EXCO Resources Inc. said on Friday that it has closed its transactions with BG Group PLC for the joint development and operation of EXCO's Haynesville shale and other natural gas assets in East Texas and North Louisiana.
The deal also covers the joint development and operation of EXCO's midstream assets in the same area.
EXCO sold BG Group a 50 percent interest in its producing and nonproducing assets in an area that includes most of EXCO's holdings in the area, except the Vernon Field in Jackson Parish, La., and the Redland Field in Bossier and Webster Parishes, La.
EXCO and BG Group will each own half the acreage, production and reserves in the area. The land includes 65,000 acres in East Texas and 55,000 acres in Louisiana.
EXCO shares fell 19 cents to $13.73 in afternoon trading.