Exco Resources Inc., Dallas, (NYSE: XCO) has closed the acquisition of a 50% interest in approximately 19,000 acres of interests and 38 producing wells in West Texas for $85.7 million from an undisclosed seller. The acquisition includes proved reserves of approximately 33 billion cubic feet of gas equivalent with an estimated additional 80 billion cubic feet of gas equivalent of probable and possible reserves. Exco and the seller will conduct a joint development program on the properties over the next several years with an estimated 70 wells to be drilled in 2006 and early 2007.
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