DALLAS–(BUSINESS WIRE)–EXCO Resources, Inc. (NYSE:XCO) (“EXCO” or the “Company”) today announced that the six proposals presented by EXCO in the proxy statement have received the affirmative vote of more than a majority of EXCO’s shares of common stock outstanding, and proposals 3 and 4, which amend EXCO’s Articles of Incorporation, received the affirmative vote of more than two-thirds of the outstanding shares of common stock required under Texas law. Set forth below are the voting results on each of the proposals:
| Table 1: Tabulation Summary | ||||||||||||||||||||||
| Voting Results | ||||||||||||||||||||||
| % Voted For | ||||||||||||||||||||||
| Proposal | Unit | For | Against | Withhold/Abstain | Cast | Outstanding | ||||||||||||||||
| 1 | Election of directors | |||||||||||||||||||||
| Jeffrey D. Benjamin | #, % | 189,519,337 | N/A | 11,136,185 | 94.5 | % | 69.2 | % | ||||||||||||||
| B. James Ford | #, % | 196,558,775 | N/A | 4,096,747 | 98.0 | % | 71.8 | % | ||||||||||||||
| Samuel A. Mitchell | #, % | 196,888,308 | N/A | 3,767,214 | 98.1 | % | 71.9 | % | ||||||||||||||
| Wilbur L. Ross, Jr. | #, % | 172,524,735 | N/A | 28,130,787 | 86.0 | % | 63.0 | % | ||||||||||||||
| Jeffrey S. Serota | #, % | 196,558,360 | N/A | 4,097,162 | 98.0 | % | 71.8 | % | ||||||||||||||
| Robert L. Stillwell | #, % | 196,895,033 | N/A | 3,760,489 | 98.1 | % | 71.9 | % | ||||||||||||||
| 2 | Issuance of warrants to Bluescape | #, % | 186,656,041 | 13,401,234 | 598,247 | 93.0 | % | 68.2 | % | |||||||||||||
| 3 | Amendment to increase authorized number of shares | #, % | 185,193,499 | 14,906,780 | 555,243 | 92.3 | % | 67.7 | % | |||||||||||||
| 4 | Amendment to waive corporate opportunities duty | #, % | 184,113,523 | 15,725,368 | 816,631 | 91.8 | % | 67.3 | % | |||||||||||||
| 5 | Advisory vote to approve executive compensation | #, % | 184,068,628 | 15,549,095 | 1,037,799 | 91.7 | % | 67.3 | % | |||||||||||||
| 6 | Ratification of the appointment of KPMG | #, % | 244,608,019 | 4,105,657 | 1,015,675 | 97.9 | % | 89.4 | % | |||||||||||||
EXCO is working towards the closing of the services and investment agreement with a subsidiary of Bluescape Resources Company LLC, including the appointment of C. John Wilder to the position of Executive Chairman of the Company’s Board of Directors.
EXCO Resources, Inc. is an oil and natural gas exploration, exploitation, development and production company headquartered in Dallas, Texas with principal operations in Texas, North Louisiana and Appalachia.
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 SEC filings and press releases can be found under the Investor Relations tab.
This release may contain forward-looking statements relating to future financial results, business expectations and 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 closing of the transactions contemplated by EXCO’s agreement with Bluescape, the continued listing of EXCO’s common shares on the NYSE, the trading price of EXCO’s common shares on the NYSE, continued volatility in the oil and gas markets, the estimates of reserves, commodity price changes, regulatory changes and general economic conditions. These 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.