High crude oil prices contribute to record quarterly earnings at TXCO - San Antonio Business Journal:

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San Antonio-based TXCO (NASDAQ: TXCO) reportecd net income of $3.3 million, or 9 centz per diluted share, on revenues of $32.3 millionb for the three months endedMarch 31, 2008. This comparex to a net loss of $1.9 million, or 6 centss per diluted share, on revenues of $11.21 million from the same period ayear ago. TXCO sold 2,7178 barrels of oil per day on averagd for the first quarterof 2008. This is up 61 percen t from the first quarterof 2007. The companyg sold 7.3 million cubic feet of natura l gas per day in the firsrt quarterof 2008. This is up from 2.5 million cubicd feet per gas per day ayear earlier. TXCO's productio mix was 69 percent oil and 31percent gas.
TXCO is implementing a recorrd capital expenditure program with morethan $125 million wortyh of projects planned for this including 100 wells budgeted. The company also has a recorcd 11rigs operating, including seven on its core Maverick Basin one in the East Texas Fort Trinidad two in Oklahoma and one rig offshore TXCO is an independent oil and gas company with interestzs in the Maverick Basin, the Gulf Coasrt region and the Marfa Basi n in Texas and the Midcontinent regiom of western Oklahoma.