TXCO Resources Company News

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Haynes and Boone Advises Newfield in TXCO Asset Purchase
Haynes and Boone, LLP represented Newfield Exploration Co. in last Thursday's purchase of assets in the Maverick Basin of Southwest Texas from TXCO Resources Inc.
7:00 PM EST | February 14, 2010
Newfield, Anadarko to Buy TXCO Assets for Up to $310MM
Oil and gas explorers Newfield and Anadarko announced a joint transaction to acquire bankrupt TXCO Resource Inc.'s assets in the Maverick Basin of Southwest Texas for up to $310 million.
7:00 PM EST | January 11, 2010
TXCO Resources Receives Court Approval of $32MM DIP Financing Agreement
TXCO Resources has received final bankruptcy court approval of a $32 million debtor-in-possession financing agreement.
8:00 PM EST | June 14, 2009
TXCO Resources Files Voluntary Bankruptcy Petition under Chapter 11
TXCO Resources and its subsidiaries have filed voluntary petitions for relief under chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Western District of Texas.
8:00 PM EST | May 17, 2009
TXCO Adjusts Operations, CAPEX Plans
TXCO Resources Inc. has reduced operating levels in certain South Texas project areas and expects to announce details of its ongoing capital expenditure program in January 2009, in response to current oil and gas market uncertainties.
7:00 PM EST | December 21, 2008
TXCO Resources Reports Robust Operating Results for 3Q
TXCO has had record drilling activity this year, starting 89 wells through early October, and is on target to achieve its record $125+ million CAPEX program, which calls for drilling or re-entering more than 100 wells in 2008.
8:00 PM EST | October 19, 2008
TXCO's Pearsall Well Flows 3.5MMCF of Gas Per Day
TXCO provided initial test results on its Myers 2-683H well targeting the Maverick Basin's Pearsall shale gas resource play. The well flowed an average of approximately 3.5 million cubic feet of gas per day.
8:00 PM EST | August 06, 2008
TXCO Resources Signs Exploration Agreement With Anadarko
TXCO Resources Inc. has signed an agreement with Anadarko Petroleum Corporation that gives rights to drill the Pearsall and Eagleford shale gas resource plays on Anadarko's 349,000 gross acres in the Maverick Basin of Southwest Texas.
8:00 PM EST | April 03, 2008
TXCO Reaches Settlement Agreement with Stockholder Third Point
TXCO Resources Inc. and Third Point LLC have reached a settlement agreement in a lawsuit pending in the Delaware Court of Chancery and a related proxy contest in which Third Point sought to seat three directors on TXCO's Board of Directors.
8:00 PM EST | March 17, 2008
Reserve Index Now 11.5 Years for TXCO Upon Record Reserve Year
Overall, TXCO had a 731 percent all-source reserve replacement rate.
8:00 PM EST | March 10, 2008
TXCO Revenues Increase 30% After Record Year in 2007
TXCO Resources reported that for the year, total revenues rose to a record $93.9 million, a 30 percent increase from $72.4 million in 2006.
8:00 PM EST | March 10, 2008
TXCO Resources Increases Fort Trinidad-Area Interest
Through separate transactions with several private parties, the Company has increased its Fort Trinidad holdings to 36,498 gross acres, or 20,526 net acres.
8:00 PM EST | March 09, 2008
TXCO Enters Private Placement, Exchange of Existing Preferred Stock
TXCO Resources Inc. has entered into agreements related to the private placement of $20 million, or 20,000 shares, of its Series E Convertible Preferred Stock, convertible into TXCO common stock at $17.36 per share.
7:00 PM EST | February 28, 2008
TXCO Resources Reports 2007 Record Oil/Gas Sales, Drilling
TXCO reported record sales volumes and drilling activity for 2007 and updated its current operations. Highlights include a 36 percent increase in combined oil and gas sales from the prior year, a record 87 wells begun, and nine drilling rigs.
7:00 PM EST | February 11, 2008
TXCO Faces Lawsuit for Alleged Illegal Practices, Intends to Defend
This lawsuit arises from the appointment of James L. Hewitt as an independent, Class B director on Jan. 11, 2008, to fill the vacancy created by the retirement of Stephen M. Gose Jr. in December 2006.
7:00 PM EST | January 23, 2008
TXCO Resources Announces Record 2008 CAPEX
TXCO Resources' board of directors has approved a record capital expenditure budget and drilling program for 2008. It also provided an update on current activity.
7:00 PM EST | December 18, 2007
TXCO Enters Deal with EnCana at Maverick Basin in Texas
TXCO Resources has entered into a joint exploration agreement with EnCana Oil & Gas to drill selected interests in EnCana's Maverick Basin block in Southwest Texas.
8:00 PM EST | October 02, 2007
TXCO Posts Loss for First Quarter
The Exploration Co. on Friday reported financial results for the quarter ended March 31, 2007, and provided an update of current operations.
8:00 PM EST | May 03, 2007
TXCO Posts Loss for Q4, Lower Profit for 2006
The Exploration Co. (TXCO) late Monday reported results for its year and quarter ended Dec. 31, 2006.
8:00 PM EST | March 12, 2007
The Exploration Company to Acquire Output Exploration
The Exploration Company has entered into an agreement to acquire Output Exploration LLC, a privately held, Houston-based exploration and production firm, for $91.6 million in cash and $4 million of TXCO common stock.
7:00 PM EST | February 20, 2007
TXCO Announces Record 2007 Capital Spending, Drilling
The Exploration Company (TXCO) on Wednesday announced a record capital expenditure plan and drilling program for 2007.
7:00 PM EST | December 26, 2006
TXCO Reports Record-breaking Quarter, Nine Months
The Exploration Company (TXCO) on Friday reported record earnings for the third quarter and nine months ended Sept. 30, 2006.
7:00 PM EST | November 05, 2006
The Exploration Company Moving Ahead with Texas Operations
The Exploration Company has begun 44 wells this year. Of that number, 20 wells have been placed on production, 21 are in completion and two currently are drilling ahead.
8:00 PM EST | September 07, 2006
Unconventional Gas to Lead the Way as Gulf Output Falls
Gas trapped between sand particles and under hard rock will be the next place to drill for the commodity while offshore Gulf of Mexico production dwindles, analysts and gas executives said Tuesday at an oil and gas conference in Denver.
8:00 PM EST | August 15, 2006
The Exploration Company Joins Russell 3000 Index
The Exploration Company reported that it has been added to the Russell 3000® Index by the Russell Investment Group.
8:00 PM EST | July 02, 2006
The Exploration Company Reports Record First-Quarter Results
The Exploration Company reported improved financial results for its quarter ended March 31, 2006. Record first-quarter operating income of $2.8 million, up 141.0 percent from the prior-year period.
8:00 PM EST | May 04, 2006
The Exploration Company Names Marfa Basin Partner
The Exploration Company has entered into an agreement with Continental Resources Inc., of Enid, Okla., for drilling and development of TXCO's West Texas shale prospect in the Marfa Basin.
8:00 PM EST | April 18, 2006
The Exploration Company Raises $31.5 Million
The Exploration Company recently agreed to sell institutional investors 3 million shares of common stock for $10.50 per share.
7:00 PM EST | March 30, 2006
The Exploration Company Announces Record 2006 CAPEX
The Exploration Company says its 2006 capital expenditure budget and provided an update on its Southwest Texas operations.
7:00 PM EST | December 21, 2005
The Exploration Company Board Names New Independent Directors
The Exploration Company Board of Directors has unanimously approved appointment of two new independent directors.
7:00 PM EST | December 05, 2005
The Exploration Company Sells Maverick Basin Acreage to EnCana
The Exploration Company has entered into an agreement with EnCana to sell selected interests in TXCO's approximately 670,000-acre Maverick Basin block in Southwest Texas for US$80 million.
8:00 PM EST | September 26, 2005
The Exploration Company Continues Success on Glen Rose Play
The Exploration Company says continued Glen Rose porosity oil play success on its Maverick Basin acreage block in Southwest Texas. TXCO also reported higher proved reserve estimates at midyear 2005.
8:00 PM EST | September 06, 2005
The Exploration Company Updates Maverick Basin Operations
The Exploration Company provides an operations update on its Maverick Basin acreage block in Southwest Texas.
8:00 PM EST | June 05, 2005
The Exploration Company Updates Maverick Basin Operations
Through early April, The Exploration Company had spudded or re-entered 14 wells on its Texas block, which covers approximately 727,000 gross acres. TXCO currently plans to drill 60-plus wells in its 2005 capital expenditure program.
8:00 PM EST | April 17, 2005
The Exploration Company Reports Record Results for 2004
The Exploration Company reported sharply higher earnings and record proved reserves for the year ended Dec. 31, 2004.
7:00 PM EST | March 13, 2005
The Exploration Company Expands Position in Maverick Basin
The Exploration Company announced an asset exchange agreement that enlarges its Maverick Basin acreage position to approximately 727,000 gross acres, including 665,900 leased acres and 61,100 acres under seismic option.
7:00 PM EST | February 15, 2005
The Exploration Co. Updates Maverick Basin Operations for 04
The Exploration Company provides a year-end operations update on its 540,000-acre lease block in the Maverick Basin of Southwest Texas.
7:00 PM EST | January 26, 2005
The Exploration Company Announces 2005 Capital Budget
TXCO's board of directors has approved a CAPEX program for next year ranging from $29 million to $33 million. The budget continues the stepped-up drilling program TXCO began in 2003.
7:00 PM EST | December 15, 2004
The Exploration Company Reports 3Q04 Earnings
TXCO's net income in the third quarter was $599,820, substantially above the $58,466 reported by the Company for the third quarter of 2003.
7:00 PM EST | November 08, 2004
The Exploration Company Updates Maverick Basin Operations
The Exploration Company has provided an operations update on its 554,000-acre lease block in the Maverick Basin of Southwest Texas.
7:00 PM EST | November 03, 2004
The Exploration Company Says Production Up Sharply
The Exploration Company sees oil production rise as they accelerate their drilling program.
8:00 PM EST | September 13, 2004
The Exploration Company Updates First-Half 2004 Operations
In the first half, TXCO spent $15 million, 45 percent of its $33.4 million, 2004 capital expenditure program. The Company participated in 28 new wells through June 30 of this year, compared to 42 wells at the same point in 2003.
8:00 PM EST | July 27, 2004
The Exploration Company Accelerates Maverick Basin Program
The Exploration Company has entered into purchase agreements with certain accredited investors for the private placement of 4,266,669 shares of its common stock at a purchase price of $3.75 per share for gross proceeds of $16 million.
8:00 PM EST | May 18, 2004
The Exploration Company Updates Maverick Basin Operations
To date, TXCO has spudded 11 of 51 wells projected in its initial 2004 drilling plan.
7:00 PM EST | April 01, 2004
The Exploration Company Finances Completion of Taylor Well
The Exploration Company financed completion of the Taylor 132-1 Jurassic wildcat and an associated 640-acre drilling unit.
7:00 PM EST | March 04, 2004
The Exploration Company Continues Success in Georgetown
TXCO and its partners have recorded seven successful Georgetown horizontal gas wells in a row by using an improved seismic processing technique to better predict the location of the formation's faults and fractures, starting with the Vivian 1-687 that went on production in October 2003.
7:00 PM EST | February 18, 2004
The Exploration Co. Takes Over Jurassic Wildcat Well in Tex.
The Exploration Company has assumed operation of the Taylor 132-1 Jurassic wildcat well on its Maverick Basin lease block in Southwest Texas.
7:00 PM EST | February 16, 2004
The Exploration Company Updates Latest Drilling Results
The Exploration Company reported that the Taylor 132-1 well, a Jurassic exploratory drilling prospect on its Paloma lease in the Maverick Basin, has reached total depth of 22,400 feet with testing and completion to follow immediately.
7:00 PM EST | December 08, 2003
TXCO Increases Production from Maverick Basin
The Exploration Company reports that oil production has increased more than 90 percent since March 31 in its Maverick Basin field.
8:00 PM EST | June 29, 2003
TXCO Increases Budget for 2003 by 21%
The Exploration Company has increased its 2003 capital expenditure plan by 21% due to a record level of activity for 2003.
8:00 PM EST | April 23, 2003