EXCO Resources, Inc. said on Monday it had acquired Winchester Energy Company, Ltd. and its affiliated entities from Progress Energy, Inc. for an estimated $1.16 billion.
EXCO is an oil and natural gas acquisition, exploitation, development and production company. The company said the agreed amount of the acquisition is subject to contractual closing and post-closing adjustments. Winchester Energy and its affiliated entities own operations in East Texas and North Louisiana.
EXCO disclosed a $650 million term loan and a new revolving credit facility, which will assist the company obtained by borrowing from EXCO Partners LP, its indirect and wholly-owned subsidiary.
Dallas based EXCO currently has principal operations in Texas, Colorado, Louisiana, Ohio, Oklahoma, Pennsylvania and West Virginia.