Further, with oil now well above $110 per barrel, one may think that all of the attractive oil plays have been bid up. Indeed, most have, but one that may represent an opportunity, for high-risk investors only, is TXCO Resources.
TXCO Resources (NASDAQ: TXCO) acquires, explores, develops, and produces oil and gas properties. The company's primary focus is on developing oil and gas reserves on properties located in Texas. The company's reserve mix is 54% oil and 46% natural gas.
In general, analysts expect TXCO's revenue to increase by better than 20% in F2008 after an impressive 30% gain in F2007.
Further, analysts also like the fact that TXCO's proved reserves increased substantially, via drilling and acquisition, to 91.8 billion CFE at the end of F2007, from 41.4 billion CFE at the end of F2006. The Reuters F2008/F2009 EPS consensus estimates for TXCO are 57 cents / 75 cents.
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