Lucas Energy Inc. (NYSE MKT: LEI) has completed the sale of its 100% working interest in oil and gas leases and wells/wellbores in Madison County, Texas for $700,000. The cash transaction includes approximately 450 net mineral acres primarily in the Buda and Glen Rose formations. Management determined this acreage to be non-core and has utilized the proceeds to purchase leaseholds in Gonzales County, Texas in addition to debt service and for general corporate purposes.
Anthony C. Schnur, Lucas' chief executive officer, commented, "We continue to narrow our strategic focus on core Eagle Ford Shale activities, and we plan to seek opportunities such as the Madison County property sale to streamline our asset base."
Lucas Energy is based in Houston.
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