Exco Resources to sell Oklahoma assets for $540M
Exco Resources Inc. said Wednesday it has agreed to sell its Oklahoma production assets for $540 million to Sheridan Holding Co. I LLC.
As of Dec. 31, the properties include estimated proved reserves of 4.8 million barrels of oil and 223.7 billion cubic feet of natural gas. Current net production includes 919 barrels of oil per day and 39.1 million cubic feet per day of natural gas.
The sale is expected to close in November.
CEO Douglas Miller said the sale substantially completes its plan to divest non-strategic assets this year. The company has made $1.1 billion in asset sales and reduced its debt by $2 billion.
Shares rose 10 cents to $18.79 in aftermarket trading. The stock closed down 23 cents to end the regular session at $18.69. — AP
- EthiopianReview.com
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