This East Texas acquisition was financed with $49.9 million from EXCO's revolving line of credit with its bank group and $2.4 million from surplus cash.
In comments related to this acquisition, Douglas Miller, EXCO's Chairman and CEO, said, "This acquisition represents the third significant property acquisition by us since our initial public offering was completed in February 2006. These transactions are in accordance with our plan of growing our company through acquisitions, exploitation and development. In the aggregate, the acquisitions since February 2006, have added 223 Bcfe of estimated proved reserves, 1,533 estimated proved drilling locations and approximately 13 Mmcfe of daily production."
EXCO Resources, Inc. is an oil and natural gas acquisition, exploitation, development and production company headquartered in Dallas, Texas with principal operations in Texas, Colorado, Ohio, Oklahoma, Pennsylvania, and West Virginia.
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