DALLAS--(BUSINESS WIRE)--May 16, 2008--EXCO Resources, Inc. (NYSE:
XCO) - The Board of Directors of EXCO Resources, Inc. (NYSE:XCO) has
approved an increase of $123 million in its 2008 capital budget, of
which $90 million is allocated for the exploitation of its Haynesville
Shale position in East Texas/North Louisiana, $30 million for
additional drilling in its Vernon Field in North Louisiana, $2 million
for additional Cotton Valley drilling in other areas, and $1 million
for information technology initiatives. This increase brings the total
2008 capital budget to $923 million. The $90 million increase related
to the Haynesville Shale area in East Texas/North Louisiana is to fund
leasing of additional acreage beyond the current company holdings
(which exceed 100,000 net acres), drilling of both horizontal and
additional vertical wells, and development of infrastructure to
support future growth of this major resource opportunity. The increase
related to the Vernon Field is to fund drilling of an additional seven
wells during 2008. This revised 2008 capital spending budget of $923
million is expected to be fully funded through internally generated
funds.
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
http://www.excoresources.com
SOURCE: EXCO Resources, Inc.
