Lucas Energy, Inc. (AMEX:LEI) agreed to acquire 90% stake in 3,630 net mineral acres in the Permian Basin, Texas for $1.7 million on January 3, 2017. Under the terms, $1.1 million of this amount is being deferred until on or before January 31, 2017, pending title approval. Lucas Energy and seller have agreed to form an area of mutual interest on the Central Basin Platform of the Permian Basin. As additional leases are acquired under the area of mutual interest, Lucas Energy will pay the seller its lease acquisition costs and grant an incentive overriding royalty interest. Upon meeting certain acreage acquisition goals based on size and location of the properties, Lucas Energy will also issue to the seller 0.2 million unregistered shares of its common stock and pay the seller an acreage fee based on the total leasehold and brokerage costs.