.