Exco Acquires Oil Assets For $252M
Dallas-based Exco Resources Inc. said on Tuesday that it had acquired producing oil and gas properties, acreage and other assets in East Texas for about $252 million.
The properties, in Gregg, Rusk and Upshur counties, were acquired from private sellers. Exco’s average working interest in the properties is approximately 94 percent with an average net revenue interest of 72 percent.
Exco will finance the acquisition with a $300 million senior unsecured term loan due Dec. 15.
The assets include producing properties with more than 15 million cubic feet of gas per day from 83 producing wells and approximately 11,000 gross acres. Also included is a 50-mile gathering system with compressors, a dehydration unit and a refrigeration plant.
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