EXCO Resources, Inc. Announces Early Tender Offer Results for Its 7.500% Senior Notes Due 2018 and 8.500% Senior Notes Due 2022 and Receipt of Consents to Amend the Indenture Governing Its 8.500% Senior Notes Due 2022

EXCO Resources, Inc. (NYSE:XCO) (“EXCO”) today announced the early
tender results of the previously announced cash tender offer (the
“Tender Offer”) for EXCO’s outstanding 7.500% Senior Notes due 2018 (the
“2018 Notes”) and EXCO’s outstanding 8.500% Senior Notes due 2022 (the
“2022 Notes” and together with the 2018 Notes, the “Notes”) and the
consent solicitation (the “Consent Solicitation”) to amend certain terms
of the indenture governing the 2022 Notes (the “2022 Notes Indenture”).

The following table sets forth the original outstanding principal amount
of Notes included in the Tender Offer, the principal amount of Notes
tendered and not withdrawn as of the Early Tender/Consent Only Deadline
(as defined below) and the principal amount accepted for purchase.

As of the early tender and consent payment deadline of 5:00 p.m., New
York City time, on August 9, 2016 (the “Early Tender/Consent Only
Deadline”), $23,470,000 in aggregate principal amount, or approximately
17.84% percent, of the 2018 Notes outstanding held by non-affiliates has
been validly tendered and not withdrawn, $117,023,000 in aggregate
principal amount, or approximately 68.3% percent, of the 2022 Notes
outstanding held by non-affiliates has been validly tendered and not
withdrawn, and holders of an additional $25,240,000 in aggregate
principal amount, or approximately 14.7% percent, of the 2022 Notes
outstanding held by non-affiliates, have not tendered, but have provided
consents that have been validly tendered and not revoked.

As the Tender Offer is oversubscribed with respect to each series of
Notes, EXCO has accepted for purchase tendered Notes on a prorated basis
in the manner described in the Offer to Purchase and Consent
Solicitation Statement dated as of July 27, 2016. Holders who tender
Notes or deliver consents after the Early Tender/Consent Only Deadline
will not have any of their Notes or consents accepted for payment.

As of the Early Tender/Consent Only Deadline, holders of a majority of
the outstanding aggregate principal amount of the 2022 Notes have
provided consents to adopt the proposed amendments to the 2022 Notes
Indenture. As a result, EXCO and the trustee under the 2022 Notes
Indenture have executed a supplemental indenture (the “Supplemental
Indenture”) to amend the 2022 Notes Indenture, which will amend the
definition of “Credit Facilities” in the 2022 Notes Indenture to include
debt securities as a permitted form of additional secured indebtedness,
in addition to term loans and other credit facilities currently
permitted. The Supplemental Indenture will be effective immediately upon
its execution and delivery to the trustee under the 2022 Notes
Indenture. However, the proposed amendment will not become operative
until EXCO notifies the trustee under the 2022 Notes Indenture that the
amounts payable by EXCO pursuant to the Tender Offer and the Consent
Solicitation are deposited with the Tender Agent on the early payment
date, which is expected to occur on August 12, 2016.

Credit Suisse Securities (USA) LLC is acting as Dealer Manager for the
Tender Offer and Solicitation Agent for the Consent Solicitation, and
D.F. King & Co., Inc. is acting as the Information Agent, Tabulation
Agent and Tender Agent for the Tender Offer and the Consent
Solicitation. Questions regarding the Tender Offer and the Consent
Solicitation may be directed to Credit Suisse Securities (USA) LLC at
(800) 820-1653 (U.S. toll free) or (212) 538-1862 (collect). Copies of
the documents may be obtained from D.F. King & Co., Inc. via the
internet at www.dfking.com/exco,
by email at exco@dfking.com or by
telephone at (212) 269-5550 (for banks and brokers) or (800) 884-5197
(for all others).This announcement does not constitute an offer to
purchase Notes or a solicitation of an offer to sell Notes and shall not
be deemed to be an offer to purchase or a solicitation of an offer to
sell with respect to any securities of EXCO or its subsidiaries. The
Tender Offer and 2022 Notes Consent Solicitation are not being made in
any jurisdiction in which, or to or from any person to or from whom, it
is unlawful to make such offer or solicitation under applicable state or
foreign securities or “blue sky” laws.

About EXCO

EXCO Resources, Inc. 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.

Additional information about EXCO Resources, Inc. may be obtained by
contacting Chris Peracchi, EXCO’s Vice President of Finance and Investor
Relations, and Treasurer, at EXCO’s headquarters, 12377 Merit Drive,
Suite 1700, Dallas, TX 75251, telephone number (214) 368-2084, or by
visiting EXCO’s website at www.excoresources.com.
EXCO’s Securities and Exchange Commission (“SEC”) filings and press
releases can be found under the Investor Relations tab.

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: the
completion of the Tender Offer, EXCO’s ability to implement or execute
on any strategic or financial alternatives, adjust its capital
structure, or increase its liquidity; continued volatility of, or
depressed prices in, the oil and gas markets; future capital
requirements and availability of financing, including reductions to
EXCO’s borrowing base and limitations on its ability to incur certain
types of indebtedness under its debt agreements; EXCO’s ability to meet
its current and future debt service obligations, including its ability
to maintain compliance with its debt covenants; cash flow and liquidity;
estimates of reserves and economic assumptions, including estimates
related to acquisitions and dispositions of oil and natural gas
properties and general economic conditions, including costs associated
with drilling and operations of EXCO’s properties. These and other risk
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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