DALLAS--(BUSINESS WIRE)--Nov. 10, 2009--
EXCO Resources, Inc. (NYSE: XCO) (“EXCO”) today closed the previously
announced sale of all of its remaining Mid-Continent oil and natural gas
assets to Sheridan Holding Company I, LLC. The sale was effective as of
October 1, 2009. Total proceeds received at the closing were $530.2
million, subject to customary post-closing adjustments. The proceeds
from the sale were used to repay a portion of EXCO’s revolving credit
facility.
As of September 30, 2009, the properties included estimated proved
reserves of 4.6 million barrels of oil (Mmbbls) and 207.7 billion cubic
feet (Bcf) of natural gas, or 235.3 billion cubic feet of natural gas
equivalent (Bcfe), based on SEC pricing. Current net production includes
979 barrels of oil per day and 39.2 million cubic feet per day of
natural gas, or 45.1 million cubic feet of natural gas equivalent per
day.
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
