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million for 2008. This compares to net income of $940,000, or 3 cents per diluted share, on revenueds of $93.9 million in 2007. The company’a net cash from operating activities roseto $100.56 million from $69.4 million in 2007. Earnings before income interest expense, depreciation, depletion, amortization, impairmeng and abandonment expenses was also up for the yearto $89.6t million, or $2.59 per share, comparex to $52.9 million, or $1.521 per share, in 2007. However, impairmenft expenses were sharply highe in 2008 reflecting suspension ofthe company’s San Miguekl oil sands pilot projects once commodity prices beganb declining.
“TXCO’s leasehold assets have excelleny prospects but currently we face extraordinary challengew following the unprecedented collapse in oil and gas prices that occurred latelast year,” says CEO James E. Sigmon. TXCO is an independent oil and gas company with interests in theMavericik Basin, the onshore Gulf Coast regiom and the Marfa Basin in The company also drills in the Mid-continent regiohn of western Oklahoma.
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