EXCO Announces Investment Agreement With Bluescape Unit; Names Harold Hickey CEO

(RTTNews) - EXCO Resources Inc. (XCO) and a wholly owned subsidiary of Bluescape Resources Company LLC announced the execution of a Services and Investment Agreement. As per the agreement, John Wilder, Executive Chairman of Bluescape Resources Company LLC, will join EXCO's Board and become EXCO's Executive Chairman. Harold Hickey, EXCO's President and COO, has been appointed CEO and President of EXCO.

Bluescape will purchase $10 million in EXCO's common stock from the company and an additional $40 million in common stock in the open market within one year from closing; and Bluescape will receive a cash retainer and a warrant package designed to reward outstanding relative value outperformance by EXCO's common stock.

Bluescape Resources Company LLC is a private, independent investment and operating company headquartered in Dallas, Texas. Bluescape is focused principally in the oil and gas and power sectors and owns major resource positions in the Appalachia region, South Texas, Kansas, Canada, and Italy.