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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

(2) Net of $7.1 million outstanding letters of credit.

(3) EXCO will not be a guarantor of the Partnership’s revolving credit facility, nor will EXCO’s liquidity be impacted by available borrowing capacity under the Partnership’s revolving credit facility.

Selected Pro Forma Partnership Data

Following are selected operating and financial data for the nine months ended September 30, 2012 reflecting the pro forma impacts to EXCO after the contribution of the properties to the Partnership.
          Pro Forma Adjustments      
(Unaudited, dollars in thousands, except per Mcfe)     Historical EXCO       Total Partnership    

EXCO's 25.5% Share

Consolidated Pro Forma EXCO
Total production (Mmcfe) 146,040 (27,986 ) 7,136 125,190
Average production (Mmcfe/d)       533         (102 )       26         457
Revenues, excluding derivatives $ 394,447 $ (118,538 ) $ 30,227 $ 306,136
Average realized price ($/Mcfe)       2.70         4.24         4.24         2.45
Direct operating costs 59,084 (34,138 ) 8,705 33,651
Per Mcfe 0.40 1.22 1.22 0.27
Production and ad valorem taxes 20,671 (14,303 ) 3,647 10,015
Per Mcfe 0.14 0.51 0.51 0.08
Gathering and transportation 78,183 (9,352 ) 2,385 71,216
Per Mcfe       0.54         0.33         0.33         0.57
Excess of revenues over direct operating expenses       236,509         (60,745 )       15,490         191,254

The Partnership will continue to produce and develop the contributed assets and will actively pursue conventional asset acquisition opportunities of long-life natural gas and oil properties. EXCO will serve as contract operator of the properties and provide services pursuant to contract operating and administrative service agreements with the Partnership. The Partnership will be governed by a Board of Directors of the general partner consisting of two EXCO directors and two HGI directors.

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