EXCO Resources Inc. (XCO) said C. John Wilder has joined its board of directors and been appointed as the company’s executive chairman. He is currently executive chairman of Bluescape Resources LLC, the company said Sept. 9.

Also, the company closed under the services and investment agreement with Energy Strategic Advisory Services LLC (ESAS), a wholly owned subsidiary of Bluescape Resources Co. LLC. Wilder and ESAS will continue leading EXCO’s transformational strategy, which focuses on six core areas: liability management; operational performance; capital deployment; risk management; portfolio repositioning; and performance management.

For about $10 million, ESAS purchased from EXCO about 5.8 million common shares priced at $1.70 each.

ESAS must own at least $23.5 million of EXCO’s common stock based on the purchase price thereof (reduced by amendment from $50 million) as of the first anniversary of the closing of the agreement by purchasing at least $13.5 million additional shares on the open market.

All required shareholder approvals have been obtained, including approval of ESAS’ previously issued warrants to purchase up to 80 million common shares

“We continue to believe EXCO has significant potential by uniting EXCO’s strong operating capabilities with Bluescape Resources Company LLC's proven commercial and turnaround track record. By executing a long-term and disciplined performance improvement plan, EXCO can be repositioned to deliver significant value to its shareholders,” Wilder said.

The companies executed an amendment to the agreement that is effective at the closing.

Dallas-based EXCO Resources Inc. explores, acquires and develops domestic onshore natural gas and oil.