UPDATE 1-Exco buys some Marcellus Shale assets for $459 mln

* Buys properties from Chief Oil and gas

* Says JV partner BG has right to buy 50 pct of assets

Dec 21 (BestGrowthStock) – Oil and gas company EXCO Resources Inc
(XCO.N: ), the target of a buyout by its CEO, said it acquired
some Marcellus shale properties for $459.4 million from Chief
Oil & Gas LLC and related parties.
The assets fall within the area of mutual interest established
by existing joint venture with British gas producer BG Group
(BG.L: ) and thus, BG has the right to purchase 50 percent of the
properties. [ID:nLDE6490DB]

The acquired assets include producing properties with gross
output of about 40 million cubic feet per day from 15 producing
wells prospects located in Northeastern Pennsylvania, the
company said. Last month, EXCO’s CEO Douglas Miller teamed up
with investors including oilman T. Boone Pickens to bid for the
company for about $4.36 billion. [ID:nSGE6A00GV]

EXCO shares, which remained flat since the its CEO made the
offer on Nov. 1, closed at $19.32 on Tuesday on the New York
Stock Exchange.
(Reporting by Thyagaraju Adinarayan in Bangalorel; Editing by
Vyas Mohan)

UPDATE 1-Exco buys some Marcellus Shale assets for $459 mln