DALLAS - EXCO Resources Inc. (NYSE:XCO) has closed the purchase jointly with BG Group, plc of properties in the Haynesville and Bossier shale plays from Southwestern Energy Co (NYSE:SWN).
Houston-based Southwestern Energy, ranked No. 24 by total assets for the quarter ending Dec. 31, 2009 in OGFJ's May issue OGJ150 Quarterly, retained the drilling and producing rights covering all other depths in the acreage, including the company’s current James Lime and Pettet drilling programs.
The total purchase price paid at the closing was $355.8 million ($177.9 million net to EXCO). EXCO's net acquisition price was financed with borrowings under its credit agreement.
The development of these assets will be governed by EXCO's East Texas/North Louisiana joint venture with BG Group. The majority of the assets acquired in this transaction represent incremental working interests in properties which EXCO and BG Group acquired in the recently closed Common Resources acquisition.
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 Texas.
