EX-99.25 2 txcodelistreason.txt Delisting Determination,The Nasdaq Stock Market, LLC, July 2, 2009, TXCO Resources Inc. The Nasdaq Stock Market, Inc. (the Exchange) has determined to remove from listing the common stock of TXCO Resources Inc. (the Company), effective at the opening of the trading session on July 13, 2009. Based on a review of the information provided by the Company, Nasdaq Staff determined that the Company no longer qualified for listing on the Exchange pursuant to Listing Rules 5100, 5110(b) and IM-5100-1. The Company was notified of the Staffs determination on May 18, 2009. The Company did not appeal the Staff determination to the Hearings Panel, and the Staff determination to delist the Company became final on May 28, 2009.