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EXCO Resources, Inc. Announces A Partnership With Harbinger Group Inc. Related To Conventional Oil And Gas Properties In Texas And Louisiana

Substantially all acreage is held by production. Included in the West Texas area are 145 undrilled locations which are heavily weighted toward oil and natural gas liquids and are economic to drill at current prices. There are numerous undrilled locations and exploitation projects in East Texas and North Louisiana which, at improved gas prices, can also be developed.

Pro Forma Capitalization and Liquidity

After the contribution of the properties to the Partnership and use of the proceeds from the transaction, EXCO’s credit agreement, which presently has a $1.3 billion borrowing base, will be reduced to $900 million and the borrowing base under the Partnership’s new revolving credit facility is expected to be $400 million. The unaudited pro forma effect on EXCO’s liquidity after the contribution of the properties to the Partnership is as follows:
      As of September 30, 2012
(Unaudited, in thousands)     Historical EXCO      

Pro Forma EXCO

Pro Forma Partnership

Pro Forma Consolidated EXCO (1)
Cash and restricted cash $ 140,859 $ 140,859 $ 5,000 $ 142,134
EXCO Bank Debt 1,107,500 510,000 - 510,000

Partnership Bank Debt
- - 230,000 58,650
Senior Notes       750,000         750,000       -         750,000
Total Debt 1,857,500 1,260,000 230,000 1,318,650
Net Debt 1,716,641 1,119,141 225,000 1,176,516
Borrowing Base 1,300,000 900,000 400,000 (3)
Liquidity (2) 326,252 523,752 175,000 (3)
% Drawn       85.2%         56.7%       57.5%         (3)

(1) Represents Pro Forma EXCO as of September 30, 2012 plus 25.5% of the Pro Forma Partnership.

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