March 2, 2010 (FinancialWire) — Lucas Energy, Inc. (NYSE AMEX: LEI) an independent oil and gas company based in Houston, Texas, said the company has entered into a letter of intent for a new joint venture with a large, privately owned, oil and gas company.

The letter of intent is subject to completion of a purchase and sale agreement which is anticipated to be completed prior to the end of the company’s fiscal year, March 31, 2010.

The purpose of the proposed joint venture is the development of the Eagleford Shale properties owned by Lucas Energy, Inc. in Gonzales County, Texas. The joint venture partner will acquire an 85% working interest in the deep rights, including the Eagleford Shale formation. Lucas will retain a 15% working interest.

The joint venture does not include any producing wells or current production sale at closing. The joint venture is estimated to provide Lucas with $1.00 per share in cash and other considerations.

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