TXCO Seeks to Transfer Texas Oil Exploration Rights

Law360, New York (September 4, 2009, 2:17 PM EDT) -- Bankrupt oil company TXCO Resources Inc. has asked a judge to allow an amendment to its joint exploration agreement with EnCana Oil & Gas Inc. so that TXCO can avoid spending $25 million on drilling new wells by transferring certain oil exploration and production rights in three Texas counties to Redemption Oil & Gas LLC.

TXCO is seeking to extend the completion dates in the JEA for the second and third phases of drilling and assign its remaining second phase rights on the land in question...
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