EXCO Resources has closed the purchase jointly with BG Group, plc of properties in Shelby, San Augustine and Nacogdoches Counties, Texas representing approximately 20,000 net acres prospective for the Haynesville and Bossier shales from Southwestern Energy Company. The total purchase price paid at the closing was $355.8 million ($177.9 million net to EXCO), which is subject to customary post-closing purchase price adjustments. EXCO's net acquisition price was financed with borrowings under its credit agreement.
The development of these assets will be governed by EXCO's East Texas/North Louisiana joint venture with BG Group. The majority of the assets acquired in this transaction represents incremental working interests in properties which EXCO and BG Group acquired in the recently closed Common Resources acquisition.
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