Exco Operating Co. LP, a subsidiary of Exco Resources Inc., Dallas, (NYSE: XCO) has closed a $300 million senior unsecured term credit agreement to pay debt. JPMorgan Chase Bank NA was administrative agent.
Exco is presently reviewing its capital budget for 2009 and in view of continuing softness in the gas and oil prices, is considering beginning the year with a capital budget that will be substantially less than 2008 and that will produce free-cash flow for debt reduction.
Exco has oil and gas operations primarily in Texas, Louisiana, Ohio, Oklahoma, Pennsylvania and West Virginia.
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