Orlando, FL 1/4/12 (StreetBeat) -- Lucas Energy, Inc. (Amex:LEI) an independent oil and gas company, today announced it has closed a purchase and sale transaction with Hall Phoenix Energy, LLC, whereby the Company purchased all of Hall Phoenix's right, title and interest in certain oil, gas, and mineral leases in the Eagle Ford/Eaglebine/Austin Chalk Trend effective December 1, 2011. The properties are located in Wilson, Leon and Madison Counties, Texas.In connection with the purchase, the Company paid approximately $6.4 million to Hall Phoenix in the form of 2,824 shares of Lucas's newly designated Series B Convertible Preferred Stock, each of which is convertible into 1,000 shares of the Company's common stock. The transaction increases the amount of Eagle Ford/Eaglebine acreage that the Company holds by approximately 5,500 net acres, of which 1,330 net acres are in Wilson County, Texas. Lucas now owns approximately 8,900 net acres in the Eagle Ford/Eaglebine Trend over 27,000 gross acres.
William A. Sawyer, President and Chief Executive Officer of the Company said, "Lucas has now expanded its holdings of the Eagle Ford trend into the Eaglebine area. We believe the purchase has made our Eagle Ford acreage, which we currently plan to monetize, more valuable."
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