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Stock Market & Financial Investment News

News Breaks
February 15, 2013
09:01 EDTXCO, HRGHarbinger Group successfully closes JV agreement with EXCO Resources
Harbinger Group (HRG) announced that its wholly-owned subsidiary, HGI Energy Holdings, LLC, successfully closed, effective February 14, on its previously announced joint venture with EXCO Resources (XCO) to create a private oil and gas partnership. Pursuant to the transaction, the Partnership purchased and will operate EXCO’s conventional oil and natural gas assets in West Texas, including and above the Canyon Sand formation, as well as in the Danville, Waskom, Holly and Vernon fields in East Texas and North Louisiana. A definitive agreement to enter into the Partnership was announced on November 5, 2012. Under the terms of the agreement announced on November 5, the Partnership acquired the oil and gas assets from EXCO for approximately $725M of total consideration, which represents HGI’s effective equity interest of $372.5 million, $127.5M in oil and gas properties and related assets contributed by EXCO, in each case before giving effect to preliminary closing adjustments described below, and approximately $225M of bank debt. The net cash contributed from HGI was $348.3M reflecting the effect of preliminary closing adjustments and the economic benefits related to the July 1, 2012 effective date. HGI and EXCO intend to opportunistically add incremental cash flow to the Partnership through the acquisition of other mature, conventional assets over time. As the first step in executing this business strategy, effective as of February 14, 2013, the Partnership entered into an agreement to acquire certain conventional oil and natural gas assets in the Danville, Waskom and Holly fields in East Texas and North Louisiana, including and above the Cotton Valley formation, from an affiliate of BG Group plc for $132.5M, subject to customary closing adjustments. These properties represent an incremental working interest in properties that EXCO contributed to the Partnership. This transaction is expected to close in March 2013. The Partnership intends to fund the acquisition using its revolving credit agreement.
News For HRG;XCO From The Last 14 Days
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April 21, 2015
17:10 EDTXCOEXCO Resources files to sell 5.88M shares of common stock for holders
April 17, 2015
18:48 EDTXCOEXCO Resources names Harold Jameson as COO, effective April 17
EXCO Resources (XCO) announced that EXCO’s Board of Directors appointed Harold Jameson as EXCO’s COO, effective April 17. Jameson most recently served as EXCO’s Vice President of Development & Production with primary responsibilities including EXCO’s horizontal shale development drilling programs in the Haynesville, Eagle Ford and Marcellus assets. Prior to joining EXCO in 2007, Jameson was employed at Anadarko Petroleum (APC) from 1991 to 2007.
April 12, 2015
15:30 EDTHRGHRG looks attractive at $12.15, Barron's says
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