Cross Border Resources Announces Increase in Borrowing Base Under Revolving Credit Facility to $9.5 Million
SAN ANTONIO, March 1, 2012 /PRNewswire/ — Cross Border Resources, Inc. (OTCQX: XBOR) (“Cross Border” or “the Company”), a San Antonio-based oil and gas exploration and production company, today announced that it has received an increase in the borrowing base under its revolving credit facility from $4.5 million to $9.5 million based upon year-end reserves as previously disseminated on February 7, 2012.
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.
Cross Border Resources, Inc.
Everett Willard “Will” Gray II
SOURCE Cross Border Resources