TXCO Resources Inc. 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 currently operating.
Net oil and gas sales volumes for 2007 were an estimated 7.97 bcfe, a 36 percent increase from 5.85 bcfe in 2006. Oil sales for the year totaled 974,394 barrels, up 23 percent from 791,425 barrels in the prior year. The Company's 2007 production mix was 73 percent oil and 27 percent natural gas. For 2007, TXCO spudded or re-entered a record 87 wells, up from 58 wells during 2006.
TXCO's sales from the prolific Glen Rose Porosity oil play were 704,891 barrels, or 1,931 bopd, up from 683,285 barrels, or 1,872 bopd, in 2006. Fourth-quarter 2007 Porosity sales totaled 212,762 barrels, or 2,313 bopd, a 20 percent increase from the final quarter of 2006 and 3 percent above third-quarter 2007 results.
Overall fourth-quarter field activity and sales levels declined from the previous quarter, consistent with the Company's seasonal activity slowdown due to the annual hunting season drilling moratorium on certain Maverick Basin leases.
"We enter 2008 with record activity," said CEO James E. Sigmon. "TXCO is moving ahead with each of our primary growth catalysts - the San Miguel oil sands project, the Pearsall shale gas resource play, the Fort Trinidad gas shoals in East Texas and the Glen Rose Porosity oil zone. We're confident we will achieve continuing growth in sales, proved reserves and higher shareholder value in 2008 as we move ahead with our record capital program."
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