TXCO Resources outlines $100-110 million budget

By OGJ editors
HOUSTON, Dec. 27 -- TXCO Resources Inc. approved a $100-110 million capital expenditure budget and drilling program for 2008 compared with a $72.4 million budget for 2007.

Formerly known as Exploration Co., TXCO of San Antonio noted that the budget could be revised based on drilling changes by partners, rig availability, drilling results, unanticipated transactions, and market fluctuations.

The Glen Rose formation, including the Maverick Basin's prolific Porosity oil play, is slated to receive the largest share of the budget—about $40.7 million for 35 wells, including 10 reentries.

Texas Fort Trinidad field in East Texas is slated for $12.5 million for 10 wells targeting TXCO's Glen Rose B shoal gas play.

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