EXCO Resources, Inc. Announces Closing of Haynesville Acquisition
DALLAS -- July 12, 2013
EXCO Resources, Inc. (NYSE:XCO) (“EXCO”) today announced that it has closed
its previously announced acquisition of producing and undeveloped oil and gas
assets in the Haynesville shale formation (“Haynesville”) from subsidiaries of
Chesapeake Energy Corporation for total consideration of approximately $288
million in cash, subject to customary post-closing purchase price adjustments.
The acquisition had an effective date of January 1, 2013.
EXCO financed the Haynesville acquisition under the Company’s existing credit
agreement. The Haynesville acquisition is subject to an affiliate of BG Group
plc.’s preferential right to acquire 50% of the Haynesville properties.
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
Additional information about EXCO Resources, Inc. may be obtained by
contacting EXCO’s Chairman and Chief Executive Officer, Douglas H. Miller, or
its President and Chief Operating Officer, Harold L. Hickey, or its Executive
Vice President and Chief Financial Officer, Mark F. Mulhern, 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
This release may contain forward-looking statements relating to future
financial results, business expectations and business transactions. Business
plans may change as circumstances warrant. In addition, the conditions to
closing the transactions contemplated by the definitive purchase agreements
may not be met or the anticipated benefits from the proposed transactions may
not be fully realized. 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.
EXCO Resources, Inc.
Douglas H. Miller, 214-368-2084
Chairman and Chief Executive Officer
Harold L. Hickey, 214-368-2084
President and Chief Operating Officer
Mark F. Mulhern, 214-368-2084
Executive Vice President and Chief Financial Officer
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