EXCO Resources, Inc. has closed the acquisition of a 50% interest in approximately 19,000 acres of leasehold interests and 38 producing wells in West Texas for $85.7 million from an undisclosed seller.
EXCO's interest in the proved reserves is approximately 33 Bcfe with an estimated additional 80 Bcfe of probable and possible reserves.
EXCO and the seller will conduct a joint development program on the properties over the next several years with an estimated 70 wells to be drilled in 2006 and early 2007. It is estimated that in excess of 200 wells will be necessary to fully develop the acreage.
EXCO Resources, Inc. is a public oil and natural gas acquisition, exploitation, development and production company headquartered in Dallas, Texas with principal operations in Texas, Colorado, Ohio, Oklahoma, Pennsylvania, and West Virginia.
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