EXCO Doubles Earnings for First Quarter of 2001

Apr 30, 2001, 01:00 ET from EXCO Resources, Inc.

    DALLAS, April 30 /PRNewswire/ -- EXCO Resources, Inc. (Nasdaq:   EXCO) today
 reported net income for the three months ended March 31, 2001, of $3.0
 million, or $.43 per basic share and $.40 per diluted share as compared to net
 income of $1.5 million, or $.21 per basic and diluted share for the same
 quarter of 2000.  Revenues for the first quarter of 2001 were $13.7 million
 versus $5.0 million for the first quarter of 2000.  The $8.7 million, or 176%,
 increase in revenues was due to both (1) production increases as a result of
 the acquisitions of properties located in Val Verde County, Texas (acquired
 February 25, 2000), Pecos County, Texas (acquired March 24, 2000), the Central
 Resources Properties (acquired September 22, 2000), and the STB Energy
 Properties (acquired March 8, 2001), and (2) oil and natural gas price
 increases.
     Production for the three months ended March 31, 2001, was approximately
 213,000 barrels of oil, 22,000 barrels of natural gas liquids, and 1.3 Bcf of
 natural gas as compared to first quarter 2000 production of approximately
 74,000 barrels of oil, 20,000 barrels of natural gas liquids, and .7 Bcf of
 natural gas.  Overall, for the three months ended March 31, 2001, total
 production was approximately 2.7 Bcfe versus first quarter 2000 total
 production of approximately 1.3 Bcfe, a 1.4 Bcfe or 113% increase.
     The average oil price received during the three months ended March 31,
 2001, was $27.81 versus $25.18 for the three months ended March 31, 2000, a
 $2.63 per barrel or 10% increase.  The average natural gas price received
 during the current three months was $5.38 versus $2.39 for the corresponding
 three months of the prior year, a $2.99 per Mcf or 125% increase.  The average
 natural gas liquids price received during the three months ended March 31,
 2001, was $25.98 versus $23.45 during the three months ended March 31, 2000, a
 $2.53 per barrel or 11% increase.
     EXCO Resources, Inc. is an oil and gas acquisition, exploitation,
 development and production company headquartered in Dallas, Texas with
 principal operations in Texas, Louisiana, Mississippi and Alberta, Canada.
 The Company's stock is traded on the Nasdaq NMS under the symbol EXCO.
     Additional information about EXCO Resources, Inc. may be obtained by
 contacting the Company's President, Ted Eubank, at EXCO's headquarters,
 6500 Greenville Avenue, Suite 600, LB 17, Dallas, Texas 75206, telephone
 number (214) 368-2084.
     This release may contain forward-looking statements relating to future
 financial results or business expectations.  Business plans may change as
 circumstances warrant.  Actual results may differ materially from those
 predicted as a result of factors over which the Company has no control.  Such
 factors include, but are not limited to: acquisitions, recruiting and new
 business solicitation efforts, commodity price changes, the extent to which
 the Company is successful in integrating recently acquired businesses,
 regulatory changes and general economic conditions.  These risk factors and
 additional information are included in the Company's reports on file with the
 Securities and Exchange Commission.
 
 
                              EXCO RE

SOURCES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands, except per share data) December 31, March 31, 2000 2001 Assets Current assets: Cash and cash equivalents $8,200 $5,155 Accounts receivable: Oil and natural gas sales 8,591 7,936 Joint interest 1,202 1,459 Interest and other 286 536 Oil and natural gas hedge derivatives --- 443 Other 1,983 1,531 Total current assets 20,262 17,060 Oil and natural gas properties (full cost accounting method): Proved developed and undeveloped oil and natural gas properties 90,586 113,164 Allowance for depreciation, depletion and amortization (10,231) (12,225) Oil and natural gas properties, net 80,355 100,939 Office and field equipment, net 681 749 Deferred financing costs 310 348 Oil and natural gas hedge derivatives --- 796 Other assets 764 1,529 Total assets $102,372 $121,421 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued liabilities $2,678 $4,917 Revenues and royalties payable 3,652 3,382 Accrued interest payable 81 44 Current maturities of long-term debt 55 --- Income taxes payable 2,189 576 Total current liabilities 8,655 8,919 Long-term debt, less current maturities 42,488 56,157 Deferred abandonment 227 227 Deferred income taxes 1,211 1,981 Stockholders' equity: Preferred stock, $.01 par value: Authorized shares - 10,000,000 Outstanding shares - None --- --- Common stock, $.02 par value: Authorized shares - 25,000,000 Issued and outstanding shares - 6,853,196 and 6,878,211 at December 31, 2000 and March 31, 2001, respectively 137 138 Additional paid-in capital 47,500 47,671 Notes receivable-officers (1,551) (1,578) Deficit eliminated in quasi-reorganization (8,799) (8,799) Retained earnings since December 31, 1997 12,608 15,570 Treasury stock, at cost: 11,446 shares at December 31, 2000 and March 31, 2001 (104) (104) Accumulated other comprehensive income --- 1,239 Total stockholders' equity 49,791 54,137 Total liabilities and stockholders' equity $102,372 $121,421 EXCO RE

SOURCES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except per share amounts) Three Months Ended March 31, 2000 2001 Revenues: Oil and natural gas $4,026 $13,479 Other income 392 184 Gain on disposition of property and equipment 535 --- Total revenues 4,953 13,663 Costs and expenses: Oil and natural gas production 1,384 5,036 Depreciation, depletion and amortization 847 2,087 General and administrative 417 943 Interest 71 896 Total costs and expenses 2,719 8,962 Income before income taxes 2,234 4,701 Income tax expense 760 1,739 Net income $1,474 $2,962 Basic earnings per share $.21 $.43 Diluted earnings per share $.21 $.40 Weighted average number of common and common equivalent shares outstanding: Basic 6,815 6,871 Diluted 6,845 7,381 MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X85612436

SOURCE EXCO Resources, Inc.
    DALLAS, April 30 /PRNewswire/ -- EXCO Resources, Inc. (Nasdaq:   EXCO) today
 reported net income for the three months ended March 31, 2001, of $3.0
 million, or $.43 per basic share and $.40 per diluted share as compared to net
 income of $1.5 million, or $.21 per basic and diluted share for the same
 quarter of 2000.  Revenues for the first quarter of 2001 were $13.7 million
 versus $5.0 million for the first quarter of 2000.  The $8.7 million, or 176%,
 increase in revenues was due to both (1) production increases as a result of
 the acquisitions of properties located in Val Verde County, Texas (acquired
 February 25, 2000), Pecos County, Texas (acquired March 24, 2000), the Central
 Resources Properties (acquired September 22, 2000), and the STB Energy
 Properties (acquired March 8, 2001), and (2) oil and natural gas price
 increases.
     Production for the three months ended March 31, 2001, was approximately
 213,000 barrels of oil, 22,000 barrels of natural gas liquids, and 1.3 Bcf of
 natural gas as compared to first quarter 2000 production of approximately
 74,000 barrels of oil, 20,000 barrels of natural gas liquids, and .7 Bcf of
 natural gas.  Overall, for the three months ended March 31, 2001, total
 production was approximately 2.7 Bcfe versus first quarter 2000 total
 production of approximately 1.3 Bcfe, a 1.4 Bcfe or 113% increase.
     The average oil price received during the three months ended March 31,
 2001, was $27.81 versus $25.18 for the three months ended March 31, 2000, a
 $2.63 per barrel or 10% increase.  The average natural gas price received
 during the current three months was $5.38 versus $2.39 for the corresponding
 three months of the prior year, a $2.99 per Mcf or 125% increase.  The average
 natural gas liquids price received during the three months ended March 31,
 2001, was $25.98 versus $23.45 during the three months ended March 31, 2000, a
 $2.53 per barrel or 11% increase.
     EXCO Resources, Inc. is an oil and gas acquisition, exploitation,
 development and production company headquartered in Dallas, Texas with
 principal operations in Texas, Louisiana, Mississippi and Alberta, Canada.
 The Company's stock is traded on the Nasdaq NMS under the symbol EXCO.
     Additional information about EXCO Resources, Inc. may be obtained by
 contacting the Company's President, Ted Eubank, at EXCO's headquarters,
 6500 Greenville Avenue, Suite 600, LB 17, Dallas, Texas 75206, telephone
 number (214) 368-2084.
     This release may contain forward-looking statements relating to future
 financial results or business expectations.  Business plans may change as
 circumstances warrant.  Actual results may differ materially from those
 predicted as a result of factors over which the Company has no control.  Such
 factors include, but are not limited to: acquisitions, recruiting and new
 business solicitation efforts, commodity price changes, the extent to which
 the Company is successful in integrating recently acquired businesses,
 regulatory changes and general economic conditions.  These risk factors and
 additional information are included in the Company's reports on file with the
 Securities and Exchange Commission.
 
 
                              EXCO RESOURCES, INC.
 
                     CONDENSED CONSOLIDATED BALANCE SHEETS
                (Unaudited, in thousands, except per share data)
 
                                                     December 31,    March 31,
                                                        2000            2001
     Assets
     Current assets:
       Cash and cash equivalents                       $8,200         $5,155
       Accounts receivable:
         Oil and natural gas sales                      8,591          7,936
         Joint interest                                 1,202          1,459
         Interest and other                               286            536
         Oil and natural gas hedge derivatives            ---            443
       Other                                            1,983          1,531
           Total current assets                        20,262         17,060
 
     Oil and natural gas properties
      (full cost accounting method):
       Proved developed and undeveloped oil and
        natural gas properties                         90,586        113,164
       Allowance for depreciation, depletion and
        amortization                                  (10,231)       (12,225)
       Oil and natural gas properties, net             80,355        100,939
     Office and field equipment, net                      681            749
     Deferred financing costs                             310            348
     Oil and natural gas hedge derivatives                ---            796
     Other assets                                         764          1,529
           Total assets                              $102,372       $121,421
 
     Liabilities and Stockholders' Equity
     Current liabilities:
       Accounts payable and accrued liabilities        $2,678         $4,917
       Revenues and royalties payable                   3,652          3,382
       Accrued interest payable                            81             44
       Current maturities of long-term debt                55            ---
       Income taxes payable                             2,189            576
           Total current liabilities                    8,655          8,919
 
     Long-term debt, less current maturities           42,488         56,157
     Deferred abandonment                                 227            227
     Deferred income taxes                              1,211          1,981
 
     Stockholders' equity:
       Preferred stock, $.01 par value:
         Authorized shares - 10,000,000
         Outstanding shares - None                        ---            ---
       Common stock, $.02 par value:
         Authorized shares - 25,000,000
         Issued and outstanding shares - 6,853,196 and
          6,878,211 at December 31, 2000 and
          March 31, 2001, respectively                    137            138
     Additional paid-in capital                        47,500         47,671
     Notes receivable-officers                         (1,551)        (1,578)
     Deficit eliminated in quasi-reorganization        (8,799)        (8,799)
     Retained earnings since December 31, 1997         12,608         15,570
     Treasury stock, at cost: 11,446 shares at
      December 31, 2000 and March 31, 2001               (104)          (104)
     Accumulated other comprehensive income               ---          1,239
           Total stockholders' equity                  49,791         54,137
           Total liabilities and stockholders'
            equity                                   $102,372       $121,421
 
 
                              EXCO RESOURCES, INC.
 
                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
              (Unaudited, in thousands, except per share amounts)
 
                                                        Three Months Ended
                                                              March 31,
                                                         2000          2001
     Revenues:
       Oil and natural gas                             $4,026        $13,479
       Other income                                       392            184
       Gain on disposition of property and equipment      535            ---
           Total revenues                               4,953         13,663
 
     Costs and expenses:
       Oil and natural gas production                   1,384          5,036
       Depreciation, depletion and amortization           847          2,087
       General and administrative                         417            943
       Interest                                            71            896
           Total costs and expenses                     2,719          8,962
 
     Income before income taxes                         2,234          4,701
     Income tax expense                                   760          1,739
     Net income                                        $1,474         $2,962
     Basic earnings per share                            $.21           $.43
     Diluted earnings per share                          $.21           $.40
     Weighted average number of common and
      common equivalent shares outstanding:
       Basic                                            6,815          6,871
       Diluted                                          6,845          7,381
 
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 SOURCE  EXCO Resources, Inc.