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Last updated on April 23, 2014 at 15:23 EDT

Cross Border Resources Updates 2nd Bone Spring Activity in Permian Basin

January 4, 2012

SAN ANTONIO, Jan. 4, 2012 /PRNewswire/ — Cross Border Resources, Inc. (OTCQX: XBOR) (“Cross Border” or “the Company”) today provided an update on its 2nd Bone Spring activity in the Permian Basin.

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    WELL
     NAME   COUNTY            OPERATOR            FORMATION                       WORKING INTEREST        STATUS
    -----   ------            --------            ---------                       ----------------        ------
    SE Lusk Lea, NM           Cimarex             2nd Bone Spring                                  37.50%    Expected to Spud the week
     33 #2H                                                                                                                of 1/3/2012
    -------           -------             -------                 ---------------                  -----    --------------------------
    SE Lusk Lea, NM           Cimarex             2nd Bone Spring                                  37.50%  Drilled to a total depth of
     33 #3H                                                                                                14'241, awaiting frac
    -------           -------             -------                 ---------------                  -----  ---------------------------
    Ocelot                                                                                                 Currently drilling at
     34 Fed                                                                                                10'063
     Com
     #1H    Lea, NM           Mewbourne           2nd Bone Spring                                  12.55%
    ------  -------           ---------           ---------------                                  -----        ----------------------
    Zircon  Eddy, NM          Mewbourne           2nd Bone Spring                                  12.50%  Drilled to a total depth of
     2 #1H                                                                                                  12'370, frac scheduled for
                                                                                                                              1/4/2012
    ------           --------           ---------                 ---------------                  -----                       --------

“We are reaffirming our January exit rate at approximately 500 boepd, which would include the production from the SE Lusk 33 #3H, Ocelot 34 Fed Com #1H, and Zircon 2 #1H, and are optimistic about our 2nd Bone Spring acreage in both Eddy and Lea Counties, New Mexico, due to optimal sub-surface control as well as offsetting and/or on-trend production. These wells are identified as developmental rather than exploratory and currently booked as one Proved Undeveloped, one Probable, and two Possible, thus potentially proving up additional reserves for Cross Border shareholders,” stated Everett “Will” Gray II, CEO and Chairman of Cross Border. “We intend to update our other Permian Basin activity within the next several weeks and will continue to keep shareholders apprised of the results of these wells.”

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.

Forward-Looking Statements
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.

Contacts:
Investor Relations Contact:
Jon Cunningham
RedChip Companies, Inc.
Tel: +1-800-733-2447, Ext. 107
jon@redchip.com
http://www.redchip.com

Company Contacts:
Cross Border Resources, Inc.
Everett Willard “Will” Gray II
willg@xbres.com
or
P. Mark Stark
marks@xbres.com

SOURCE Cross Border Resources, Inc.


Source: PR Newswire