BG Group will buy a stake in Exco Resources’ shale-gas properties in Texas and Louisiana for $1.06 billion, The Wall Street Journal reports. As per the deal, the U.K. energy major will acquire 50% stake in the lands held by Exco in east Texas and north Louisiana.

BG said the deal would add 2.6 trillion cubic feet to the company’s resource base, equal to 4-5% of its existing resources. EXCO has also agreed to negotiate selling a 50% interest in related gas-gathering and distribution assets for $249 million.

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