OREANDA-NEWS. April 11, 2017. US independent Exco Resources has agreed to sell its oil and natural gas assets in south Texas' Eagle Ford shale to private equity-backed Venado Oil & Gas for $300mn.

The assets include 54,250 acres in the Texas counties of Zavala, Dimmit and Frio as well as production of 4,100 b/d of oil equivalent (boe/d), 90pc of which is crude. The deal is scheduled to close in June.

The company will use the proceeds of the sale to fund further development of the Haynesville shale, a gas-rich formation in east Texas and northern Louisiana and Exco's key operating area.