According to Exco, cash proceeds received at the closing were used to reduce the outstanding balance under its credit facility, to fund its share of an operating account for the JV, to pay transaction costs and expenses, and for other general corporate purposes.
The borrowing base under Exco’s credit facility was reduced from $1.3bn to $1.2bn as a result of the consummation of this transaction, the company said.
Exco is an oil and natural gas exploration, exploitation, development and production company headquartered in Dallas, Texas, with principal operations in East Texas, North Louisiana, Appalachia and West Texas.
