DALLAS (AP) -- Exco Resources Inc. said Wednesday it has purchased certain oil and gas assets in the Marcellus shale from Chief Oil & Gas LLC for about $459.4 million.
The properties are producing about 40 millions of cubic feet per day from 15 wells. The land also includes 11 wells that are not yet completed and 50,000 prospective acres, mostly in Northeastern Pennsylvania.
The deal, financed from debt, is expected to close next month.
The properties are located on land owned by a joint venture with BG Group PLC, which has the right to purchase half of the properties included in the acquisition.
If BG Group chooses to buy, the properties will be developed by the joint venture.
The properties are producing about 40 millions of cubic feet per day from 15 wells. The land also includes 11 wells that are not yet completed and 50,000 prospective acres, mostly in Northeastern Pennsylvania.
The deal, financed from debt, is expected to close next month.
The properties are located on land owned by a joint venture with BG Group PLC, which has the right to purchase half of the properties included in the acquisition.
If BG Group chooses to buy, the properties will be developed by the joint venture.
