Newfield To Pay $223M For TXCO Assets

Law360, New York (November 9, 2009, 3:01 PM EST) -- Bankrupt oil company TXCO Resources Inc. has agreed to sell a large portion of its assets for $223 million in cash to Newfield Exploration Co., a Houston-based oil and natural gas exploration and production company.

The debtor asked the U.S. Bankruptcy Court for the Western District of Texas to sign off on the deal Friday. TXCO and Newfield signed a definitive purchase and sale agreement the same day, according to a regulatory filing the debtor made Monday.

The agreement follows substantial marketing efforts and a mid-October...
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