American Standard Energy Letter of Intent Terminated
SAN ANTONIO, Dec. 19, 2011 /PRNewswire/ — Cross Border Resources, Inc. (OTCQX: XBOR), a San Antonio-based oil and gas exploration and production company, today announced that on December 16, 2011, it received written termination of the letter of intent (“LOI”), originally announced on November 22, 2011, from American Standard Energy Corp. (“American Standard”). There are no early termination penalties.
On December 12, 2011, Red Mountain Resources, Inc. (“Red Mountain”) and Black Rock Capital, Inc., a wholly-owned subsidiary of Red Mountain, as direct and indirect shareholders of Cross Border, filed a lawsuit against the Company in the District Court of Clark County, Nevada as Case No. A-11-653-089-B. The plaintiffs have asked the Court (i) to order the Company to hold an annual shareholders’ meeting for the purpose of electing directors, and (ii) to declare that the solicitation or securing of proxies pursuant to a proxy solicitation made in accordance with the law shall not constitute or be deemed an “Association” as such term is defined in the Amendment to Bylaws recently adopted by the Company’s Board of Directors.
“The termination of the LOI has no material impact on the day-to-day operations of the Company,” stated Everett “Will” Gray II, CEO and Chairman of Cross Border. “We maintain great relationships with our working interest partners and will continue to execute our business plan. We look forward to our next annual shareholders’ meeting, which we intend to hold after the filing of our Form 10-K for fiscal 2011. “
About Cross Border Resources
Cross Border Resources is an oil and gas exploration company, headquartered in San Antonio, Texas, focusing on non-operated opportunities with proven operators within the Permian Basin. Cross Border consists of over 800,000 gross (approximately 300,000 net) mineral and lease acres within the state of New Mexico targeting various emerging plays including the 1st & 2nd Bone Spring, and more conventional plays such as the Abo, Yeso, San Andres, as well as our Wolfberry acreage located in West Texas. Cross Border Resources currently owns approximately 31,000 net acres within the Permian Basin.
Additional information about the Company is available on its website, www.xbres.com, and news updates are available via Twitter, @CrossBorderRes.
This news release contains forward-looking statements that are not historical facts and are subject to risks and uncertainties. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined, and assumptions of management. Forward-looking statements are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “aims,” “potential,” “goal,” “objective,” “prospective,” and similar expressions or that events or conditions “will,” “would,” “may,” “can,” “could” or “should” occur. Information concerning oil or natural gas reserve estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed.
Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. It is important to note that actual outcomes and the Company’s actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include misinterpretation of data, inaccurate estimates of oil and natural gas reserves, the uncertainty of the requirements demanded by environmental agencies, the Company’s ability to raise financing for operations, breach by parties with whom the Company has contracted, inability to maintain qualified employees or consultants because of compensation or other issues, competition for equipment, inability to obtain drilling permits, potential delays or obstacles in drilling operations and interpreting data, the likelihood that no commercial quantities of oil or gas are found or recoverable, and our ability to participate in the exploration of, and successful completion of development programs on all aforementioned prospects and leases. Additional information risks for the Company can be found in the Company’s filings with the U.S. Securities and Exchange Commission.
Cross Border Resources, Inc.
Everett Willard “Will” Gray II
SOURCE Cross Border Resources, Inc.