EXCO Resources, Inc. (XCO), Tuesday said that it has closed the previously announced sale of certain Ohio and Northwestern Pennsylvania producing assets to EV Energy Partners, L.P., (EVEP), along with certain institutional partnerships managed by EnerVest, Ltd.
Total proceeds received at the closing were $131.2 million, subject to customary post-closing adjustments. In connection with the closing, the parties agreed to hold back about $13.1 million of the properties for up to 90 days pending the receipt of required consents from third parties necessary to transfer such properties.
The company noted that proceeds from the sale were used to repay a portion of EXCO's revolving credit facility.
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