NEW YORK, Sept 30 (Reuters) - U.S. oil and gas company EXCO Resources Inc on Wednesday said it agreed to sell its producing assets in Oklahoma for $540 million, bringing to a close the company's program to sell non-core assets.
Dallas-based EXCO said it will sell the Oklahoma properties to privately held Sheridan Holding Company I LLC.
At the end of 2008, the assets held an estimated proved reserves of 4.8 million barrels of oil and 223.7 billion cubic feet of natural gas. They produce about 919 barrels of oil per day and 39.1 million cubic feet per day of natural gas.
The sale is expected to close in November.
EXCO said it has agreed to sell more than $1.1 billion of assets this year and pulled in $1.3 billion for a shale gas joint venture with Britain's BG Group. Chief Executive Douglas Miller said that after the completion of the deals, EXCO expects to have cut its debt by more than $2 billion.
(Reporting by Michael Erman, editing by Leslie Gevirtz) Keywords: EXCO/SHERIDAN (Reuters Messaging: michael.erman.reuters.com@reuters.net; +1 646 223 6021) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Dallas-based EXCO said it will sell the Oklahoma properties to privately held Sheridan Holding Company I LLC.
At the end of 2008, the assets held an estimated proved reserves of 4.8 million barrels of oil and 223.7 billion cubic feet of natural gas. They produce about 919 barrels of oil per day and 39.1 million cubic feet per day of natural gas.
The sale is expected to close in November.
EXCO said it has agreed to sell more than $1.1 billion of assets this year and pulled in $1.3 billion for a shale gas joint venture with Britain's BG Group. Chief Executive Douglas Miller said that after the completion of the deals, EXCO expects to have cut its debt by more than $2 billion.
(Reporting by Michael Erman, editing by Leslie Gevirtz) Keywords: EXCO/SHERIDAN (Reuters Messaging: michael.erman.reuters.com@reuters.net; +1 646 223 6021) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.