First Quarter 2016 Review

Hal Hickey Chief Executive Officer

Harold Jameson Chief Operating Officer
Ricky Burnett Chief Financial Officer

May 4, 2016
Strategic Plan Update
Focus Area # Improvement Plan
Improve Debt Structure To
Provide Structural Liquidity
1 Continuing to evaluate financing alternatives including the repurchase,
Liability
Management
Restructure Gathering And
Transportation Contracts To
2 Provide Liquidity
Reduce G&A Load To Reduce
Fixed Cost Burden
3 Expect G&A and LOE costs to continue to decrease during 16
Operational Improve Drilling And
Performance Completion Performance To
Improve Capital Returns
4 Company record
Implement A Liquidity
Driven Prioritized Capital
Allocation System To Ensure
Capital
Deployment 5 Highest And Best Use Of
Capital
Q1 16 Update
Borrowing base redetermined at $325MM in connection with semi-annual
process; $256MM of liquidity as of March 31, 2016
Repurchased $54MM of unsecured notes with cash for $8MM
refinancing or exchange of existing indebtedness, issuance of additional
indebtedness or issuance of equity
Remain committed to working with midstream and transportation providers to
restructure gathering and transportation contracts
Significant amount of underutilized capacity with fee structures above current
market rates
Reduced G&A headcount by an additional 20% since Q4 15
Decreased G&A and LOE costs by 27% and 25% compared to Q4 15
Continue to rationalize corporate costs
Completion program utilized up to 2,800 lbs of proppant per lateral foot during
Q1 16
Drilled NLA Haynesville well in 23 days (spud to rig release) during Q1 16, a new
Average cost for the ETX Haynesville wells turned to sales during Q1 16 was
$8.9MM, $1.2MM below budget; NLA Haynesville wells expected to cost
$6.0MM, $0.7MM below budget
Reduced 16 capital program to $85MM versus 15 capital expenditures of
$277MM
Measure capital allocation decisions against liquidity intensity benchmark
Elected to defer additional development to preserve capital resources
Evaluating divestiture of non-core assets
2
#1: Improve Debt Structure To Provide Structural Liquidity

Debt And Liquidity

Dec 15 Mar 16; Mixed Measures 1 Q1 16 Update 2
Focused on improving capital structure and providing
Delta structural liquidity
$MM Unless Otherwise Noted Mar 16 Dec 15 %
Completed semi-annual redetermination resulting in
Cash And Restricted Cash1 74 33 124 a borrowing base of $325MM, a 13% decline from the
previous $375MM borrowing base
Credit Agreement 133 67 99
Utilized $8MM of cash to repurchase $14MM and
2nd Lien Term Loans2 700 700 0
$40MM in principal of 18 and 22 senior unsecured
18 Senior Notes 144 158 (9) notes, respectively, resulting in a yearly interest
expense reduction of $4MM
22 Senior Notes 183 223 (18)
Since Q3 15, the Company has reduced its senior
Gross Debt2 1,159 1,148 1 unsecured notes by $924MM, or 74%

Net Debt2 1,086 1,115 (3) The Company continues to evaluate additional capital
structure initiatives, including the repurchase,
Borrowing Base 325 375 (13) refinancing or restructuring of existing indebtedness,
issuance of additional indebtedness or issuance of
Liquidity 256 334 (23)
equity
Interest Coverage Ratio ( 1.25x) 2.2x 2.4x (8)

1st Lien Leverage Ratio ( 2.5x) 0.7x 0.3x 133

EXCO will focus on restructuring its debt burden to extend fixed maturities, enabling a stable runway to manage risks and implement its
improvement plan
1. Includes restricted cash of $28 million and $21 million as of Mar. 31, 16 and Dec. 31, 15.
2. Represents total principal balance outstanding. The issuance of the Exchange Term Loan and related repurchases of 18 Notes and 22 Notes were accounted for in accordance with ASC 470-60. As a result, the carrying amount of the Exchange Term Loan is equal to the total
undiscounted future cash payments, including interest and principal. All cash payments under the terms of the Exchange Term Loan, whether designated as interest or as principal amount, will reduce the carrying amount and no interest expense will be recognized. The
undiscounted future interest payments on the Exchange Term Loan expected to be due in the next twelve months are classified as Current portion of long-term debt on the balance sheet. As such, the Company's reported interest expense will be less than the contractual
payments throughout the term of the Exchange Term Loan. 3
#2 Restructure Gathering And Transportation Contracts To Enhance Liquidity

ETX/NLA Gross Transportation Commitments

16; $MM 1 Execution Strategy 2
The Company remains committed to working with
its midstream and transportation providers to
restructure contracts, which include contracts
with a significant amount of underutilized
capacity and fee structures above the current
31 market rates

More must be done to restructure contracts

Market unutilized portion of transportation to

53 increase utilization
126
Evaluate M&A transactions to increase utilization

Continue to blend and extend gathering and

42 transportation contracts
Evaluate options to issue secured debt in
exchange for cost relief
Total '16 Above Unused At Total '16
Market Market Market Contracted Consider other commercial options
Value1 Value2 Value 3 Value4

1. Assumes estimated market value of $0.10/MMBtu for transportation and elimination of unused commitments.
2. Represents the difference between the contracted rates and the estimated market value of $0.10/MMBtu.
3. Represents estimated unused commitments at estimated market value of $0.10/MMBtu.
4. Gross amount due before any legally permitted sharing of costs with third parties. 4
#3: Reduce LOE And G&A Load To Reduce Fixed Cost Burden

LOE By Quarter Headcount Reduction

15-16; $MM 1 15-16; Mixed Measures 2
40% LOE 52% Headcount
Reduction Since Reduction Since
Q1 15 Q1 15
$54MM1
G&A Run
Rate

15 558
14
13
12 $28MM2
9 G&A Run
Rate

270

Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q1 '15 Current

1. Represents Q1 15 GAAP G&A of $15.2MM adjusted to exclude $1.7MM of non-cash equity based compensation, annualized.
2. Represents Q1 16 GAAP G&A of $10.9MM adjusted to exclude $3.8MM of non-cash equity based compensation, annualized. 5
#4: Improve Drilling And Completion Performance To Improve Capital Returns

ETX Drilling Days Versus Depth NLA Drilling Days Versus Depth
15; ft, Days 1 16; ft, Days 2
0 0
Budget 46 Days Budget 31 Days
5,000 AVG 39 Days 5,000 AVG 25 Days
10,000
10,000
15,000
15,000
20,000

0 10 20 30 40 50 0 10 20 30 40
Well A Well B Well C Well D
AFE Well Well A Well B Well C
Well E Well F AFE Well

ETX/NLA Well Cost Reduction Well Construction

15-16; % 3 4
Completion Drilling Rig & Drilling Fuel, Mud & Directional Currently drilling fastest wells in company history
& Rentals Mobilization Rentals Tubulars Chemicals Services
ETX wells with total depth greater than 20,100 feet measured depth are
seven days under budget
-27% -24% -21% -21% NLA wells are six days under budget
-31%
Record low well costs derived from improved performance, design
-56% changes, efficiencies and service cost reductions
ETX $8.9MM (down $1.2MM) (HSVL, varying lateral lengths)
NLA $6.0MM (down $0.7MM)
Lowest cost in company history

ETX Haynesville wells completed in Q1 16 drilled in record time and average $1.2MM below budget; NLA wells drilled in record time and
expected cost $0.7MM below budget
6
#5: Implement A Liquidity Driven Prioritized Capital Allocation System To Ensure
Highest And Best Use of Capital
Capital Program Overview Capital Budget By Type
16; Mixed Measures 1 16; $MM 2
Category
Category Descriptions
Reduced 16 Announced additional reduction in 16 Drilling and Completion 66
Program capital program on March 30
Elected to defer additional Field Operations and Non-Operated 5
development to preserve capital
resources and give time to work with Land 4
midstream
16 capital budget of $85 million, Capitalized Costs 10
represents a reduction of $192 million,
or 69%, compared to 15 capital Total 85
expenditures of $277 million
Development Capital Spending By Area
16 Currently plan to drill 7 gross wells and 16; # 3
Development complete 15 gross wells in 16, with
Activity development activities focused on Gross Net Gross Net
natural gas drilling and completion Area Spuds Spuds Completions Completions
activities in the Haynesville and Bossier
shales in NLA and ETX
ETX 1 0.3 9 3.9
No 16 development activity planned in
STX or Appalachia
NLA 6 5.5 6 5.5

Total 7 5.8 15 9.4

EXCO is focused on preserving its capital resources for future growth and, based on current natural gas prices and time to work with
midstream providers, the Company has decided to significantly reduce its drilling activity in 16
7
No Near Term Debt Maturities

Debt Principal And Liquidity Debt Principal Maturity Profile

15-16; Mixed Measures 1 16-22; $MM 2
1Q 16 4Q 15

Factors Unit Actual Actual %

Debt Schedule

Cash And Restricted Cash1 $MM 74 33 124

Credit Agreement $MM 133 67 99

700
2nd Lien Term Loans2 $MM 700 700 0

18 Senior Notes $MM 144 158 (9) 133

22 Senior Notes $MM 183 223 (18) 144 183
Total Debt2 $MM 1,159 1,148 1
16 17 18 19 20 21 22
Net Debt2 $MM 1,086 1,115 (3)
Unsecured Notes Second Lien Credit Agreement
Liquidity

North Louisiana Drilling Cost Per$MM

Borrowing Base Foot 325 375 (13) Liquidity And Capital
10-15E;
Credit $/ft
Agreement $MM 133 67 3 99 15-16; Mixed Measures 3
Letters Of Credit $MM 10 7 43
1Q 16 4Q 15
Available For Borrowing $MM 182 301 (40)

Cash And Restricted Cash1 $MM 74 33 124 Factors Unit Actual Actual
Liquidity $MM 256 334 (23) Liquidity $MM 256 334
Key Metrics
Capital Budget $MM 85 103
Adjusted EBITDA3/Interest4 ( 1.25x) x 2.2 2.4 (8)
Capital Budget/Liquidity % 33 31
Sr. Secured Debt2/LTM Adjusted EBITDA3,4 ( 2.5x) x 0.7 0.3 133
Net Debt2/LTM Adjusted EBITDA3 X 5.5 4.7 17 Forward 12 Commodity Price $/Mmbtu 2.44 2.11
1. Includes restricted cash of $28 million and $21 million as of Mar. 31, 16 and Dec. 31, 15.
2. Represents total principal balance outstanding. The issuance of the Exchange Term Loan and related repurchases of 18 Notes and 22 Notes were accounted for in accordance with ASC 470-60. As a result, the carrying amount of the Exchange Term Loan is equal to the total
undiscounted future cash payments, including interest and principal. All cash payments under the terms of the Exchange Term Loan, whether designated as interest or as principal amount, will reduce the carrying amount and no interest expense will be recognized. The
undiscounted future interest payments on the Exchange Term Loan expected to be due in the next twelve months are classified as Current portion of long-term debt on the balance sheet. As such, the Company's reported interest expense will be less than the contractual
payments throughout the term of the Exchange Term Loan.
3. Adjusted EBITDA is a non-GAAP measure. See appendix for definition and reconciliation.
4. These ratios differ in certain respects from the calculations of comparable measures in the Credit Agreement. As of Mar. 31, 16 and Dec. 31, 15, the ratio of consolidated EBITDAX to consolidated interest expense (as defined in the agreement including interest expense calculated
in accordance with GAAP) was 2.2 to 1.0 and 2.4 to 1.0 and the ratio of senior secured indebtedness (excluding the Second Lien Term Loans) to consolidated EBITDAX (as defined in the agreement) was 0.7 to 1.0 and 0.3 to 1.0, respectively.
8
Financial And Operational Results

Quarter-to-Date Year-to-Date
1Q 16 4Q 15 1Q 15 1Q 16 1Q 15
Factors Unit Actual Actual % Change Actual % Change Actual Actual % Change
Rig Count # 2 3 (33) 4 (50) 2 4 (50)
Net Wells Drilled # 4.6 2.7 70 5.5 (16) 4.6 5.5 (16)
Net Wells Turned To Sales # 3.6 4.3 (16) 14.6 (75) 3.6 14.6 (75)
Production
Oil Mbbl 550 609 (10) 504 9 550 504 9
Natural Gas Bcf 23.5 25.7 (9) 27.5 (15) 23.5 27.5 (15)
Total Bcfe 26.8 29.3 (9) 30.5 (12) 26.8 30.5 (12)
Total Daily Mmcfe/d 295 319 (8) 339 (13) 295 339 (13)
Realized Price Differentials
Oil $/Bbl (5.23) (4.57) 14 (6.96) (25) (5.23) (6.96) (25)
Natural Gas $/Mcf (0.55) (0.65) (15) (0.60) (8) (0.55) (0.60) (8)
Financial Results
Lease Operating Expense $/Mcfe 0.35 0.41 (15) 0.49 (29) 0.35 0.49 (29)
Production Taxes $/Mcfe 0.17 0.21 (19) 0.16 6 0.17 0.16 6
Gathering And Transportation $/Mcfe 0.99 0.86 15 0.84 18 0.99 0.84 18
General And Administrative1 $MM 7 14 (50) 14 (50) 7 14 (50)
Cash Interest Expense2 $MM 17 21 (19) 26 (35) 17 26 (35)
Adjusted EBITDA3 $MM 19 50 (62) 58 (67) 19 58 (67)
Capital Expenditures $MM 37 35 6 103 (64) 37 103 (64)

1. Excludes equity-based compensation expenses of $3.8 million, $3.2 million and $1.7 million for the three months ended Mar. 31, 16, Dec. 31, 15 and Mar. 31, 15, respectively.
2. Cash interest expenses exclude the amortization of debt issuance costs, discount on notes and capitalized interest. In addition, cash payments under the Exchange Term Loan are not considered interest expense per ASC 470-60 and are excluded from the cash interest expenses
amounts shown. EXCO's expected payments on the Exchange Term Loan in 16 total $50.0 million.
3. Adjusted EBITDA is a non-GAAP measure. See appendix for definition and reconciliation.
9
Actuals To Guidance Comparison

Three Months Ended

1Q 16 1Q 16 Guidance 2Q 16 Guidance Full Year 2016 Guidance

Factors Unit Actual Low High Low High Low High

Rig Count (Gross) # 2 2 1 0.75

Wells Drilled (Gross/Net) # 5/4.6 5/4.3 1/0.9 7/5.8

Wells Turned To Sales (Gross/Net) # 8/3.6 8/3.6 6/5.6 15/9.4

Production

Oil Mbbl 550 525 535 470 490 1,840 1,860

Natural Gas Bcf 23.5 23.2 24.1 24.5 25.3 95.1 102.3

Total Bcfe 26.8 26.4 27.3 27.3 28.2 106.1 113.5

Total Daily Mmcfe/d 295 290 300 300 310 290 310

Realized Price Differentials

Oil $/Bbl (5.23) (4.00) (6.00) (4.00) (6.00) (4.00) (6.00)

Natural Gas $/Mcf (0.55) (0.60) (0.70) (0.60) (0.70) (0.60) (0.70)

Financial Results

Lease Operating Expense $/Mcfe 0.35 0.40 0.45 0.35 0.40 0.35 0.40

Production Taxes $/Mcfe 0.17 0.15 0.20 0.15 0.20 0.15 0.20

Gathering And Transportation $/Mcfe 0.99 0.90 0.95 0.95 1.00 0.95 1.00

General And Administrative1 $MM 7 7 8 6 7 25 27

Cash Interest Expense2 $MM 17 17 19 17 19 65 70

1. Excludes equity based compensation expense.
2. Cash interest expenses exclude the amortization of debt issuance costs, discount on notes and capitalized interest. In addition, cash payments under the Exchange Term Loan are not considered interest expense per ASC 470-60 and are excluded from the cash interest expenses
amounts shown. EXCO's expected payments on the Exchange Term Loan in 16 are $50.0 million. 10
Hedge Positions

Nine Months Ended Twelve Months Ended Twelve Months Ended

12/31/16 12/31/17 12/31/18

Factors Unit Volume Price Volume Price Volume Price

Natural Gas

Bbtu,
Fixed Price Swaps - Henry Hub $/Mmbtu 42,625 2.88 20,050 3.00 3,650 3.15

Bbtu,
Fixed Price Swaptions Henry Hub2 $/Mmbtu - - 7,300 2.76 - -

Oil

Mbbl,
Fixed Price Swaps - WTI $/Bbl 825 58.61 - - - -

Percent Hedged1

Natural Gas % 77 50 9

Oil % 68 - -

1. Percent hedged based upon PDP production forecast and includes swaption volumes.
2. Exercisable on Dec. 22, 16. 11
Appendix
EXCO Overview: Three Concentrated Resource Positions

Operating Area Overview 1 Core Basins 2

East Texas And North Louisiana
Net Acres/%HBP 1 97,600/96% Appalachia

Q1 16 Operated Rigs 2
Q1 16 Net Production (Mmcfe/d) 214
East Texas /
Year End Proved Reserves (Bcfe)2 726 North Louisiana

South Texas
Net Acres/% HBP1 65,800/81%
Q1 16 Operated Rigs 0
Q1 16 Net Production (Boe/d) 6,500 South Texas

Year End Proved Reserves (Bcfe)2 129

Appalachia And Other Net Production3
Net Acres/% HBP1 272,800/87%
13-16; Mmcfe/d 3
Q1 16 Operated Rigs 0 441 420
394 392 380 358 361 340
Q1 16 Net Production (Mmcfe/d) 42 333 331 339 319 295
Year End Proved Reserves (Bcfe)2 52
Total
Net Acres/% HBP1 436,200/88%
Q1 16 Operated Rigs 2
Q1 16 Net Production (Mmcfe/d) 295 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
13 13 13 13 14 14 14 14 15 15 15 15 16
Year End Proved Reserves (Bcfe)2 907

1. As of Dec. 31, 15.

2. The Total Proved Reserves as of Dec. 31, 15 were prepared in accordance with the rules and regulations of the SEC. The reserves were prepared using reference prices of $2.59 per Mmbtu for natural gas and $50.28 per Bbl for oil, in each case adjusted for geographical and
historical differentials.
3. Net production excludes production from divested assets. 13
East Texas Overview

Operating Area Overview 1 Area Of Operations 2

Attribute Key Features
Total Acreage1 46,100 net acres (45,800 shale)
88% HBP

Active Wells 104 wells flowing to sales

Production Q1 16: 63 Mmcfe/d
Targeted Haynesville
Formations Bossier

Q1 16 Results Produced 63 Mmcfe/d, a decrease of 1

Mmcfe/d, or 2%, from Q4 15

Turned-to-sales 8 gross (3.6 net) operated Net Production

Haynesville and Bossier wells in Q1 16 13-16; Mmcfe/d 3
64 63
Completed wells utilizing 2,100 to 2,800 lbs
of proppant per lateral foot 52
47 45
43 40
Average cost for the Haynesville wells was 37
$8.9MM, $1.2MM below budget 30
25 22 22 25

Completed second Nacogdoches County

well with initial production rate of 13.2
Mmcfe/d on a 17/64th restricted choke;
opportunity to unlock over 100 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
undeveloped locations in the area 13 13 13 13 14 14 14 14 15 15 15 15 16

1. As of Dec. 31, 15. 14

Improve Economics Through Disciplined Execution And Cost Reductions

ETX Lateral Length And Days To Drill ETX D&C Cost Per Lateral Foot
10-16; ft; Days1 1 10-16; $/ft1 2
8,0 00

Days to drill 70

59
7,0 00

54 52
60

6,0 00
47
43 50

5,0 00
38
40

4,0 00

3,0 00
6,520 6,841 6,889 30

3,011 2,870
4,717 4,675 5,090 2,193
2,0 00
20

1,910
1,461 1,293
10

1,0 00

0 0

10 11 12 14 15 Q1 '16 10 11 12 14 15 Q1 '16

ETX Drilling Cost Per Foot ETX Proppant Per Lateral Foot
10-16; $/ft1 3 10-16; lbs/ft1 4

348 360 2,530 2,600

316
270
236
201 1,400
800 850 950

10 11 12 14 15 Q1 '16 10 11 12 14 15 Q1 '16

1. Based on Haynesville well cost. 15

North Louisiana Overview

Operating Area Overview 1 Area Of Operations 2

Attribute Key Features
Total Acreage1 51,500 net acres (38,000 shale)
100% HBP

Active Wells 413 wells flowing to sales

Production Q1 16: 151 Mmcfe/d

Targeted Haynesville
Formations Bossier
Q1 16 Results Produced 151 Mmcfe/d, a decrease of 23
Mmcfe/d, or 13%, from Q4 15
Net Production
Drilled 5 gross (4.6 net) operated 13-16; Mmcfe/d 3
Haynesville wells in Q1 16 329 310
291 286
Completing wells utilizing 2,700 lbs of 259
235 231
proppant per lateral foot 217
193 207 197
174
Average cost for the Haynesville wells 151
expected to be $6.0MM, $0.7MM below
budget, with average lateral lengths of
4,300 feet

Implemented several initiatives to enhance Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

and manage base production and reduce 13 13 13 13 14 14 14 14 15 15 15 15 16
gathering system pressure

1. As of Dec. 31, 15. 16

Improve Economics Through Disciplined Execution And Cost Reductions

NLA Lateral Length And Days To Drill NLA D&C Cost Per Lateral Foot
10-16; ft, Days 1 10-16; $/ft 2
4,4 00
47 Days to drill 50

41 45

4,3 00

37 37
35 40

32 35

4,2 00

25 30

4,1 00 25

4,346 2,742
4,258 4,264 4,250
20

2,375
4,0 00
4,219 4,213 1,971
15

1,643 1,765 1,664

1,351
4,019
10

3,9 00

3,8 00 0

10 11 12 13 14 15 Q1 '16 10 11 12 13 14 15 Q1 '16

NLA Drilling Cost Per Foot NLA Proppant Per Lateral Foot
10-16; $/ft 3 10-16; lbs/ft 4

294 289 2,700

278 254 255 234
172 1,600 1,650
1,200
900 750 800

10 11 12 13 14 15 Q1 '16 10 11 12 13 14 15 Q1 '16

17
South Texas Overview

Operating Area Overview 1 Area Of Operations 2

Attribute Key Features
Total Acreage1 65,800 net acres
81% HBP (100% Core)

Active Wells 235 wells

Production Q1 16: 6.5 MBoe/d

Targeted Eagle Ford

Formations Buda

Q1 16 Results Produced 6.5 Mboe/d, a decrease of 0.8

Mboe/d, or 11%, from Q4 15
Net Production
No development activity during Q1 16 13-16; Boe/d 3
Acreage position is largely held-by- 7,100 7,200 7,300 7,300
6,200 6,500 6,500 6,500
production, providing flexibility in timing of 5,900 6,100 6,000
development

Q3 13Q4 13Q1 14Q2 14Q3 14Q4 14Q1 15Q2 15Q3 15Q4 15Q1 16

1. As of Dec. 31, 15. 18

Appalachia Overview

Operating Area Overview 1 Area Of Operations 2

Attribute Key Features
Total Acreage1 269,800 net acres (137,400 shale)
84% HBP (shale)

Active Wells 126 Marcellus flowing to sales

5,509 conventional flowing to sales

Production Q1 16: 42 Mmcfe/d

Targeted Marcellus
Formations Utica and Upper Devonian
Net Production
Q1 16 Results Produced 42 Mmcfe/d, an increase of 5
Mmcfe/d, or 14% from Q4 15
13-16; Mmcfe/d 3
64 64 66 62
61
Elected to shut-in 8 Mmcfe/d during Q1 16 56 56 55
due to low commodity prices 51
47 47
42
37
Reduction in force during Q4 15 reduced
headcount by 41% in the region to better
align operations personnel and reduce
costs

Decreased lease operating expenses by 43%

compared to Q4 15 and have reduced work Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
hours by 20% compared to Q1 16 13 13 13 13 14 14 14 14 15 15 15 15 16

1. As of Dec. 31, 15. 19

Single Well Economics 16 Capital Program Internal Type Curves
ETX
ETX Shelby NLA
Unit Shelby HSVL Bossier DeSoto Core
1 Target Lateral Length Ft 7,500 7,500 4,500
2 Gross Locations # 71 97 33
3 Net Locations # 29 41 16
4 WI % 41 42 47
5 NRI % 32 32 36
6 Spacing Acres 207 207 136
Type Curve
7 IP Mcf/d 9,400 9,400 16,000
8 Phase I Duration Month Month 14 14 16
9 Phase I B Factor x 0.6 0.6 0.0
10 Phase I Initial Decline % 22 22 60
11 Phase II Duration Month Month 7 7 n/a
12 Phase II B Factor x 0.6 0.6 1.0
13 Phase II Initial Decline % 42 42 57.1
14 Phase III Initial Decline % 33 33 n/a
15 Terminal Decline % 6 6 6
16 Wellhead EUR Bcf/Mbo 13.0 13.0 9.5
17 EUR per 1,000 (lateral length) Bcf or Mbo 1.75 1.75 2.1
18 D&C/Pumping Unit $MM 9.2 9.5 6.0
19 LOE Fixed - WI $/month 2,866 2,866 2,465
20 Variable/Gathering Expense - WI $/Mcf,$/Bbl 0.03/0.27 0.03/0.27 0.01/0.42
Single Well Returns
21 PV10 (8/8ths)1 $MM 4.2 3.9 3.1
22 IRR1 % 27 24 40
23 Breakeven Flat Price (25% IRR) $/Mcf 2.60 2.71 2.27

1. Based on Mar. 31, 16 strip prices. See appendix for price details. 20
EBITDA, Adjusted EBITDA, Adjusted Operating Cash Flow and Free Cash Flow Reconciliations

21
Forward Looking Statements

This presentation contains forward-looking statements, as defined in Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. These forward-looking statements
relate to, among other things, the following:

future financial and operating performance and results;

business strategy;
market prices;
future use of derivative financial instruments; and
plans and forecasts.

The Company based these forward-looking statements on current assumptions, expectations and projections about future events.

The Company uses the words may, expect, anticipate, estimate, believe, continue, intend, plan, potential, "project," budget and other similar words to identify forward-looking statements. The statements that contain these words should be read carefully
because they discuss future expectations, contain projections of results of operations or financial condition and/or state other forward-looking information. The Company does not undertake any obligation to update or revise any forward-looking statements, except as
required by applicable securities laws. These statements also involve risks and uncertainties that could cause actual results or financial condition to materially differ from expectations in this presentation, including, but not limited to:

fluctuations in the prices of oil and natural gas;

the availability of oil and natural gas;
future capital requirements and availability of financing, including limitations on our ability to incur certain types of indebtedness under our debt agreements;
our ability to meet our current and future debt service obligations, including our ability to maintain compliance with our debt covenants;
disruption of credit and capital markets and the ability of financial institutions to honor their commitments;
estimates of reserves and economic assumptions, including estimates related to acquisitions and dispositions of oil and natural gas properties;
geological concentration of our reserves;
risks associated with drilling and operating wells;
exploratory risks, including those related to our activities in shale formations;
discovery, acquisition, development and replacement of oil and natural gas reserves;
cash flow and liquidity;
timing and amount of future production of oil and natural gas;
availability of drilling and production equipment;
availability of water and other materials for drilling and completion activities;
marketing of oil and natural gas;
political and economic conditions and events in oil-producing and natural gas-producing countries;
title to our properties;
litigation;
competition;
our ability to attract and retain key personnel;
general economic conditions, including costs associated with drilling and operations of our properties;
our ability to comply with the listing requirements of, and maintain the listing of our common shares on, the New York Stock Exchange ("NYSE");
environmental or other governmental regulations, including legislation to reduce emissions of greenhouse gases, legislation of derivative financial instruments, regulation of hydraulic fracture stimulation and elimination of income tax incentives available to our industry;
receipt and collectability of amounts owed to us by purchasers of our production and counterparties to our derivative financial instruments;
decisions whether or not to enter into derivative financial instruments;
potential acts of terrorism;
our ability to manage joint ventures with third parties, including the resolution of any material disagreements and our partners ability to satisfy obligations under these arrangements;
actions of third party co-owners of interests in properties in which we also own an interest;
fluctuations in interest rates;
our ability to effectively integrate companies and properties that we acquire; and
our ability to execute the business strategies and other corporate actions developed in connection with EXCO's strategic improvement plan.

It is important to communicate expectations of future performance to investors. However, events may occur in the future that EXCO is unable to accurately predict, or over which EXCO has no control. Users of the financial statements are cautioned not to place undue reliance
on a forward-looking statement. Any number of factors could cause actual results to differ materially from those in EXCO's forward-looking statements, including, but not limited to, the volatility of oil and natural gas prices, future capital requirements and the availability of
capital and financing, uncertainties about reserve estimates, the outcome of future drilling activity, environmental risks and regulatory changes. Declines in oil or natural gas prices may have a material adverse effect on EXCO's financial condition, liquidity, results of
operations, ability to fund operations and the amount of oil or natural gas that can be produced economically. Historically, oil and natural gas prices and markets have been volatile, with prices fluctuating widely, and they are likely to continue to be volatile. EXCO undertakes
no obligation to publicly update or revise any forward-looking statements. When considering EXCO's forward-looking statements, investors are urged to read the cautionary statements and the risk factors included in EXCO's Annual Report on Form 10-K for the year ended
December 31, 2015, filed with the Securities and Exchange Commission ("SEC") on March 2, 2016 and its other periodic filings with the SEC.

Revenues, operating results and financial condition substantially depend on prevailing prices for oil and natural gas and the availability of capital. Declines in oil or natural gas prices may have a material adverse effect on financial condition, liquidity, results of operations, the
amount of oil or natural gas that we can produce economically and the ability to fund operations. Historically, oil and natural gas prices and markets have been volatile, with prices fluctuating widely, and they are likely to continue to be volatile.

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