XCO » Topics » Acquisitions

This excerpt taken from the XCO 8-K filed Aug 6, 2008.



On July 15, 2008, we acquired natural gas properties in East Texas (primarily in Gregg, Rusk and Upshur Counties) from private sellers for $244 million after preliminary closing adjustments.  The properties include more than 15 Mmcfe per day of net production from 83 producing wells, more than 500 Cotton Valley, Travis Peak and Rodessa drilling locations, 92 of which are proved, and approximately 109 Bcfe of proved reserves as calculated based on NYMEX strip pricing in effect at the effective date of acquisition.  The properties also include some 11,000 gross acres, a significant





amount of which has deep rights.  We plan to spend $20 million of capital in this acquisition area in 2008 and drill nine wells by year-end, at least one of which will be drilled into the Haynesville.


This excerpt taken from the XCO 8-K filed May 7, 2008.



On February 20, 2008, we acquired shallow natural gas properties located primarily in our central Pennsylvania operating area. The properties included approximately 2,500 producing wells, approximately 2,000 shallow undrilled locations and 16 Mmcfe per day of net production. The purchase price was $388 million after reductions for preliminary closing adjustments. The acquisition was financed with our revolving bank credit facility.


This excerpt taken from the XCO 8-K filed Dec 21, 2006.

(B)          Acquisitions

In December 2003, we acquired approximately $240 million of natural gas and oil properties and related flow lines located in Texas from a partnership owned by Wagner & Brown, Ltd. of Midland, Texas. The purchase price was allocated approximately $224.7 million to oil and natural gas properties and $15.3 million to gathering properties. The results of operations for these assets have been included in our consolidated financial statements since that date. The acquisition included approximately 318 wells, 271 of which we operate, and 177.2 Bcfe (unaudited) of estimated proved natural gas and oil reserves as of the September 1, 2003 effective date, with additional unproved natural gas reserve potential. Net production from these properties was approximately 26,000 Mcfe per day as of the date of the acquisition.

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