By OGJ editors
HOUSTON, Oct. 25 -- Lucas Energy Inc. acquired a 24.6% interest in Bonanza Oil & Gas Inc., of which Lucas plans to immediately divest half of the shares in a private transaction that will reduce Lucas's holdings in Bonanza to 12.3% interest.
Bonanza produces and develops oil and gas reserves. It also develops and evaluates 3D seismic programs. The value of the deal was not immediately available.
Lucas Energy, a Houston independent, exchanged its stake in the ApClark prospect, an oil and gas property covering 6,700 acres in ApClark field in southwestern Borden County, Tex., for 3 million shares of Bonanza or a 24.6% stake in Bonanza.
