* Sets capital budget of $976.2 mln for 2011
* Plans to spend $757 mln on BG Group JV
Nov 29 EXCO Resources Inc (XCO.N), the target
of a $4.36 billion buyout bid by its CEO, said it expects to
raise production by 40 percent in 2011 and almost doubled its
capital budget to $976.2 million.
The Dallas-based oil and gas company plans to spend $757
million within its East Texas/North Louisiana joint venture
with British gas producer BG Group BG.L, which had bought a
50 percent interest in shale gas assets in eastern United
States' Appalachia from EXCO in May. [ID:nLDE6490DB]
"This capital program maintains our current level of
activity reflecting our 2010 acquisitions in the Shelby Trough
and expansion of our development and exploration activities in
Appalachia," the company said.
EXCO had agreed to buy some Haynesville and Bossier shale
assets from Southwestern Energy (SWN.N). [ID:nSGE65F0JB]
For 2010, EXCO had forecast production of 315-330 million
cubic feet equivalent per day (mmcfed), compared with 351
mmcfed in 2009.
For the current year, it sees capital expenditures of
EXCO shares, up by about a third since the offer from its
CEO on Nov. 1, closed at $18.45 on Friday on the New York Stock
(Reporting by Krishna N. Das in Bangalore; Editing by Don