EXCO Resources, Inc. Raises 2013 Adjusted EBITDA Guidance After BG Group plc Elects Not to Participate in the Recently Acquired

  EXCO Resources, Inc. Raises 2013 Adjusted EBITDA Guidance After BG Group plc
  Elects Not to Participate in the Recently Acquired Haynesville Assets

Business Wire

DALLAS -- September 10, 2013

EXCO Resources, Inc. (NYSE:XCO) (“EXCO”) today announced BG Group plc (“BG
Group”) has elected not to acquire 50% of the recently acquired producing and
undeveloped oil and gas assets in the Haynesville shale formation
(“Haynesville”). EXCO closed the acquisition of the Haynesville assets on July
12, 2013 for a purchase price of $288 million, after customary preliminary
purchase price adjustments. These assets were subject to BG Group's right to
acquire a 50% interest, which was formally offered to BG Group on July 13,
2013.

As a result of BG Group’s election and continued strong operating performance,
EXCO has raised its full year 2013 adjusted EBITDA guidance from approximately
$435 million to approximately $450 million. EXCO’s full year 2013 guidance was
initially $296 million, which was raised to $341 million with the March
quarter earnings release, and subsequently increased to $435 million with the
June quarter in connection with the recently announced Eagle Ford and
Haynesville acquisitions.

Douglas H. Miller, EXCO’s Chairman and Chief Executive Officer, stated “With
BG Group’s decision not to participate, EXCO will be able to fully benefit
from the Haynesville assets’ strong base production and additional drilling
inventory with upside development opportunities.”

In connection with the Eagle Ford and Haynesville acquisitions, EXCO amended
its credit agreement which includes a $400 million asset sale requirement. The
asset sale requirement was reduced to $269 million as a result of the
participation agreement with affiliates of Kohlberg Kravis Roberts & Co. L.P.
If BG Group had elected to participate, the proceeds, net of the applicable
borrowing base assigned to the properties, of approximately $60 million, would
have been used to reduce the asset sale tranche. EXCO will continue to execute
on planned sales of certain assets and has until July 2014 to eliminate the
asset sale tranche.

EXCO Resources, Inc. is an oil and natural gas exploration, exploitation,
development and production company headquartered in Dallas, Texas with
principal operations in Texas, North Louisiana and Appalachia.

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
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. In addition, the anticipated
benefits from the recent acquisitions 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.

Contact:

EXCO Resources, Inc.
Chris Peracchi, 214-368-2084
 
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