LEI zooming pre-market !
April 01, 2011
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RELATED TICKERS: LEI
, PDO
, GST
Press Release Source: Lucas Energy On Friday April 1, 2011, 9:15 am
HOUSTON, April 1, 2011 (GLOBE NEWSWIRE) -- Lucas Energy, Inc. (NYSE Amex:LEI) ("Lucas"), an independent oil and gas company, reported today that Lucas has entered into a Joint Venture agreement with Marathon Oil (East Texas) LP, a subsidiary of Marathon Oil Corporation (NYSE:MRO - News), for the development of the Eagle Ford and Buda formations in Wilson County, Texas. The Marathon affiliate has acquired 50% of the leasehold interest rights, representing approximately 1,000 net acres (below the base of the Austin Chalk formation) held by Lucas in a majority of Lucas' leases in Wilson County, Texas. Marathon Oil Corporation's subsidiary will be the operator of the joint venture, but Lucas will still own and operate rights above the Eagle Ford, primarily the Austin Chalk formation.
http://biz.yahoo.com/pz/110401/217629.html?.v=1
I was playing with junior oils but didn't expect this kind of action! Although ... the chart was looking great prior to this announcement ...
I bought small stakes in LEI, PDO and GST within the last 2 weeks ... all green with LEI gain at 46% as of this mornings pre-market!
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