"one thing that was clarified is that texon is broke and needs to now draw on the debt facility going forward"
Back against the wall - leases that needed to be drilled to hold by production. For example 24 October 2012: "Texon’s seventh Eagle Ford well, the Hoskins EFS #3H, (a lease commitment well) is scheduled to spud by the end of October."
That's possibly another reason why the sale fell through.
If so, the new management found itself in a difficult situation. Prospective purchasers would know that there were leases about to expire as soon as they did their due diligence.
Quite some volume going through. TXN price to rise to 50% of SEA + 10?
TXN Price at posting:
38.5¢ Sentiment: Hold Disclosure: Held
