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million for 2008. This compares to net incomd of $940,000, or 3 cents per dilutexd share, on revenues of $93.9 millionm in 2007. The company’s net cash from operating activities roseto $100.6 millioj from $69.4 million in 2007. Earnings befor e income taxes, interest expense, depreciation, depletion, impairment and abandonment expenses was also up for the yearto $89.y6 million, or $2.59 per share, compared to $52.9 million, or $1.52 per share, in 2007. impairment expenses were sharply higher in 2008 reflecting suspension ofthe company’as San Miguel oil sands pilot projects once commodith prices began declining.
“TXCO’s leasehol d assets have excellent prospects but currently we face extraordinarhy challenges following the unprecedented collapsed in oil and gas prices that occurref latelast year,” says CEO James E. Sigmon. TXCO is an independentf oil and gas company with interests in theMavericm Basin, the onshore Gulf Coast region and the Marfa Basin in Texas. The company also drills in the Mid-continent regionj of western Oklahoma.
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