TXCO Resource Inc.
| TXCO Resources Inc. 777 East Sonterra Blvd., Suite 350 San Antonio, Texas 78258 210-496-5300 |
TXCO Resources is a full-cycle oil and gas company with a diversified development, exploitation and exploration inventory. It holds more than 700,000 net acres under lease (1 million gross acres) and focuses on high-potential areas with thousands of drilling prospects. Its core operating area is the Maverick Basin in Southwest Texas, prospective for multiple resource plays, including oil and tar sands. The company also is active in the Fort Trinidad Field of East Texas, the Midcontinent in western Oklahoma and the Marfa Basin in West Texas. A wholly owned Maverick Basin pipeline system moves natural gas to the nation¹s pipeline grid and to Mexico.
TXCO has a consistent record of long-term growth in its proved oil and gas reserves, leasehold acreage position, production and cash flow through its established exploration and development programs. TXCO¹s business strategy is to build shareholder value by acquiring undeveloped mineral interests and internally developing a multi-year drilling inventory through the use of advanced technologies, such as 3-D seismic and horizontal drilling. It accounts for its oil and gas operations under the successful efforts method of accounting.
Latest TXCO Resources News
W&T Offshore sets 2010 CAPEX at $450 million
W&T Offshore Inc.'s planned 2010 capital expenditure budget has been set at $450 million.
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Newfield, Anadarko to jointly acquire Maverick Basin assetsNewfield Exploration Co. and Anadarko Petroleum Corp. will jointly acquire TXCO Resources Inc.'s (TXCO) assets in the Maverick Basin of Southwest Texas for up to $310 million. |
Anadarko outbids Newfield for TXCO assetsAnadarko Petroleum Corp. has outbid Newfield Energy for assets of TXCO Resources. |
Lime Rock Resources II closes with $410 million in capital commitments
Lime Rock, a private equity firm focusing on the global energy sector, has closed Lime Rock Resources II with $410 million in total capital commitments.
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Newfield offers $223M for TXCO assetsAfter filing for bankruptcy earlier in the year, San Antonio-based TXCO Resources Inc. has agreed to sell a large portion of its assets for $223 million to Houston-based Newfield Exploration Co. |
Linn Energy LLC closes $1.75B credit facility
Independent oil and gas development and acquisition company Linn Energy LLC has entered into a new $1.75 billion secured revolving credit facility with a $1.75 billion initial borrowing base, with BNP Paribas as administrative agent; Royal Bank of Canada as syndication agent; and Barclays, Calyon, Citibank and Royal Bank of Scotland as co-documentation agents.
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TXCO Resources files voluntary bankruptcySan Antonio, Tex.-based independent oil and gas company, TXCO Resources Inc., and its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code in the US Bankruptcy Court for the Western District of Texas. The company has filed motions to allow it to continue to conduct business without interruption. |
SEC may end abusive short selling
To the delight of many whose company shares are "trading at a discount," the head of the US House Financial Services Committee recently commented that the Securities and Exchange Commission was likely to reimpose the now defunct "uptick" rule which forces short sellers to sell at a price higher than the previous trade.
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