Anadarko Offers TXCO Up To $310M For Assets

Law360, New York (January 6, 2010, 2:39 PM EST) -- Bankrupt oil company TXCO Resources Inc. has spurned Newfield Exploration Co. as the purchaser of the majority of its assets after receiving a higher bid from Anadarko E&P Company LP.

In a Monday filing with the U.S. Securities and Exchange Commission, TXCO said that the Anadarko Petroleum Corp. unit had offered to buy a substantial portion of its assets for whichever sum was smaller: $310 million in cash or an amount $1 million more than the sum of TXCO's debts.

Newfield, a Houston-based oil and natural...
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