EXCO Resources Inc. (XCO) announced the closing of 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. The sale was effective as of September 1, 2009.
In connection with the closing, the parties agreed to hold back approximately $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 proceeds from the sale were used to repay a portion of EXCO's revolving credit facility.
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