Concho Resources Inc. Commences Secondary Offering of Common Stock.

MIDLAND, Texas -- Concho Resources Inc. (NYSE:CXO) announced today that it has commenced a secondary offering of 8,700,000 shares of its common stock to be sold by certain of its stockholders, including entities affiliated with the Chase family, pursuant to a registration statement that Concho Resources previously filed with the Securities and Exchange Commission. Certain entities affiliated with the Chase family are selling 7,049,722 shares in the aggregate and certain other stockholders are selling 1,650,278 shares in the aggregate, including one of Concho Resources' executive officer's who is selling 45,000 shares. Chase Oil Corporation has granted the underwriters an option to purchase up to 1,305,000 additional shares to cover over-allotments. Concho Resources will not receive any proceeds from the sale of the shares sold in this secondary offering.

J.P. Morgan Securities Inc. and Banc of America Securities LLC are

acting as joint book-running managers of the offering. Lehman Brothers Inc. is the joint lead manager. BNP Paribas Securities Corp., Merrill Lynch, Pierce, Fenner & Smith Incorporated, UBS Securities LLC and Wachovia Capital Markets, LLC are co-managers in the offering.

The offering is being made by means of a prospectus, copies of which may be obtained by contacting J.P. Morgan Securities Inc., 4 Chase Metrotech Center, CS Level, Brooklyn, New York, 11245, Attention: Prospectus Department; or Banc of America Securities LLC, Capital Markets (Prospectus Fulfillment) by email at [e-mail] or by mail at Banc of America Securities LLC, Capital Markets Operations, 100 West 33rd Street, 3rd Floor, New York, New York 10001.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

Concho Resources Inc. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and exploration of oil and natural gas properties. The Company's conventional operations are primarily focused in the Permian Basin of Southeast New Mexico and West Texas. In addition, the Company is involved in a number of unconventional emerging resource plays.