Lucas Joins Forces With Milestone To Develop Texas Wells

Law360, Dallas (October 2, 2012, 9:24 PM EDT) -- Milestone Energy Inc. will invest between $40 million and $100 million in a joint venture with Lucas Energy Inc. to develop oil and gas properties in the Eagle Ford shale and Austin Chalk regions in Texas, Lucas announced Tuesday.

Lucas said it executed a binding term sheet for the venture that provides Milestone will pay all the costs of drilling and contribute to 80 percent of the land costs. Drilling is expected to start after the agreement is finalized late this month.

In return, Milestone, which...
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