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Exco Resources invests in Haynesville Shale future
Dallas-based Exco Resources, Inc. this week announced the company will be hosting an event Friday to unveil their newly constructed Haynesville Shale Field Office and break ground on a new Haynesville Shale Gas Gathering and Treating Facility.
The event will be held at the new Exco Field Office located at 8451 Highway 175, Grand Cane, La., beginning at 11 a.m. Friday. Exco last summer purchased the assets of the Geo-Vest energy firm formerly headquartered in Kilgore for about $250 million.
The Haynesville shale formation has been cited for the large volume of natural gas it contains lying deep beneath East Texas and Northwest Louisiana.
Exco officials said the firm has quickly become a leading producer in the Haynesville shale play and currently has nine operated horizontal wells and eight operated vertical wells drilled and completed. There are also plans to start drilling and completing 21 more operated horizontal wells by the end of 2009.
“We are very excited about the success we have achieved in the Haynesville shale and have committed over two-thirds of our 2009 drilling and completion budget to continue developing the 85,000 net acres we have in the play,” said Doug Miller, chairman and CEO. “In addition to our production and development plans, we are committed to spend over $100 million in 2009 on our midstream business to add treating capability and throughput capacity in excess of 500 million cubic feet of natural gas per day by early 2010 in our Haynesville shale area.”
To accommodate operations of its existing fields and exploitation of its significant acreage position in northern DeSoto Parish, Exco acquired a site and constructed a new field office on State Highway 175 near Grand Cane. This new 10,400 square foot office in now headquarters for Exco’s Northwest Louisiana operations and houses nearly 50 Exco employees who currently operate 360 wells in the area.
Exco Resources is an oil and natural gas exploration, exploitation, development and production company headquartered in Dallas with principal operations in East Texas, North Louisiana, Appalachia, West Texas and the Mid-Continent. For more information, visit the company’s Web site at www.excoresources.com.
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