EXCO to sell Oklahoma producing assets

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, subject to customary purchase price adjustments.

Oct 2nd, 2009

By OGJ editors
HOUSTON, Oct. 2
-- 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, subject to customary purchase price adjustments.

As of Dec. 31, 2008, the properties include proved reserves of 4.8 million bbl of oil and 223.7 bcf of natural gas, based on yearend Securities and Exchange Commission pricing. Current net production includes 919 bo/d and 39.1 MMcfd of natural gas.

The sale is expected to close in November, subject to customary closing conditions, and will be effective as of Oct. 1.

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