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Stock Market & Financial Investment News

News Breaks
February 15, 2013
09:01 EDTHRG, XCOHarbinger 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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October 10, 2014
06:54 EDTXCOEXCO Resources volatility elevated, Pickens says company approached by buyers
EXCO Resources overall option implied volatility of 68 is above its 26-week average of 48 according to Track Data, suggesting large price movement into the company approached by buyers according to T. Boone Pickens, Bloomberg says.
05:24 EDTXCOEXCO Resources updates status of CEO search
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October 9, 2014
18:47 EDTXCOOn The Fly: After Hours Movers
UP AFTER EARNINGS: Helen of Troy (HELE), up 3%... Barracuda Networks (CUDA), up marginally after reporting second quarter results. ALSO HIGHER: Sucampo Pharmaceuticals (SCMP), up 19.2% after announcing settlement agreement resolving patent litigation on AMITIZA... Civeo (CVEO), up 15% after Greenlight Capital reported a 9.99% stake in the company... EXCO Resources (XCO), up 10.6% after T. Boone Pickens says that company approached by buyers, reported by Bloomberg... EXACT Sciences (EXAS), up 3.7% after announcing final national coverage determination for Cologuard... US Ecology (ECOL), up 2.5% following announcement that it will replace Measurement Specialties (MEAS) in S&P 600. DOWN AFTER EARNINGS: Procera Networks (PKT), down 19.3%... Sizmek (SZMK), down 13.9% following third quarter revenue guidance... VOXX International (VOXX), down 12.5%... Knowles (KN), down 8.1% after lowering third quarter guidance... Microchip (MCHP), down 8.2% after lowering second quarter guidance... Juniper Networks (JNPR), down 3.6% after lowering third quarter outlook. ALSO LOWER: GT Advanced Technologies (GTAT), down 23.3% following a Bloomberg report that it will as to wind down sapphire operations.
18:33 EDTXCOEXCO Resources up 10.6% after Pickens says company approached by buyers
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18:31 EDTXCOEXCO approached by buyers according to T. Boone Pickens, Bloomberg says
October 6, 2014
19:32 EDTHRG, XCOEXCO to sell interests in Compass to Harbinger affiliate
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17:36 EDTHRG, XCOHarbinger announces acquisition of full interest in Compass Production for $118M
Harbinger Group (HRG) announced that its wholly-owned subsidiary, HGI Energy Holdings, has executed an agreement to acquire the remaining approximately 25% interests it does not already hold in the Compass joint venture from EXCO Resources (XCO) for $118.75M in cash. The economic effective date of the transaction is August 1, subject to certain exceptions, and is expected to close this fiscal quarter. Following the transaction, the company will be the sole owner of any and all interests in Compass.

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