* BG Group pays $230 mln for 50 pct in Mercellus property
* Proceeds used to repay debt
Feb 9 Oil and gas company Exco Resources Inc
(XCO.N) said it received $230 million from its joint venture
partner BG Group BG.L for 50 percent of Marcellus shale
assets it recently acquired.
Exco bought the properties for $459.4 million in December
from Chief Oil & Gas. British gas producer BG Group had the
right to buy 50 percent of the assets. [ID:nSGE6BK0BG]
Dallas-based Exco used the proceeds from the sale to repay
part of a loan, it said in a statement.
Shares of Exco, whose chief executive launched a $4.36
billion bid for his company in November, closed flat at $20.13
on Wednesday on the New York Stock Exchange.
(Reporting by Krishna N. Das in Bangalore; Editing by Joyjeet