DALLAS, Aug 11, 2009 (BUSINESS WIRE) -- EXCO Resources, Inc. (NYSE: XCO) ("EXCO") announced today it has closed
the sale to an affiliate of Encore Acquisition Company (NYSE: EAC)
("Encore") of its Norge Marchand Unit in Grady County, Oklahoma, other
selected Oklahoma, Kansas and Texas Panhandle assets, and its Gladewater
Field and Overton Field assets in Gregg, Upshur and Smith Counties,
Texas for $356.1 million in cash which was received at closing. The
effective date of the sale was April 1, 2009.
As of December 31, 2008, the properties included estimated proved
reserves of 4.7 million barrels of oil (Mmbbls) and 148 billion cubic
feet (Bcf) of natural gas, or 176 billion cubic feet of natural gas
equivalent (Bcfe), based on year-end 2008 SEC pricing. Current net
production includes 1,194 barrels of oil per day and 28.8 million cubic
feet per day of natural gas, or 36.0 million cubic feet of natural gas
equivalent per day. The sale includes approximately 66,700 net acres, of
which approximately 7,000 acres are undeveloped, and also includes
gathering systems and compression attributable to certain of the assets.
The proceeds from the sale were applied to repay a portion of EXCO's
credit facilities.
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, West Texas and the Mid-Continent.
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: 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. 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
