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--(BUSINESS WIRE)-- EXCO Resources, Inc. (NYS: XCO) ("EXCO") announced today that its conventional oil and natural gas partnership (the "Partnership") with Harbinger Group Inc. (NYS: 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 Partnership.
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 Partnership.
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 Texas.
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
KEYWORDS: United States North America Texas
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