The largest US deal of the past month was BG Group's joint venture (JV) with EXCO Resources in the Appalachian basin, primarily PA and WV. BG Group and EXCO will establish a 50-50 JV company to operate the upstream assets and a 50-50 midstream JV company to invest in gathering and transportation, both to be based in Pittsburgh. The book value of the assets (namely, EXCO's Marcellus and shallow interests) is about $450 million. Total consideration payable by BG Group consists of a cash payment of $800 million, plus $150 million to be paid as a carry of 75% of EXCO's future Marcellus drilling costs. The major international transaction was Penn West Energy Trust's JV with China Investment Corp. (CIC) to develop Penn West's bitumen assets in the Peace River area of Alberta. Penn West will retain a 55% partnership interest, while CIC will have 45%. The proved value of the assets is approximately US$1.2 billion.