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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 EXCOs 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 HGIs 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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November 21, 2014
08:33 EDTHRGHarbinger Group reports Q4 EPS (3c) vs. ($1.45) last year
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November 11, 2014
12:07 EDTXCOEXCO Resources sees Q4 adjusted EBITDA $90M
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12:05 EDTXCOEXCO Resources sees Q4 average daily production 345 Mmcfe/day
Sees Q4 total production 31,730 Mmcfe. Sees FY14 average daily production 373 Mmcfe/day. Sees FY14 total production 136,187 Mmcfe. Sees Q4 CapEx $115M, FY14 CapEx $417.7M. Says expects sequential increase in production in Q4 after adjusting for Compass divestiture. Guidance from slides presentation.

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