The terms of a confidentiality agreement entered into between the Company and a holder of only 2022 Notes expired on October 9, 2015. The Company is disclosing the information in this press release pursuant to its obligations under the confidentiality agreement. The Company is continuing discussions with certain Noteholders concerning a potential debt restructuring transaction but cautions investors that such transaction may not be completed. The information disclosed herein does not constitute an offer to buy, or a solicitation of an offer to buy, Notes or any other security.About EXCO EXCO Resources, Inc. is an oil and natural gas exploration, exploitation, development and production company headquartered in Dallas, Texas with principal operations in Texas, North Louisiana and Appalachia. Additional information about EXCO Resources, Inc. may be obtained by contacting Chris Peracchi, EXCO's Vice President of Finance and Investor Relations, and Treasurer, at EXCO's headquarters, 12377 Merit Drive, Suite 1700, Dallas, TX 75251, telephone number (214) 368-2084, or by visiting EXCO's website at www.excoresources.com. EXCO's SEC filings and press releases can be found under the Investor Relations tab. Forward-Looking Statements This release may contain forward-looking statements relating to future financial results, business expectations and business transactions. Actual results may differ materially from those predicted as a result of factors over which the Company has no control. Such factors include, but are not limited to: the completion of any potential debt restructuring transaction, continued volatility in the oil and gas markets, the estimates of reserves, commodity price changes, regulatory changes and general economic conditions. These risk factors are included in the Company's reports on file with the Securities and Exchange Commission (the " SEC "). Except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statements. Non-GAAP Financial Measures Certain non-GAAP (as defined below) financial measures are set forth in the Interim Reserve Update. A non-GAAP financial measure is a numerical measure of a company's performance that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States ("GAAP"). PV-10 as used in the Interim Reserve Update is considered a non-GAAP financial measure. We believe that PV-10, while not a financial measure in accordance with U.S. GAAP, is an important financial measure used by investors and independent oil and natural gas producers for evaluating the relative significance of oil and natural gas properties and acquisitions due to tax characteristics which can differ significantly among comparable companies.
The NYMEX proved reserves and PV-10 disclosed in the Interim Reserve Update differ from the proved reserves and PV-10 prepared based on SEC prices primarily due to the oil and natural gas prices utilized in the determination of future net cash flows. There is not a corresponding GAAP measure for PV-10 of proved reserves calculated using prices other than those prescribed by the SEC. Accordingly, it is not practicable for us to reconcile PV-10 utilizing NYMEX futures prices as of June 30, 2015 to the GAAP standardized measure of discounted future net cash flows. In addition, in calculating the PV-10 disclosed in the Interim Reserve Update, we did not include the effect of estimated future plugging and abandonment costs, which would be required in calculating the GAAP standardized measure of discounted future net cash flows.