A subsidiary of Exco Resources Inc., Dallas, (NYSE: XCO) has acquired Winchester Energy Co. Ltd. and its affiliated entities from Progress Energy Inc., Raleigh, N.C., (NYSE: PGN) for $1.2 billion in cash. The assets include producing and undeveloped gas properties in the Cotton Valley, Hosston and Travis Peak trends of East Texas and North Louisiana with an average 87% working interest (68% net revenue interest). Current production is approximately 75 million cubic feet of gas equivalent per day from 588 producing wells (89% operated). Proved reserves are approximately 325 billion cubic feet of gas equivalent with probable reserves of 300 billion cubic feet and possible reserves of 30 billion cubic feet.
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