BG Group and EXCO Resources have joined forces to buy Common Resources, giving the companies a stake in a rich natural gas area on the Louisiana-Texas border.
The firms will each acquire 50% of Common and development of Common’s assets will be governed by an existing joint venture between the companies.
Common has seven wells producing 39 million cubic feet of gas a day and 29,200 acres of land in the Haynesville and Bossier shales in east Texas, US.
EXCO has identified more than 1,000 additional drilling locations.
The deal does not include Common’s investment in the Eagle Ford shale area of south Texas.
