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EXCO Resources, Inc. Announces $1 Billion Acquisition Of Eagle Ford And Haynesville Assets

Stocks in this article: XCO

EXCO Resources, Inc. (NYSE:XCO) (“EXCO”) today announced that it has entered into definitive agreements to acquire producing and undeveloped oil and gas assets in the Eagle Ford and Haynesville shale formations (“Eagle Ford” and “Haynesville”, respectively) for an aggregate purchase price of approximately $1 billion, subject to closing adjustments and customary terms and conditions, from subsidiaries of Chesapeake Energy Corporation.

Acquisition Highlights:

  • Eagle Ford
    • Approximately $680 million purchase price
    • Approximately 55,000 net acres
    • Approximately 120 total producing wells including 94 Eagle Ford producing wells
    • Average net production of approximately 6,100 barrels of oil equivalent per day in May
    • Adds approximately 300 identified drilling locations
    • Farm-Out option on an additional approximately 147,000 net acres
  • Haynesville
    • Approximately $320 million purchase price
    • Average net production of approximately 114 million cubic feet of natural gas equivalent per day in May
    • Non-operating interests in 170 EXCO operated wells in EXCO core area
      • Approximately 5,600 net acres
    • Operating interests in 11 operated wells directly offset to EXCO core area
      • Approximately 4,000 net acres
      • Adds approximately 55 identified drilling locations

Douglas H. Miller, EXCO’s Chairman and Chief Executive Officer, stated “These acquisitions are consistent with our strategy of targeting opportunities in both existing core areas and new plays. The Eagle Ford acquisition establishes our position in the high value oil core area of the Eagle Ford shale, and delivers immediate production and reserve additions, significant resource potential, and solid economic returns. The Haynesville acquisition adds to our leading core position and provides an expanded platform to apply our technical expertise, best-in-class drilling and completion focus, and project execution skills.”

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