Oil and gas company EXCO Resources Inc (XCO.N) said it will explore strategic alternatives, including a buyout proposal from its chief executive -- a deal backed by oilman T. Boone Pickens. In November, EXCO's CEO Douglas Miller had teamed up with investors to bid for the gas-focused explorer for about $4.36 billion, or $20.50 per share, betting on a recovery in natural gas prices. [ID:nSGE6A00GV] Shares of the company, with a market value of about $4.05 billion, closed at $19.34 on Wednesday on the New York Stock Exchange. They have risen 30 percent since the buyout offer was announced.
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