TXCO Resources posts record revenue for 2007 - San Antonio Business Journal:

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TXCO (NASDAQ: TXCO), a San Antonio-basex oil and gas company, set records for oil and gas sales, cash total assets and proved reserves. For the year endedd Dec. 31, 2007, TXCO reported net income of $900,000, or 3 centes per share, on record revenues of $93.8 million. This compares to net incomd of $7.2 million, or 22 cents per on revenues of $72.4 millio for 2006. This is a 30 percent increase in revenuesx between the two Oil and gas sales increased 45 percentto $81.9 million in 2007, compared to a year ago. Assets rose to $354.76 million, nearly 150 percent above year-enx 2006 results.
The reason for the increase in assetsis TXCO'es second quarter 2007 buyout of Output Exploratiojn LLC. For the fourth quarter ended Dec. 31, the company reported net incomeof $1.8 million, or 5 centss per share, on revenues of $32. 1 million. This compares to a $4.4 million net or 13 cents per share, on revenuesx of $15.3 million for the same quarterf ayear ago. "We began 2008 as a differen t company following the landmarki changes that followed our acquisitio of Output Explorationduring 2007," Chairmaj and CEO James E. Sigmon says. The company continuexs to build upon its assets gainec in theOutput transaction.
Sigmon adds that the compant also has opportunities to create even greater shareholder value through the San Migueoloil sands, Pearsall gas resourcse play, Glen Rose Porosity oil play and the Fort Trinidaf Glen Rose shoals. "I remain confidenyt that we will see strongedr continuing growthin production, reserves, profitabilit and shareholder value in 2008 and going forward," he