UPDATE 1-Haynesville shale props up EXCO production, outlook
* Q4 production up 70 pct at 350 mmcfe/d
* Sees 2011 net production of 520-580 mmcfe/d
Jan 24 (Reuters) - Oil and gas company EXCO Resources Inc (XCO.N), the target of a $4.36 billion buyout bid by its CEO, reported a 70 percent jump in quarterly production on strong results from its Haynesville operations, prompting it to forecast higher 2011 output.
The Dallas-based company expects net production to average 520-580 million cubic feet of natural gas equivalents per day (mmcfe/d) in 2011.
Adjusted 2010 production rose 40 percent to 299 mmcfe/d, while fourth-quarter output was at 350 mmcfe/d.
The Haynesville shale, which straddles parts of Louisiana and Texas, represented 59 percent of EXCO's total production in the fourth quarter, up from 23 percent in 2009.
Shares of the company closed at $19.60 on Friday on the New York Stock Exchange. The stock has gained almost a third of its value since Chief Executive Douglas Miller made a buyout proposal in November. (Reporting by Krishna N Das in Bangalore; Editing by Anne Pallivathuckal)