TXCO Gets OK To Transfer Oil Exploration Rights

Law360, New York (September 11, 2009, 11:55 AM EDT) -- A judge has approved bankrupt oil company TXCO Resources Inc.'s bid to transfer oil exploration and production rights in three Texas counties to Redemption Oil & Gas LLC, the company having quelled the fears of a group of mineral lien holders who had objected to the transfer.

Judge Ronald B. King of the U.S. Bankruptcy Court for the Western District of Texas on Thursday ruled that the transfer was in the best interests of the debtors, their estates and their creditors.

TXCO asked Judge King on...
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