DALLAS--(BUSINESS WIRE)--Oct. 1, 2009--
EXCO Resources, Inc. (NYSE: XCO) (“EXCO”) today announced that its Board
of Directors approved the commencement of a dividend program at an
initial quarterly cash dividend rate of $0.025 per share of EXCO’s
common stock. The first quarterly dividend of $0.025 per share is
payable on October 26, 2009 to holders of record on October 12, 2009.
Any future declaration of dividends, as well as the establishment of
record and payment dates, is subject to the approval of EXCO’s Board of
Directors.
Douglas H. Miller, EXCO’s Chief Executive Officer, commented, “We are
pleased to reward our shareholders with this dividend program. We have
recently significantly reduced our debt and strengthened our financial
position through the alliance with BG Group and the success of our asset
divestiture program. As a result, our expected free cash flow is
sufficient to enable us to begin paying a cash dividend to our
shareholders. This dividend program reflects the Board’s confidence in
our business strategy, the strength of our balance sheet and our
commitment to creating value for our shareholders while broadening our
investor base.”
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: 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, Chairman, 214-368-2084
or
Stephen
F. Smith, President, 214-368-2084