DALLAS, Jun 30, 2010 (BUSINESS WIRE) —
EXCO Resources, Inc. (NYSE:XCO) (“EXCO”) today announced that it closed the purchase jointly with BG Group, plc (LSE: BG.L) (“BG Group”) of properties in Shelby, San Augustine and Nacogdoches Counties, Texas representing approximately 20,000 net acres prospective for the Haynesville and Bossier shales from Southwestern Energy Company (NYSE:SWN). The total purchase price paid at the closing was $355.8 million ($177.9 million net to EXCO), which is subject to customary post-closing purchase price adjustments. EXCO’s net acquisition price was financed with borrowings under its credit agreement.
The development of these assets will be governed by EXCO’s East Texas/North Louisiana joint venture with BG Group. The majority of the assets acquired in this transaction represents incremental working interests in properties which EXCO and BG Group acquired in the recently closed Common Resources acquisition.
EXCO Resources, Inc. is an oil and natural gas exploration, exploitation, development and production company headquartered in Dallas, Texas with principal operations in East Texas, North Louisiana, Appalachia, and West Texas.
Additional information about EXCO Resources, Inc. may be obtained by contacting EXCO’s Chairman, Douglas H. Miller, or its President, Stephen F. Smith, at EXCO’s headquarters, 12377 Merit Drive, Suite 1700, Dallas, TX 75251, telephone number (214) 368-2084, or by visiting EXCO’s website at www.excoresources.com. EXCO’s SEC filings and press releases can be found under the Investor Relations tab.
This release may contain forward-looking statements relating to future financial results, business expectations and business transactions.Business plans may change as circumstances warrant.Actual results may differ materially from those predicted as a result of factors over which EXCO has no control.Such factors include, but are not limited to: estimates of reserves, commodity price changes, regulatory changes and general economic conditions.These risk factors and additional information are included in EXCO’s reports on file with the Securities and Exchange Commission.EXCO undertakes no obligation to publicly update or revise any forward-looking statements.
SOURCE: EXCO Resources, Inc.
EXCO Resources, Inc.
Douglas H. Miller, 214-368-2084
Chairman
or
Stephen F. Smith, 214-368-2084
President
http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.excoresources.com&esheet=6344449&lan=en-US&anchor=www.excoresources.com&index=2&md5=14abefadb383f3e85749617cd72f0a56