$500 million agreement whereby GSO will earn up to a 15% RoR on wells drilled by LINE in exchange for providing 100% of the upfront drilling costs. EXCO Resources (XCO) led the way on transactions like this; it struck a similar agreement with KKR & Co (KKR) in July 2013 in the Eagle Ford. Rightly so, we belie

,247 62% 86% 73% 60% 83% 67% 52% PM Penn Virginia Caal(Stable)/8-(Stable) $438 $450 $438 $498 114% 81% 72% 64% 75% 63% 52% XCO EXCO Resources BliStable)/CCC*(Stable) $900 NA $900 $789 88% 71% 68% 64% 66% 62% 58% BCE( Bonanza Creek Energy 81(Stable)/11.(Stable) $450 $400 $4

r side of this commodity and credit cycle. In particular, we see more value in the "higher quality" B/CCC credits like Halcon (HKUS, BUY-rated) and EXCO Resources (XCO, BUY rated). Given this lower-quality bucket has led the way down in energy, we believe upside/downside is more positively skewed there. We un

-o 'Figure 65: EXCO Resources Benchmarks 0 0) Deutsche Bank Securities Inc Patois44mM 50% 41% 40% 30% 0% 1$154% 20% 10% 0% .10% .70% 190 190 170 150 15 140 1