Lucas Energy Inc. will transfer some Texas properties to Victory Energy Corp. under a settlement agreement and mutual release entered into June 25, the company said June 30.
The properties include a 3.27581% leasehold working interest in the Dingo Unit and a 1.481330% leasehold working interest in the Platypus Unit.
In Karnes County, two wellbores, the Boggs Unit No. 1H and the Boggs Unit No. 2H will be assigned to Earthstone Energy/Oak Valley Resources. Lucas sold 139.04 net acres of oil and gas properties in the county for about $350,000 and retained participation rights for future operations-- 20% of an 8/8ths interest.
Victory paid pre-merger and other amounts, Lucas said. The settlement includes the return of $54,020 in pre-drilling costs that Oak Valley will pay Lucas, and Victory’s forgiveness of $600,000 debt that Lucas owed during a 1.1 million common stock offering.
Lucas, Victory and Oak Valley have also entered a concurrent settlement agreement. The companies agreed to a mutual release of claims under the agreement, including counterclaims, legal actions, contract obligations, suits and losses, barring any disputes.
The transactions will be included in the annual report on the Form 10-K for the fiscal year ended March 31, Lucas said.
Houston-based Lucas Energy develops Austin Chalk and Eagle Ford natural gas and oil.
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