EXCO Resources, Inc. Announces Change to Board of Directors
November 09 2017 - 5:17PM
Business Wire
EXCO Resources, Inc. (NYSE:XCO.BC) (“EXCO” or the “Company”)
today announced the resignation of C. John Wilder from his position
as a member of the Company’s Board of Directors (the “Board”) and
his position as Executive Chairman of the Board, in each case
effective as of November 9, 2017. Mr. Wilder became one of the
Company’s directors and Executive Chairman of the Board in
September 2015.
At the time of his resignation, Mr. Wilder was not a member of
any committee of the Board. Mr. Wilder’s resignation was not the
result of any disagreement with the Company on any matter relating
to the Company’s operations, policies or practices.
In connection with Mr. Wilder’s resignation, the Company entered
into a letter agreement with Energy Strategic Advisory Services,
LLC (“ESAS”), an entity controlled by Mr. Wilder, pursuant to which
the Company and ESAS agreed to suspend ESAS’ obligation to provide
services to the Company and the Company’s obligation to pay for
such services, in each case, pursuant to the Services and
Investment Agreement between ESAS and the Company (the “Services
and Investment Agreement”). The letter agreement also suspended
ESAS’ ability to nominate a member to EXCO’s board of directors. In
addition, pursuant to the letter agreement, the warrants issued by
the Company to ESAS in March 2015 were forfeited and cancelled and
the Company has no further obligations under such warrants. The
warrants represented the right to purchase up to an aggregate of
5,333,335 common shares, subject to the satisfaction of certain
performance criteria, at exercise prices ranging from $41.25 per
share to $150.00 per share.
The suspension of the Services and Investment Agreement will end
upon the Company providing written notice to ESAS that the Company
elects to have ESAS recommence services under the Services and
Investment Agreement or upon the occurrence of certain other events
specified in the letter agreement.
About EXCO
EXCO is an oil and natural gas exploration, exploitation,
acquisition, development and production company headquartered in
Dallas, Texas with principal operations in Texas, North Louisiana
and the Appalachia region. EXCO’s headquarters are located at 12377
Merit Drive, Suite 1700, Dallas, TX 75251.
Forward-Looking Statements
This release may contain forward-looking statements relating to
future financial results, business expectations and strategic and
financial alternatives and other business transactions. Actual
results may differ materially from those predicted as a result of
factors over which EXCO has no control. Such factors include, but
are not limited to: EXCO’s liquidity, sources of capital resources
and ability to implement or execute on any strategic or financial
initiatives, adjust its capital structure, or increase its
liquidity; the continued volatility of, or depressed prices in, the
oil and gas markets; the continued listing of EXCO’s common shares
on the NYSE; the estimates of reserves; availability and costs of
services and materials; commodity price changes; regulatory
changes; and general economic conditions. These and other factors
are included in EXCO’s reports on file with the SEC. Except as
required by applicable law, EXCO undertakes no obligation to
publicly update or revise any forward-looking statements.
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EXCO Resources, Inc.Tyler Farquharson, 214-368-2084Vice
President, Chief Financial Officer and
Treasurerwww.excoresources.com