TXCO Sues Horizontal Over Interest In Texas Land

Law360, New York (November 11, 2009, 3:24 PM EST) -- Bankrupt oil company TXCO Resources Inc. has filed suit against Horizontal Co. seeking a declaratory judgment that Horizontal has no interest in 23,600 acres of oil fields under a 2007 sale agreement.

According to the complaint, filed Tuesday in the U.S. Bankruptcy Court for the Western District of Texas, TXCO agreed to buy Horizontal's 35 percent interest in the land, which is part of a Texas property known as the Paloma Ranch, in 2007 for about $827,000, of which about $420,000 was to be paid in...
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