EXCO Resources, Inc. Successfully Completes Financial Restructuring

July 1, 2019

EXCO Resources, Inc. Successfully Completes Financial Restructuring

Dateline City:


Emerges from Chapter 11 with Significantly Enhanced Financial Flexibility to Support Long-Term Growth

DALLAS, July 1, 2019 /PRNewswire/ — EXCO Resources, Inc. (“EXCO” or the “Company”) today
announced that it has successfully completed its financial restructuring and emerged from Chapter 11.
As a result of this process, the Company has reduced its leverage by more than $1.1 billion and is moving
forward with approximately $325 million in committed exit financing from a new credit facility,
providing significant financial flexibility to support ongoing operations and investment in the business.
EXCO will continue to engage in the exploration, acquisition, development and production of onshore
U.S. oil and natural gas properties with a focus on shale resource plays in key basins in Texas, Louisiana
and the Appalachia region.

“This is an exciting day for EXCO and marks the beginning of the next chapter as an even stronger, more
competitive company,” said Hal Hickey, EXCO’s Chief Executive Officer and President. “Through the
restructuring process, we have significantly improved our capital structure and reduced our debt, and
our operations have progressed uninterrupted. EXCO is now better positioned to capitalize on our
strong asset base and operational expertise as we continue enhancing our business and serving our
customers, partners and other stakeholders.”

EXCO is now a privately-owned company and its shares are no longer available for trading on a public
exchange. The current management team remains in place. In accordance with the Restructuring Plan,
EXCO’s new five-member Board includes representatives from the holders of the Company’s newly
issued common stock. The new Board includes Rick Doman, David Dunn, Peter Furlan, Bill Transier and
C. John Wilder.

Mr. Hickey added, “Our successful emergence from this process is a testament to our former Board and
talented employees, whose continued focus on our operational initiatives enabled us to execute on our
drilling and completion activities while maintaining an exemplary safety record throughout this process.
I also want to thank our customers, business partners and lenders for their ongoing support. I am
honored to be part of this team and confident our new Board will be an asset to EXCO as we enter our
next stage of business development.”

Kirkland & Ellis LLP served as EXCO’s legal advisor in connection with the restructuring. Alvarez & Marsal
North America, LLC served as its restructuring advisor, and PJT Partners LP served as its financial advisor.

About EXCO Resources, Inc.

EXCO Resources, Inc. is an oil and natural gas exploration, exploitation, acquisition, development and
production company headquartered in Dallas, Texas with principal operations in Texas, North Louisiana
and the Appalachia region. EXCO’s headquarters are located at 12377 Merit Drive, Suite 1700, Dallas, TX

Forward-Looking Statements

This release may contain forward-looking statements relating to future financial results, business
expectations and business transactions. 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: discussions
regarding EXCO’s restructuring, EXCO’s liquidity, sources of capital resources and ability to maintain
compliance with debt covenants, continued volatility in the oil and gas markets, the estimates of
reserves, commodity price changes, regulatory changes and general economic conditions. These risk
factors are included in EXCO’s reports on file with the SEC. Except as required by applicable law, EXCO
undertakes no obligation to publicly update or revise any forward-looking statements.




EXCO Resources, Inc.:
Tyler Farquharson, 214-368-2084
Vice President, Chief Financial Officer and Treasurer


Media Inquiries Only:
Joele Frank, Wilkinson Brimmer Katcher
Michael Freitag / Aura Reinhard

SOURCE EXCO Resources, Inc.

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