TXCO Resources Takes a Hit

TXCO Resources (TXCO) looks like it may become the first casualty of the credit crunch in the exploration and production sector.

The company just received an acceleration notice from its lender demanding full repayment of the $150 million owed under the agreement, an amount the company does not have.

It's a shame since the company has some interesting properties in the Maverick Basin in Texas, and is also exposed to the Eagle Ford Shale.

Comments

[User 401345]

Let us wait and see. Things should improve now.

2009 Apr 24 09:51 AM

[User 401345]

Other sources for fund are available with these Oil & Gas companies, they should never go thru Bankruptcy. Wait and watch!!

2009 Apr 24 09:57 AM

[January Thaw]

You get used to this in the oil patch.

2009 Apr 24 04:38 PM

[Third Coast]

TXCO has a land lease scam with its use of brokers who hire street people for landmen to take advantage of the mineral owners in their play areas. They should be put out of business...

2009 Apr 25 10:11 AM

[Ben Eagle]

Hey, Third coast:
Don't throw out an accusation and don't follow it up. Remember, the mineral owners can always, always say "no" to any proposition presented by a broker. By the way, oil companies us "brokers" all the time. Sounds like you didn't have the sense to say "no".

2009 Apr 28 05:10 PM

[Third Coast]

Ben,

Your comment shows that you don't understand what has been going on in the oil and gas land industry. Good luck with your thinking...


On Apr 28 05:10 PM Ben Eagle wrote:

> Hey, Third coast:
> Don't throw out an accusation and don't follow it up. Remember, the
> mineral owners can always, always say "no" to any proposition presented
> by a broker. By the way, oil companies us "brokers" all the time.
> Sounds like you didn't have the sense to say "no".

2009 Apr 29 01:22 PM

[Ben Eagle]

3 coast:
Now that we have that out of the way; please explain (detail) your remarks about the lease scam remarks that you think TXCO is using.
<<<TXCO has a land lease scam with its use of brokers who hire street people>>>

Then we will see if I don't understand, Hummmmm

On Apr 29 01:22 PM Third Coast wrote:

> Ben,
>
> Your comment shows that you don't understand what has been going
> on in the oil and gas land industry. Good luck with your thinking...
>

2009 Apr 30 11:21 AM

[Ben Eagle]

Throw it out there and never explain. Wussy...deluxe


On Apr 30 11:21 AM Ben Eagle wrote:

> 3 coast:
> Now that we have that out of the way; please explain (detail) your
> remarks about the lease scam remarks that you think TXCO is using.
>
> <<<TXCO has a land lease scam with its use of brokers who hire street
> people>>>
>
> Then we will see if I don't understand, Hummmmm
>
> On Apr 29 01:22 PM Third Coast wrote:

2009 May 06 09:47 PM

[User 413437]

If you ask me, the people at the bank of Montreal are not being cool. Gas prices were just at an all-time low and to be pulling that kind of jargon when things are just beginning to pick-up again is just dumb. I have been thinking about investing into this company, but I am not into banks threatening to get their monies back! Banks, just like all people, can be real pricks! Now we have this talk going on that is creating nothing but stress for a real, profitable company. Banks. What a joke! Maybe they should do a little more thinking and a little less threatening. Chow.

2009 May 13 03:54 PM

[lesmcdonald]

The advice given me was sell while you can, that the common stock would be worthless in Chapter 11. So I sold it at $.28 and now it's up to $.38?

2009 May 21 05:05 PM