DALLAS--(BUSINESS WIRE)--March 13, 2008--In BW5758 issued March
13, 2008: In the first paragraph, both references to the revised
capital spending budget should be $800 million (sted $795 million).
The corrected release reads:
EXCO RESOURCES ANNOUNCES CAPITAL BUDGET INCREASE
EXCO Resources, Inc. (NYSE: XCO) - The Board of Directors of EXCO
Resources, Inc. (NYSE:XCO) has approved an increase of $175 million in
its 2008 capital spending budget, of which $150 million is allocated
to the exploitation of its Marcellus Shale position in Appalachia and
$25 million is for additional Appalachian shallow drilling related to
its recently acquired shallow natural gas properties. This increase
brings the total 2008 capital budget to $800 million. The $150 million
earmarked for the Marcellus Shale area in Appalachia is to fund
leasing of additional acreage beyond the current company Marcellus
Shale holdings (which exceed 360,000 net acres), drilling of both
horizontal and vertical wells, and development of infrastructure to
support future growth of this major resource opportunity. The company
plans to begin drilling Marcellus Shale wells in the second quarter.
This revised 2008 capital spending budget of $800 million is expected
to be fully funded through cash flow from operations.
EXCO Resources, Inc. is an oil and natural gas acquisition,
exploitation, development and production company headquartered in
Dallas, Texas with principal operations in Texas, Louisiana, Ohio,
Oklahoma, Pennsylvania and West Virginia.
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 http://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 or business expectations. Business plans may
change as circumstances warrant. This budget is an estimate only and
could change depending upon many factors including results of
drilling, costs of drilling and other projects, cash flows and
commodity prices. This budget could increase or decrease depending
upon acquisitions or divestitures completed during 2008. 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: acquisitions, recruiting and new business solicitation
efforts, estimates of reserves, commodity price changes, the extent to
which EXCO is successful in integrating recently acquired businesses,
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.
CONTACT: EXCO Resources, Inc.
Douglas H. Miller, 214-368-2084
Chairman
or
Stephen F. Smith, 214-368-2084
President
SOURCE: EXCO Resources, Inc.
