Exco Sells BG 50% Marcellus Stake For $230M

Law360, New York (February 10, 2011, 1:39 PM EST) -- Oil and natural gas company Exco Resources Inc. has said it will take home about $230 million by selling a 50 percent stake in certain Marcellus Shale assets to trusted business partner BG Group PLC.

Exco announced Wednesday that the development of these assets, which it purchased in December from Chief Oil & Gas LLC for $459.4 million, will be governed by its Appalachia joint venture with BG Group.

The purchase from Chief Oil was financed with borrowings under Exco's credit agreement, according to the Dallas-based...
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