EXCO closes on Haynesville, Bossier shale properties from Southwestern

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.

Related Articles

Empire O&G appoints Aitken as CEO

04/01/2014 Empire Oil & Gas NL has appointed Ken Aitken as chief executive. Aitken is experienced in Western Australia’s oil and gas industry, in particular the Perth Basin, which hosts Empire’s assets.

Empire O&G withdraws from EP 437 in Perth Basin

04/01/2014 Empire Oil & Gas reports that its wholly owned subsidiary, Empire Oil Company (WA) Ltd., will withdraw from permit EP 437 in onshore Perth Basin, Western Australia, by agreement with its joint ...

Tap Oil and partners to drill in Myanmar Block M07

03/27/2014 Tap Oil Ltd. reported has been notified by the Myanmar Ministry of Energy (MOE) of the successful award of a production sharing contract for shallow-water Block M07 in the Moattama Basin, offshore ...

Cooper Energy reports new gas play discovered in South Australia

03/26/2014

Cooper Energy Ltd. has identifed the potential for a new deep basin gas play in the Penola Trough of South Australia.

WDS-CPECC JV signs contract with Arrow Energy

03/24/2014 WDS Ltd.'s Energy Division, in a joint venture with China Petroleum Engineering & Construction Corp., has signed a field development and operations construction master services agreement with A...

More Oil & Gas Financial Articles

Empire O&G appoints Aitken as CEO

Tue, Apr 1, 2014

Empire Oil & Gas NL has appointed Ken Aitken as chief executive. Aitken is experienced in Western Australia’s oil and gas industry, in particular the Perth Basin, which hosts Empire’s assets.

Empire O&G withdraws from EP 437 in Perth Basin

Tue, Apr 1, 2014

Empire Oil & Gas reports that its wholly owned subsidiary, Empire Oil Company (WA) Ltd., will withdraw from permit EP 437 in onshore Perth Basin, Western Australia, by agreement with its joint venture partners in the permit, Key Petroleum (Australia) Pty. Ltd., a wholly owned subsidiary of Key Petroleum Ltd. and Caracal Exploration Pty. Ltd.

Tap Oil and partners to drill in Myanmar Block M07

Thu, Mar 27, 2014

Tap Oil Ltd. reported has been notified by the Myanmar Ministry of Energy (MOE) of the successful award of a production sharing contract for shallow-water Block M07 in the Moattama Basin, offshore Myanmar.

Cooper Energy reports new gas play discovered in South Australia

Wed, Mar 26, 2014

Cooper Energy Ltd. has identifed the potential for a new deep basin gas play in the Penola Trough of South Australia.

WDS-CPECC JV signs contract with Arrow Energy

Mon, Mar 24, 2014

WDS Ltd.'s Energy Division, in a joint venture with China Petroleum Engineering & Construction Corp., has signed a field development and operations construction master services agreement with Arrow Energy for Arrow’s domestic gas requirements in Australia.

Most Popular

Oil & Gas Jobs

Search More Job Listings >>
Subscribe to OGFJ