Court Withdraws Ruling in TXCO Resources Lawsuit Against Peregrine Petroleum

DALLAS and HOUSTON, July 25, 2013 /PRNewswire/ -- Peregrine Petroleum LLC, a leading oil and gas exploration company with offices in Dallas and Houston, has resolved a lawsuit filed by San Antonio-based TXCO Resources Inc.

TXCO emerged from Chapter 11 bankruptcy in February 2010 after selling a majority of its assets to Houston-based Newfield Exploration Co. and The Woodlands, Texas-based Andarko Petroleum Co. During the bankruptcy proceedings, TXCO filed a trade secret lawsuit against Peregrine.

The U.S. Bankruptcy Court for the Western District of Texas initially ruled in favor of TXCO, but later vacated the ruling and dismissed all claims against Peregrine. The same court also returned a $16.5 million cash deposit to Peregrine that was ordered in the court's earlier, now-vacated ruling.

Peregrine and TXCO have amicably resolved all differences between the companies.

About Peregrine Petroleum LLC

Founded in 2008, Peregrine Petroleum LLC is one of the nation's top private oil and gas exploration and development companies. With offices in Dallas and Houston, Peregrine maintains active operations in some of the nation's top oil and gas areas, including the Eagle Ford Shale and Pearsall Shale in South Texas' Maverick Basin and the Three Forks Shale in North Dakota's Williston Basin region. Peregrine's continuing growth initiatives are focused on internal and external oil and gas exploration and development, joint ventures, and acquisitions in the Rocky Mountain, South Texas/Gulf Coast, Middle North America and Permian Basin regions. Peregrine's onshore operations are conducted in the nation's lower 48 states. Learn more about the company at http://www.peregrinepetroleum.com.

For more information, please contact Bruce Vincent at 800-559-4534 or bruce@androvett.com.

SOURCE Peregrine Petroleum LLC



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