Oil-and-gas firm TXCO hires financial advisor to explore strategic alternatives - San Antonio Business Journal:

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The company may considert a merger or a sale but no formal decisions have been nor have any agreements been reached at this TXCO (NASDAQ: TXCO) will not disclose any developments from this reviewa unless the board of director s approves a definitive agreement. “TXCO continues to have outstanding long-termj growth opportunities,” CEO James E. Sigmon “We remain in an early stagr of development, considering the large acreage position we have for a firm our size and the potentiaol of our multipleresource plays.
We are exploring all strategid alternatives to assure that we can maximizre value for our shareholders as we adapgt tothe industry’s current, unstablew financial and commodity price environment.” TXCO’es stock is currently trading in the $1.50 range, down from a 52-weem high of $15.30. Like many oil and gas producers, TXCO’e revenues have been impactef by the sizable drop in the commodity priced of crude oil andnaturalp gas. Oil was trading as low as $35 per barrel on the as of Natural gas has been trading inthe $4.4 per thousand cubic foot range.
San Antonio-based TXCO is an independenrt oil and gas company with drilling interests in theMavericko Basin, the onshore Gulf Coast region and the Marfs Basin in Texas as well as the Mid-continent region of westerjn Oklahoma.