TXCO Resources Reaches Settlement Agreement with Dan Loeb's Third Point LLC

March 18, 2008 9:24 AM EDT
TXCO Resources Inc. (Nasdaq: TXCO) and Third Point LLC announced that they have reached a settlement agreement in which Third Point sought to seat three directors on TXCO's Board of Directors.

As part of the settlement, TXCO has agreed to appoint two of Third Point's director nominees - Jacob Roorda and Anthony Tripodo - to the Company's Board, effective immediately. They will replace current directors James L. Hewitt, J. Michael Muckleroy and Robert L. Foree, Jr., who have agreed to step down. Concurrently, Muckleroy has been re-appointed by TXCO's Board as a Class B director to fill the vacancy created by Hewitt's resignation.

Also as part of the settlement, Third Point has agreed to dismiss its lawsuit seeking to nullify the Company's January 2008 appointment of Hewitt to TXCO's Board. [JT]

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Daniel Loeb, Third Point LLC