HOUSTON, May 11, 2010: BG Group this week announced that it has entered into further joint venture arrangements with its U.S. shale partner, EXCO Resources, Inc. BG Group will acquire a 50% interest in companies that hold EXCO's producing and non-producing assets in the Appalachian Basin, located primarily in Pennsylvania and West Virginia. Morgan Lewis advised BG Group on the transaction, under the terms of which BG Group will pay a total consideration of $950 million, equating to an estimated unit resource cost of $0.40 per thousand cubic feet (mcf).
The Morgan Lewis team included Business & Finance Energy Transactions partners David F. Asmus and Michael R. King; Employee Benefits & Executive Compensation partner Erin Turley; Tax Controversy & Consulting partners Gary B. Wilcox, Kimberley M. Reeder, and of counsel George T. Bell; Environmental Litigation of counsel Maxine M. Woelfling; Antitrust partner Harry T. Robins; and Energy partner Mark R. Haskell.