Exco to sell some assets to EV Energy Partners

Exco Resources to sell some Ohio and Northwestern Pennsylvania assets to EV Energy Partners

• On 9:09 am EDT, Wednesday September 30, 2009

DALLAS (AP) -- Exco Resources Inc. said Tuesday that it will sell some Ohio and Northwestern Pennsylvania oil and natural gas assets to EV Energy Partners LP and its partners for $145 million.

EV Energy said it is making the deal along with certain institutional partnerships managed by EnerVest Ltd. EV Energy, based in Houston, said it is acquiring a 17.2 percent interest in the properties for $25 million.

The 3,000 wells in the Clinton, Knox, Medina, Bradford and Oriskany formations include estimated proved reserves of 1.9 million barrels of oil and 110.4 billion cubic feet of natural gas, or 121.9 billion cubic feet of natural gas equivalent. The wells produce 258 barrels of oil per day and 12.9 million cubic feet per day of natural gas, or 14.4 million cubic feet of natural gas equivalent per day, the company said.

The sale is expected to close in November.

Douglas H. Miller, CEO of Dallas-based Exco, said the sale is part of the company's ongoing effort to divest certain non-strategic assets.

The deal was announced after the market closed on Tuesday. EV Energy shares finished the session at $23.10, with Exco at $18.92.