Local & Regional
Thu July 4, 2013
EXCO Spends $1 Billion on Chesapeake Energy Assets
OKLAHOMA CITY (AP) — EXCO Resources is spending about $1 billion to acquire assets from Chesapeake Energy in Texas and Louisiana.
The land provides EXCO both with producing fields and potentially lucrative drilling sites in the future.
Chesapeake Energy Corp., based in Oklahoma City, is selling approximately 55,000 net acres in Zavala, Dimmit, La Salle and Frio counties in Texas — part of the Northern Eagle Ford Shale. There are 120 producing wells there.
It's also selling interests in about 9,600 net acres in Desoto and Caddo parishes in Louisiana, part of the Haynesville Shale. That includes non-operating interests in 170 EXCO operated wells and operating interests in 11 wells run by Chesapeake.
EXCO Resources Inc., of Dallas, said Wednesday that it expects to complete the acquisitions in July.