EXCO Resources, Inc. Partnership with Harbinger Group Inc. Closes Purchase
of Conventional Oil and Natural Gas Properties in Texas and Louisiana from
an Affiliate of BG Group plc
DALLAS -- March 5, 2013
EXCO Resources, Inc. (NYSE: XCO) (“EXCO”) announced today that its
conventional oil and natural gas partnership (the “Partnership”) with
Harbinger Group Inc. (NYSE: HRG) (“HGI”) closed the previously announced
acquisition of certain conventional oil and natural gas assets in the
Danville, Waskom and Holly fields in East Texas and North Louisiana, including
and above the Cotton Valley formation, from an affiliate of BG Group plc for
approximately $130.9 million, after customary preliminary closing adjustments.
The economic effective date of the transaction was January 1, 2013. The
properties acquired by the Partnership represent an incremental working
interest in certain properties that EXCO originally contributed to the
The Partnership funded this acquisition using its revolving credit agreement.
In connection with the closing, the borrowing base under the Partnership’s
revolving credit agreement was increased by $70 million to an aggregate of
$470 million, of which approximately $374 million has been drawn by the
EXCO Resources, Inc. is an oil and natural gas acquisition, exploitation,
development and production company headquartered in Dallas, Texas with
principal operations in East Texas, North Louisiana, Appalachia and West
Harbinger Group Inc. (HGI) is a diversified holding company. HGI’s principal
operations are conducted through subsidiaries that offer life insurance and
annuity products; branded consumer products such as batteries, personal care
products, small household appliances, pet supplies, and home and garden pest
control products; and energy assets. Harbinger Group Inc. is headquartered in
New York and traded on the New York Stock Exchange under the symbol HRG.
Additional information about EXCO Resources, Inc. may be obtained by
contacting EXCO’s Chairman, Douglas H. Miller, or its President, Harold L.
Hickey, at EXCO’s headquarters, 12377 Merit Drive, Suite 1700, Dallas, TX
75251, telephone number (214)368-2084, or by visiting our website at
www.excoresources.com. Our SEC filings and press releases can be found under
the Investor Relations tab.
EXCO Resources, Inc.
Douglas H. Miller, 214-368-2084
Harold L. Hickey, 214-368-2084
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