Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/exco-resources-closes-sale-of-remaining-mid-contin.shtmlEXCO Resources closes sale of remaining mid-continent assets
EXCO Resources, Inc. has closed the previously announced sale of all of its remaining Mid-Continent oil and natural gas assets
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EXCO Resources, Inc. has closed the previously announced sale of all of its remaining Mid-Continent oil and natural gas assets to Sheridan Holding Company I, LLC. The sale was effective as of October 1, 2009. Total proceeds received at the closing were $530.2 million, subject to customary post-closing adjustments. The proceeds from the sale were used to repay a portion of EXCO’s revolving credit facility.
As of September 30, 2009, the properties included estimated proved reserves of 4.6 million barrels of oil (Mmbbls) and 207.7 billion cubic feet (Bcf) of natural gas, or 235.3 billion cubic feet of natural gas equivalent (Bcfe), based on SEC pricing. Current net production includes 979 barrels of oil per day and 39.2 million cubic feet per day of natural gas, or 45.1 million cubic feet of natural gas equivalent per day.
