Thursday, April 23, 2009

TXCO Resources Gets 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.

I uploaded a few pictures of drink coasters I received from them at an investor meeting some time ago.

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