Lucas Energy forms JV with Dolphin Oil for Austin Chalk
HOUSTON -- Lucas Energy has entered into a joint venture with Dolphin Oil Partnership for the development of Austin Chalk properties located in the Gonzales, Wilson, and Karnes Counties, Texas area of the Eagle Ford/Austin Chalk Trend.
The agreement calls for Dolphin Oil to contribute 100% of the acreage, drilling, and completion cost as well as an overhead contribution and project generation fees. Dolphin may contribute as much as $50 million in capital to the joint venture.
Lucas will be the operator of the properties, contributing its expertise and knowledge of the area as well as making available to the JV certain acreage it has acquired in the past. Drilling is anticipated to begin in late October 2012.