Exco Resources to buy Winchester Energy

By OGJ editors
HOUSTON, July 24 -- Exco Resources Inc., Dallas, plans to buy Winchester Energy and its associated gas businesses from Progress Energy, Raleigh, NC, for $1.2 billion. All of the assets being acquired are in East Texas and Louisiana.

The transaction, expected to close on Oct. 2, remains subject to customary closing provisions. The divestiture is part of Progress Energy's plans to reduce company debt.

Winchester Energy is the parent of Winchester Production Co., Westchester Gas Co., Texas Gas Gathering, and Talco Midstream Assets.

The acquisition involves both producing and undeveloped gas properties. Currently, the assets are producing 75 MMcfd of gas equivalent from 588 wells. The acquisition also includes six gathering systems with 300 miles of pipeline.

The properties are in Cotton Valley, Hosston, and Travis Peak trends. Estimated proved reserves are 400 bcf, probable reserves are 300 bcf, and possible reserves are 30 bcf. Properties include 775 drilling locations, 33% of which are proved, and 106,000 net acres of leasehold.

Related Articles

EXCO Resources chairman, chief executive officer resigns

11/22/2013 EXCO Resources Inc. Chairman and Chief Executive Officer Douglas H. Miller has resigned from his positions. EXCO’s board has appointed Jeffrey D. B...

BG, Exco sell equal TGGT holdings to Azure Midstream

10/18/2013 BG Group PLC and Exco Resources Inc., Dallas, have entered into definitive agreements to sell their equal equity holdings in TGGT Holdings LLC to A...

EXCO to sell Oklahoma producing assets

10/02/2009 EXCO Resources Inc. has reached an agreement with Sheridan Holding Co. I LLC to sell all of its producing assets in Oklahoma for $540 million, subj...

Haynesville gas flows as high as 28 MMcfd

12/09/2008 Three operators reported new horizontal completions in Jurassic Haynesville shale at rates as high as 28.2 MMcfd of gas.

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!


Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected