The Exploration Company Expands Maverick Basin Acreage Position Through Asset Exchange AgreementAsset Exchange Agreement |
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Arrow River Energy LP | CMR Energy LP. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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Exhibit 99 |
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For Immediate Release |
Contact Information |
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Wednesday, February 16, 2005 |
Investors: Roberto R. Thomae |
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(210) 496-5300 ext. 214, bthomae@txco.com |
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Media: Paul Hart |
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(210) 496-5300 ext. 264, pdhart@txco.com |
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NEWS RELEASE |
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The Exploration Company Expands Maverick Basin Acreage Position Through Asset Exchange Agreement |
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SAN ANTONIO -- Feb. 16, 2005 -- The Exploration Company (Nasdaq:TXCO) today announced an asset exchange agreement that enlarges its Maverick Basin acreage position to approximately 727,000 gross acres, including 665,900 leased acres and 61,100 acres under seismic option. |
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The Company signed the agreement with Arrow River Energy LP and CMR Energy LP, both of Houston. TXCO receives a 50 percent working interest in all depths and formations in 174,460 gross acres located in Maverick, Dimmit and Zavala counties of Texas, south, east and mostly contiguous to TXCO's existing acreage block. TXCO also receives 140 square miles (89,600 ac 
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