The Exploration Co. (TXCO), San Antonio, (Nasdaq: TXCO) has closed its acquisition of privately held Output Exploration LLC, Houston, for $91.6 million in cash and $4 million in stock for a total deal valued at $95.6 million. The assets are onshore the Texas Gulf Coast and in western Oklahoma, consisting of a total 31,000 net leasehold acres (24% undeveloped), with 20,000 net acres in the Fort Trinidad Field in Houston and Madison counties, Texas, and 11,000 net acres in 16 counties in Oklahoma, centered on the Rush Springs Field in the Anadarko Basin. Production is approximately 8.4 million cubic feet of gas equivalent per day. Proved reserves are 40 billion cubic feet equivalent (62% gas), with probable and possible reserves of 51 billion.
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