EXCO Resources, Inc. (XCO) announced the closing of the sale of all of its remaining Mid-Continent oil and natural gas assets to Sheridan Holding Co.I, LLC., effective October 1. Total proceeds received at the closing were $530.2 million, subject to customary post-closing adjustments. The proceeds from the sale were used to repay a portion of EXCO's revolving credit facility.
As of September 30, 2009, the properties included estimated proved reserves of 4.6 million barrels of oil and 207.7 billion cubic feet of natural gas, or 235.3 billion cubic feet of natural gas equivalent, based on the Securities and Exchange Commission or SEC pricing. Current net production includes 979 barrels of oil per day and 39.2 million cubic feet per day of natural gas, or 45.1 million cubic feet of natural gas equivalent per day.
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