(Source: Business Wire)
EXCO Resources, Inc. (NYSE: XCO) ("EXCO") today announced that it has
reached an agreement with EV Energy Partners, L.P., (Nasdaq: EVEP),
along with certain institutional partnerships managed by EnerVest, Ltd.
to sell certain Ohio and Northwestern Pennsylvania producing assets for
$145 million, subject to customary purchase price adjustments.
As of December 31, 2008, the properties include estimated proved
reserves of 1.9 million barrels of oil (Mmbbls) and 110.4 billion cubic
feet (Bcf) of natural gas, or 121.9 billion cubic feet of natural gas
equivalent (Bcfe), based on year-end SEC pricing. Current net production
includes 258 barrels of oil per day and 12.9 million cubic feet per day
of natural gas, or 14.4 million cubic feet of natural gas equivalent per
day.
The sale is expected to close in November 2009, subject to customary
closing conditions, and is effective as of September 1, 2009.
Douglas H. Miller, EXCO's Chief Executive Officer, commented, "This sale
is part of our ongoing effort to divest certain non-strategic assets. We
have now reached agreement on nearly $600 million of such asset sales
and will continue our efforts."
EXCO was advised by RBC Richardson Barr in this transaction.
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.
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