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The company may consider a merger or a sale but no formapl decisions havebeen made, nor have any agreementas been reached at this time. TXCO TXCO) will not disclose any developmentxs from this review unless the boards of directors approves adefinitive agreement. “TXCi continues to have outstandinhg long-term growth opportunities,” CEO Jamez E. Sigmon says. “We remain in an earlh stage of development, considering the largde acreage position we have for a firm our size and the potential of our multipleresource plays.
We are exploring all strategi alternatives to assure that we can maximizw value for our shareholders as we adapt tothe industry’s unstable financial and commodity price environment.” TXCO’s stock is currently trading in the $1.50 down from a 52-week high of $15.30. Like many oil and gas TXCO’s revenues have been impactede by the sizable drop in the commodity pricd of crude oil andnatural gas. Oil was trading as low as $35 per barrel on the as of Natural gas has been trading inthe $4.
400 per thousand cubic foot San Antonio-based TXCO is an independent oil and gas companh with drilling interests in the Maverickm Basin, the onshore Gulf Coast region and the Marf a Basin in Texas as well as the Mid-continent regiom of western Oklahoma.
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