Re Lucas announcement:
"HOUSTON, April 1, 2011 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI) ("Lucas"), 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), 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."
Retained rights:
Buda - not sure whether our leases include this but the starting point was the 20,000ft deep Hosston (Sugarloaf 1 target)
Austin Chalk - they've retained rights over the chalk, which is not in our current valuation.
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Re Lucas announcement:"HOUSTON, April 1, 2011 (GLOBE NEWSWIRE)...
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