SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported)
May 4, 2009
TXCO Resources Inc.
(Exact name of registrant as specified in its charter)
Delaware | 0-9120 | 84-0793089 |
(State of | (Commission File | (IRS Employer |
incorporation) | Number) | Identification No.) |
777 E. Sonterra Blvd., Suite 350 | |
San Antonio, Texas | 78258 |
(Address of principal executive offices) | (Zip Code) |
(210) 496-5300
(Registrant's telephone number,
including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the |
registrant under any of the following provisions (see General Instruction A.2. below): |
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 8.01: Other Events
On May 4, 2009, TXCO Resources Inc. (the "Company" or "TXCO") implemented a second reduction in force in order to reduce costs. TXCO terminated 25 full-time employees representing approximately 30% of its workforce before these terminations. Included in the terminated employees was Roberto Thomae, VP of Capital Markets. The Company also terminated the services of 9 consultants who worked almost exclusively for TXCO. The Company will incur one-time termination costs estimated at $326,000 related to this reduction in force, which does not represent a material charge under SFAS No. 146. Monthly general and administrative expenses will be reduced approximately $251,000.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
TXCO Resources Inc. | |
Dated: May 6, 2009 | /s/ P. Mark Stark |
P. Mark Stark | |
Chief Financial Officer | |
(Principal Accounting and Financial Officer) |
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