TXCO Resources Announces Strategic Alternatives Review
12 Février 2009 - 4:30PM
Business Wire
TXCO Resources Inc. (Nasdaq:TXCO) today announced it has begun a
strategic alternatives review designed to enhance shareholder
value, which may include a merger or sale. Goldman Sachs &
Company has been retained as financial advisor.
No formal decisions have been made and no agreements have been
reached at this time. There can be no assurance that any particular
alternative will be pursued or that any transaction will occur, or
on what terms. TXCO does not expect to disclose developments from
this review unless its board of directors approves a definitive
transaction.
�TXCO continues to have outstanding long-term growth
opportunities,� said CEO James E. Sigmon. �We remain in an early
stage of development, considering the large acreage position we
have for a firm our size and the potential of our multiple resource
plays. We are exploring all strategic alternatives to assure that
we can maximize value for our shareholders as we adapt to the
industry�s current, unstable financial and commodity price
environment.�
About TXCO Resources
TXCO Resources is an independent oil and gas enterprise with
interests in the Maverick Basin, the onshore Gulf Coast region and
the Marfa Basin of Texas, and the Midcontinent region of western
Oklahoma. It 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. TXCO�s 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 and trades its common stock on
Nasdaq�s Global Select Market under the symbol �TXCO.� Additional
information, including recent regulatory filings and investor
presentations, is available at the Company�s Web site,
www.txco.com.
Forward-Looking
Statements
Statements in this press release that are not historical,
including statements regarding TXCO�s or management�s intentions,
hopes, beliefs, expectations, representations, projections,
estimations, plans or predictions of the future, are
forward-looking statements and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Such statements include those relating to estimated financial
results, bank credit and working capital availability, expected
prices, production volumes, well test results, reserve levels and
number of drilling locations expected, drilling plans, including
the timing, category, number, depth, cost and/or success of wells
to be drilled, expected geological formations or the availability
of specific services, equipment or technologies. It is important to
note that actual results may differ materially from the results
predicted in any such forward-looking statements. Investors are
cautioned that all forward-looking statements involve risks and
uncertainty, including without limitation, the costs and accidental
risk inherent in exploring and developing new oil and natural gas
reserves, the price for which such reserves can be sold,
environmental concerns affecting the drilling of oil and natural
gas wells, impairment of oil and gas properties due to depletion or
other causes, the uncertainties inherent in estimating quantities
of proved reserves and cash flows, as well as general market
conditions, competition and pricing. TXCO undertakes no obligation
to revise or update any forward-looking statements, or to make any
other forward-looking statements, whether as a result of new
information, future events or otherwise. More information about
potential factors that could affect TXCO�s operating and financial
results is included in TXCO's annual report on Form 10-K for the
year ended December 31, 2007, and its Form 10-Q for the quarter
ended September 30, 2008. These reports and all previously filed
documents are on file at the Securities and Exchange Commission and
can be viewed on TXCO's Web site at www.txco.com. Copies are
available from TXCO without charge.
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