Cox Smith Represents TXCO Resources in
Bankruptcy Sale of Assets
February 12, 2010 08:52 AM Eastern Time  
SAN ANTONIO--(EON: Enhanced Online News)--Cox Smith Matthews Incorporated (“Cox Smith”)
represented TXCO Resources Inc. (“TXCO”), a San Antonio-based oil and natural gas exploration and
development company, in the February 11, 2010 sale of TXCO’s assets in the Maverick Basin of Southwest Texas
to Newfield Exploration Co. (“Newfield”) and Anadarko Petroleum Company (“Anadarko”).
The $310 million acquisition of substantially all of the assets of TXCO was completed pursuant to an Order of the
United States Bankruptcy Court for the Western District of Texas. The head of Cox Smith’s bankruptcy
department, Deborah D. Williamson, led the Cox Smith legal team, which was comprised of shareholders and
associates from across the firm’s bankruptcy, litigation, corporate, energy and tax practice areas. Cox Smith
shareholders Patrick Huffstickler, Tom Rice, Will Liebmann, Tobin Olson, Matt Parkin, Jon Ray, David Roth, Marty
Truss and associates Meghan Bishop, Matthew Duke, and Katherine Patton were key members of the team.
Newfield was represented by Haynes and Boone LLP and Anadarko was represented by Weil Gotshal & Manges
LLP. Charles A. Beckham Jr. led the Haynes and Boone team with partners Buddy Clark, Brad Richards, Ken
Bezozo, Kendyl Hanks, Marty Brimmage, Eric Terry and associates Chris Castillo, Stephen Manz and Abi Ottmers.
The Weil team primarily consisted of Lydia Protopapas, Brenda Funk, Mike Saslaw, Aaron Rigby, Paul Asofsky,
Ralph Miller and Margaret Allen.
FTI Consulting, Inc. (“FTI”) was the financial advisor to TXCO, led by Albert S. “Bert” Conly and assisted by
Lawrence Manning and Clark Ansel. Cox Smith and FTI began to assist TXCO’s management in negotiations with
lenders beginning in March 2009. Once a commitment for post-petition financing was obtained in an amount
sufficient to avoid the need for immediate liquidation, Chapter 11 was filed on May 17, 2009. Cox Smith and FTI
played an instrumental role throughout the bankruptcy case, including obtaining approval of the financing over
numerous objections, putting the sale process in place, introducing potential purchasers, and ultimately negotiating the
terms of the sale.
“The Cox Smith team did an outstanding job in analyzing our situation, working with FTI and management in
developing the strategy and ultimately negotiating the agreements that created this result,” said James E. Sigmon,
Chairman of the Board and Chief Executive Officer of TXCO Resources Inc. “This case involved a large and
extremely complex package of oil and gas leases. With their connections, Cox Smith and FTI were able to help
TXCO find the right companies to purchase the TXCO assets.” 
Cox Smith’s Deborah Williamson is one of the nation’s leading bankruptcy attorneys. In 2009, she was recognized
again as one of the Top 100 Lawyers in Texas; one of the Top 50 Women Lawyers in Texas and one of the Top 50
Lawyers in Central Texas by Law and Politics magazine; Chambers USA (bankruptcy); and in The Best Lawyers
in America®. She has also been featured in Texas Lawyer's Go-To Guide as one of five lawyers in the bankruptcy
category (published only every five years).
“We are extremely pleased with the result of this case. We anticipate that all the creditors will be paid in full with
interest. In addition, common equity is currently projected to receive up $10 million or approximately $.25 for each
share of TXCO common stock,” said Deborah Williamson. “In large part, the success is attributable to the
commitment of the management of TXCO to pay all creditors in full. With James Sigmon, Gary Grinsfelder, Frank
Russell and other members of management, we forged a team which persevered over numerous objections and
skeptics and reached a result which many thought impossible.” As Bert Conly noted, “A monetary recovery by
common shareholders is extremely rare in bankruptcy cases. The ability to obtain such a result was certainly not
obvious at the beginning of the case.” 
Daryl L. Lansdale, Jr. with Fulbright & Jaworski LLP served TXCO as securities counsel. James Donnell and Justin
Rawlins with Winston & Strawn LLP and Christopher M. Dawe and Steven Abramowitz with Vinson & Elkins LLP
represented the pre-petition term lenders which provided the $32,000,000 in Debtor-in-Possession financing which
was instrumental in achieving the recovery for creditors. Steve McCartin and Andrew Spaniol with Gardere Wynne
Sewell LLP represented the Unsecured Creditors Committee.
About Cox Smith
Cox Smith is one of the leading business law firms in Texas. From its dominant position in San Antonio with a 
growing presence in key markets, Cox Smith's attorneys help regional, national and international businesses with a 
wide variety of matters involving all aspects of business law and litigation. The firm’s attorneys have been recognized
by Chambers USA (bankruptcy, antitrust and intellectual property) and the Legal 500 U.S. (mergers, acquisitions
and buyouts). In addition, the firm was recently named one of the “Best Places to Work” in San Antonio.
For more information, visit www.coxsmith.com.
Contacts
Cox Smith Matthews Incorporated
Amy Miller, 210-554-5204
amiller@coxsmith.com
or
KGBTexas
Melinda Hart, 210-240-4669
melindah@kgbtexas.com
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