EXCO Resources Inc. (NYSE: XCO), through its partnership with Harbinger Group Inc. (NYSE: HRG), closed its acquisition of certain conventional oil and natural gas assets from an affiliate of BG Group Plc for US $130.9 million.
The acquisition included assets in the Danville, Waskom and Holly fields in East Texas and North Louisiana.
The economic effective date of the transaction was Jan 1. The properties acquired by the partnership represent an incremental working interest in certain properties that EXCO originally contributed to the partnership.
The partnership funded this acquisition using its revolving credit agreement. In connection with the closing, the borrowing base under the partnership’s revolving credit agreement was increased by US $70 million to an aggregate of US $470 million, of which US $374 million has been drawn by the partnership.
EXCO Resources Inc. is an oil and natural gas acquisition, exploitation, development and production company headquartered in Dallas.
Harbinger Group Inc. is a diversified holding company headquartered in New York.